Loan Rates and Fees in Oklahoma

Oklahoma replaced its Deferred Deposit Lending Act with the Small Lenders Act, effective August 1, 2020. A licensed small lender can charge up to 17% per month on loans up to $1,500 in total outstanding principal across all lenders, with terms requiring regular installment payments.

On a $300 loan repaid over 60 days (two months), the maximum interest is roughly $102 (17% × 2 months), making your total repayment approximately $402. Your agreement will show roughly 207% APR - that's the monthly rate scaled to a full year, required by federal disclosure rules.

• Rollovers are prohibited - the lender can't extend or renew the loan for an additional fee.
• The returned payment fee - labeled "NSF fee" or "returned check fee" on your agreement - is capped at $25.
• A database verification fee may appear as a separate line item; the lender must use the statewide database before issuing a loan.

If an offer exceeds these limits, verify with the Oklahoma Department of Consumer Credit.

Licensed supervised lenders operating under the Consumer Credit Code use a declining-balance interest model with tiered rate caps based on the unpaid principal, or a flat alternative rate.

Alternatively, a supervised lender may charge a flat 25% per year on the entire unpaid balance. Lenders may also charge a lender closing fee - currently capped at approximately $184.64 (adjusted periodically by the Consumer Price Index).

On a $1,000 loan at 25% flat rate for 12 months, you'd repay approximately $1,141 total - roughly $141 in interest plus up to approximately $185 in closing fees if charged.

• Refinancing restarts interest and fees on the new amount - compare your remaining balance to the new loan's total of payments before you agree.
• The same $25 returned payment fee cap applies - see small loan costs above.
• The late fee is capped at the greater of $20 or 5% of the unpaid installment amount, charged only once per missed payment after a 10-day grace period.
• You can pay off early with no penalty - interest stops accruing on the date you pay; see the Oklahoma installment loans page for repayment details.

If an offer exceeds these limits, verify with the Oklahoma Department of Consumer Credit.

• Returned payment fee: shouldn't exceed $25 on either product.
• Total of payments: the single most important number - add up every scheduled payment to see what you'll actually repay over the full term.
• If you're active-duty military or a military dependent, federal law caps most loan costs at 36% APR.