Oklahoma Interest Rates Laws


Oklahomans have been struggling with high-interest payday loans for years. In fact, Oklahoma ranks as the state with the second-highest number of payday loan stores per capita. And with an average interest rate of almost 400%, it’s no wonder why payday loans in OK are so difficult to pay off. In an effort to help Oklahomans get out of the cycle of debt, lawmakers have proposed a bill that would cap the interest rates on payday loans at 36%. In this blog post, we will explore the current payday loan landscape in Oklahoma.

What are interest rates for payday loans in Oklahoma?

According to the Oklahoma State Legislature website, the maximum interest rate that a lender can charge for payday loans in Oklahoma is 17.65%. This applies to both online and offline lenders. storefront lenders must disclose the finance charge and the annual percentage rate (APR) in writing before you sign for the loan. The APR is the cost of credit on a yearly basis.

How do rates for payday loans in Oklahoma compare to other states?

Iinterest rates laws on payday loans in Oklahoma are fairly average when compared to other states. The maximum amount that a lender can charge in interest and fees is $15 per $100 borrowed, which is on the lower end of the spectrum. However, the state does not place any limits on how often a borrower can take out loans, meaning that borrowers could potentially get trapped in a cycle of debt if they’re not careful.

When compared to other states, interest rates laws about payday loans in Oklahoma are nothing special. There are plenty of states with more favorable terms for borrowers, and plenty of states with worse terms. However, it’s important to remember that each state has its own unique set of laws, so what works well in one state might not work as well in another. As always, it’s important to do your research and make sure you understand the laws before taking out payday loans in Oklahoma.

What are the pros and cons of taking out payday loans in Oklahoma?

If you’re considering taking out payday loans in Oklahoma, it’s important to understand the state’s laws and regulations regarding these types of loans. Here are some pros and cons to consider before you make your decision:


  • Payday loans can be a quick and easy way to get access to cash when you need it.
  • You may be able to get a lower interest rate on payday loans in Oklahoma than other types of loans.
  • Payday loans can help you avoid late fees or overdraft charges on your bank account.


  • The fees associated with payday loans in Oklahoma can be high, which can make them difficult to repay.
  • You may be required to provide collateral for a payday loan, such as your car or home equity.
  • If you default on a payday loan, you may be subject to legal action from the lender.

If you are considering taking out payday loans in Oklahoma, be sure to shop around and compare rates before you agree to any loan.


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