Cash advance Oklahoma City providers range from the locally-owned Federal Cash Advance to the national Advance America franchise.
Oklahoma is the state with the highest usage of payday loans per resident, which is also why there is also a lot of competition for your payday advance business.
These are short-term, small dollar amount loans, provided within the context that they debt is typically paid back on the borrower's next payday, often within a few weeks.
Payday lending is not a solution for long term financial problems, partly due to the high costs of borrowing, as measured by high annual percentage rates (APRs) of interest.
According to industry reports, some use these loans for avoiding overdraft fees, late payment charges, and expenses related to disconnected services, and often the loans are for emergencies and unexpected expenses of all types.
Alternatives to payday loans, often with lower or at least competitive borrowing costs, are small consumer loans from local banks and credit unions, as well as cash advances from credit cards.
You might also be able to negotiate a salary advance from your employer, instead of getting a payday loan.
In addition to knowing the alternatives, you should read through the payday loan laws in Oklahoma, to fully getting a picture of your rights as consumer of financial products in the state.
In total, Oklahoma has been estimated to have around 400 storefront lenders operating in the state, according to 24/7 Wall St research.
Your choices include local operators, such as Federal Cash Advance, and nationwide franchises that have outlets in the city, such as Advance America.
Federal Cash Advance has stores available throughout Oklahoma including Oklahoma City (three stores), Midwest City, Lawton, Altus, Clinton, and Norman.
You can apply for a payday advance from them through an online form, after which a customer service agent will contact you for further instructions.
The requirements for their payday advances include proof of current income and a checking account, but they do not perform a credit check as part of the process, so even Oklahoma City residents with bad credit can apply.
Another option is to use Advance America, the nation's largest payday lending operation, with over 2,400 outlets.
The firm, which has been in business since 1997 and is owned by Grupo Elektra, a banking and consumer financing conglomerate, operates in 16 locations within 20 miles of Oklahoma City, OK, according to their "Store Finder" online tool.
Cash advances should be used for short-term financial needs only, not as a long-term financial solution.
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