Fair to Bad Credit Loans in OK

Summary of Oklahoma Usury Law(s) / Quote: "Legal: 6% / Contract: Any rate unless subject to Oklahoma U.C.C. / Judgment: Oklahoma judgment rate is 4% over U.S. T-bill rate for previous year / Corporate: No specific rate"

(WeFindLenders.com endeavors to include the most up to date legal data for Oklahoma, but no guarantee or warranty of any kind is expressed or implied as to the accuracy of said data. This data is not intended to be legal advice. For legal help speak with a lawyer in Oklahoma, and/or contact the Oklahoma State government's division of banking and finance - legal statutes researched by FindLaw.com & American Lawyers Quarterly - see credits)

Oklahoma Usury Law Information:

Legal Maximum Interest Rates: Quote: "6%, or by contract (Tit. 15 §266)"

Usury Penalties: Quote: "Forfeiture of entire interest; if amount over legal interest is paid, it may be recovered double (Const. Art. XIV §3); if a bank is guilty of loaning at usurious rate, cancellation of bank charter and liquidation of assets of bank (15 §272)"

Judgment Interest Rates: Quote: "At contract rate or 4 percentage points above average treasury bill rate for preceding year, not to exceed 10% in action against state/political subdivision (Tit. 12 §727)"

Legal Exceptions: Quote: "Pawnshops (Tit. 59 §1510); small loans and retail installment (Uniform Consumer Credit Code) (Tit. 14A §3-201)"

Oklahoma Lenders By City

Oklahoma City OK / Tulsa OK / Norman OK / Broken Arrow OK / Lawton OK / Edmond OK / Moore OK

Complaints to:

Oklahoma Banking Department / Complaint Process

Physical Address:Oklahoma Banking Department / 2900 North Lincoln Boulevard, Oklahoma City, Oklahoma 73105 / Phone: 405.521.2782 or 918.295.3649 / Fax: 405.522.2993

Oklahoma Lender Service Areas Map

Click or tap map image above for interactive version.
Lenders contact us for listing removal or amendment.

Credit Union One of Oklahoma
3330 N Lincoln Blvd, Oklahoma
City, OK 73105 - 405.557.0167
www.creditunionone.org

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USE Federal Credit Union
4301 I-44 Oklahoma City
OK 73119 - 405.685.6200
www.usecreditunion.org

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Allegiance Credit Union
4235 N Meridian Ave, Oklahoma City
OK 73112 - 405.789.7900
www.allegiancecu.org

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WEOKIE Federal Credit Union
7600 S Pennsylvania Avenue
Oklahoma City, OK 73159
www.weokie.org
405.235.3030

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Tulsa Federal Credit Union
9323 E 21st St, Tulsa
OK 74129 - 918.610.0200
www.tulsafederalcu.org

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Employees Federal Credit Union
1120 W 17th St, Tulsa
OK 74107 - 918.582.7573
employeesfed.com

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Encentus Federal Credit Union
1320 S Lewis Ave, Tulsa
OK 74104 - 918.430.3500
www.encentusfcu.org

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OK Members First FCU
10832 E 31st St, Tulsa
OK 74146 - 918.663.2050
okmembersfirstfcu.org

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Muskogee Federal Credit Union
1910 W. Shawnee, Muskogee
OK 74401 - www.mfcuonline.org
918.683.3460

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Communication Federal Credit Union
601 N York St, Muskogee
OK 74403 - www.comfedcu.org
918.682.4333

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Bad Credit Loan Form for Oklahoma

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Learn about GAP (Gift Angel Program)

AMOUNT

PURPOSE

TERM

 

Bad Credit Loan Example In Oklahoma

Carolyn is a single mom with two kids and recently divorced. She has had a difficult time over the past year with the divorce from her husband, finding a place to live, looking after her kids, moving them to a new school and finding a new job.

She had a lot of help from her family thankfully and she is now beginning to see the light at the end of the tunnel. But first a little history of how she got into a bad credit region and now needs a bad credit loan.

During the divorce which was not amicable, both she and her husband stopped paying the bills and also ran up some expenses. The net result was a bad credit rating for both of them and a huge debt that was split equally between them.

While her husband is paying alimony, it is not enough for her to carry all of her living expenses and repay her share of the debt. She needed to find a job. She had been off for a few years while the kids were in preschool and now she needed to get back into the work force.

Fortunately for Carolyn, she found a job quite quickly in her old profession as a dental hygienist. It pays well and she is really excited about working again. She needed to move to an apartment closer to work so she can spend less time commuting and also be close to the kid’s school if she needs to leave work to go to the school for one of the kids.

She needs a $10000 bad debt loan with a five year term to repay all of the debt she owes and pay for all of the moving expenses and for new things she needs for her new place. If this loan is approved she can get her life back together and finally move on with her life.

A $10000 loan with a 5 year term and 9.65% interest rate for Carolyn would cost her the following per month:

• Loan Amount (principal) = $10000
• Interest Rate = 9.65%
• Term Length =5 year
• Monthly Payment = $210.75
• Total Paid Back = $12645.14
• Total Interest = $2645.14

Many people have events in their lives which usually are not very pleasant. These events like Carolyn’s force them into difficult financial circumstances and depending on the decisions they make can land them in debt and with a bad credit rating.

This is certainly what happened to Carolyn and her husband. They stopped paying their expenses and also spent more than they should. She is now working and receiving alimony for the kids.

With her income she will have enough money to live comfortably and also pay her share of the debts she has provided that she can be approved for a loan.

With a $210 a month payment, she will be able to afford the payment. Although it will take five years to repay it she can see the light at the end of the tunnel.

If you live in the State of Oklahoma and you're struggling to get a loan approval with a bad credit rating we hope our website helps you in some way.

Sincerely,

Chris Somerset

Chris Somerset is the daughter of Lance Somerset who founded the We Find Lenders Pool. She contributes to WeFindLenders.com whenever she's not having fun with her three children and her husband Ron.