Oklahoma payday loan products are available from some 400 cash advance companies, operating throughout the state, as well as online.
Payday advance services have been a very popular financial product ever
since the Oklahoma Legislature authorized these loans back in 2003.
In Oklahoma, according to the Oklahoma Department of Consumer Credit database statistics on the industry, the average loan term is around 19 days.
These short-term loans are typically taken to bridge a gap in personal finances until the next payday, with money needs arising from emergencies or other unexpected expenses.
These loans are not, however, meant to provide a solution to long-term money problems, partly due to the high annual percentage rates (APRs) of the loans.
As is the case in most of the states in the United States, these financial products are highly regulated, and you should get to know the applicable laws (including the The Oklahoma Deferred Deposit Lending Act of 2003) before taking a loan from a payday lender.
There are about 400 companies available throughout the state of Oklahoma for payday lending, with most of these companies offering a physical storefront for you to visit.
The alternative is to use an online payday loan provider, such as CashNetUSA, operated by Cash America, where the loan application is done with an online form and the money is paid with a direct deposit to your bank account.
Of the alternatives, Pew Research has found that 75% of payday loan customers use the payday loan stores, instead of going to the online payday lender websites.
Nationally, among the available alternatives for payday loan lenders, the most popular choice is Advance America, which operates over 2,400 outlets.
In Oklahoma, they have storefronts available throughout the state, including locations in Purcell, Norman, Shawnee, Ada, Moore, Midwest City, and Oklahoma City.
Most of their stores provide a wide range of financial services apart from cash advances, including prepaid debit cards and bill paying services.
Cash advances should be used for short-term financial needs only, not as a long-term financial solution.
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