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Installment Loan Laws For Oklahoma
In Oklahoma, you do not need to worry about the legal aspect when dealing with Oklahoma installment loans.
An installment loan, widely been regarded as a cash advance, is basically a short-term loan ideally suited for borrowers that are going through financial problems and require money urgently without any hassle.
The most important thing about a installment loan is that there is no need of collateral. Furthermore, the approval of the loan package is not going to be dependent on the credit check.
You can not only get these loan packages locally but also through an online route. Each state has different set of rules and regulations pertaining to installment loans and Oklahoma is no different.
To start with, you need to be 18 years or more in terms of age in order to get a installment loan in the state of Oklahoma.
As a borrower, you need to submit employment proof in addition to an active checking account. A installment loan is going to be offered to you in the form of an advance until the arrival of your next paycheck, when the loan (including fees) is going to be due.
The maximum loan amount that you can get through a installment loan company in the state is $500.
The minimum loan duration is going to be twelve days, lasting for not more than forty five days. With regard to the maximum finance charge applicable on your loan package, it is going to be $30 for every $200 that is borrowed. If your loan amount is in the vicinity of $301 to $500, you need to pay extra $10.
You may have two outstanding installment loan packages out at one point of time in the state of Oklahoma. In other words, rollovers and extensions are not permitted in Oklahoma on installment loans.
This is known as a cooling off period in the finance industry. It is a period during which you cannot apply for any other loan package. The main objective of cooling off period is to discouraging borrowers from short-term loan packages.
As a borrower, it is advisable that you return the money that you have borrowed within the stipulated period, so that you do not need to worry about any additional finance charges.
In case your loan has got into a 'default' stage, you have an option of a repayment loan, through which you can repay the loan amount in equal installments.
Installment loans in default do not come under the category of criminal jurisdiction from the financial institution. However, financial institutions are permitted to get collection fees from the borrowers.
It can be anything in the range of $25 to $50 for any checks returning from the account that was given by the borrower at the time of taking the loan. This amount is going to be applicable on the loan payment and fees, once the loan has reached the status of 'default'.
In Oklahoma, you cannot indulge in the routine called "loan splitting". It occurs when the financial institution divides the check up into two different kinds of loan packages, so that they can get more fees out of it.
Liability and Disclosure
According to Oklahoma's consumer credit laws, it is mandatory for financial institutions dealing with installment loans to disclose items such as rate of interest and supplementary fees prior to the agreement signing by the borrower.
If the financial institution you have selected is not able to do this, they can face severe penalty as mentioned in section 14.5-203.
Following installment loan lender laws
When it comes to following Oklahoma installment loans lender laws, it is advisable that you research the installment loan laws applicable on your state regularly.
Another important thing that you need to be very careful of is the lending agreement.
It should give you a clear understanding of all the procedures. Generally speaking, it should consist of the complete loan amount, fees associated with it and the date of maturity.
It should be clearly mention in the agreement what is going to happen if you are not able to repay the loan amount on time. Check the license of your financial institution before applying for a installment loan. If you are not dealing with a licensed financial institution, it can create issues for you.
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