For the many Oklahoma families that are living paycheck to paycheck (and across the country, too), the smallest financial emergency can send them into a devastating tailspin. For this reason, cash advances and the payday lending industry are alive and thriving across the state.

For example, what would happen if you had a painful toothache, but didn’t have dental insurance? To have your tooth pulled, you would have to pay up front as they will not allow a payment plan. You know that when you receive your next paycheck (a week from Friday), you’ll have the extra cash available. But you are in serious pain now, and it could be a very long week. This is an ideal situation for a cash advance.

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These short-term (usually under a month), single payment loans are relatively small (usually under $1,000), and do not require a credit check. Instead, the cash advance lender utilizes your current paycheck (gross and net amounts and your year-to-date earnings to calculate how stable your job is) to calculate how much cash you’re eligible for.

One way in which the cash advances are paid when due is with a personal check written out from the borrower to the lender. This check is post-dated for the loan’s due date and includes the full loan amount, plus any applicable fees. When the loan becomes due, the lender simply deposits the check, pays the loan’s balance and keeps the fees.

Oklahoma law protects both consumers and lenders within the payday loan industry:

Time frame for loan term must be 12-45 days.
Fees cannot exceed 15% for loans up to $300 ($15 for each $100) and 10% for loans that are $301-$500 ($10 for each additional hundred).
No rollovers allowed (paying one cash advance with another).
One loan out at a time per consumer.

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* Cash-Advance-USA.org provides information and research on cash advances/payday loans. We are not a payday lender or broker, nor are we necessarily affiliated with the companies profiled on this site. Not all products and services are available in each state.