Payday Lending in Oklahoma City
Oklahoma City is the largest city in Oklahoma, with a lot of offer both tourists and long-term residents. Oklahoma City sports fans know that The Thunder has made the NBA playoffs every year for the past eight seasons, and the Sooner State has some of the best barbecue flavors in America. Swadley’s Bar-B-Q is one of many local favorites, and they keep mouths watering across OKC.
But while there are many great things happening in Oklahoma City, it’s not a place without problems. Among the issues plaguing the town? A poverty rate of 17.8%, which is higher than the state’s 16.3% in all of Oklahoma.
Payday Loans in Oklahoma City
Predatory lending is exactly what it sounds like, a powerful lender feasting on desperate borrowers like ribs stacked on a plate of barbecue. Unfortunately, the laws in Oklahoma are written in favor of the lenders, at the expense of borrowers who need money.
If you’re considering taking out a short-term payday loan, think twice before you do that. The high fees and interest rates on these kinds of predatory loans can force many borrowers to spiral into long-term debt.
Payday loans work exactly the way you’d think – they give borrowers quick access to cash before their next payday. As a borrower, you write the lender a check for the loan amount plus fees, and date it in the future. The date on the check usually matches the date of your next paycheck, and the lender will cash it on that day if you don’t repay the loan before then.
Oklahoma payday loans are more popular than in any other state. In fact, 13% of adults in Oklahoma have taken one out. Payday loans in Oklahoma last between 12 and 45 days, and borrowers pay a $15 fee for every $100 they borrow – up to $300. For loans between $301 and $500, they pay a $10 fee for every $100 they borrow. This means that the effective Annual Percentage Rate (APR) on a 14-day payday loan of $100 comes out to a staggering 390%.
The biggest problem for payday loan borrowers is simply that life doesn’t stop to consider the interest you owe. By the time you have to pay back that payday loan, more bills will be due, you’ll need to pay rent, buy groceries, fill up the car with gas, etc. All these expenses coupled with the interest owed from your payday loan, and it’s easy to find yourself in the red again, needing to take out another payday loan just to cover your everyday expenses.
According to a report by Pew Charitable Trust, in Oklahoma, “more borrowers use at least 17 loans in a year than use just one.”
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Local Resources to Help Oklahoma City Residents Avoid Predatory Lenders
There are many reasons people in Oklahoma City may find themselves desperate for cash. As the opioid epidemic sweeps across the state, they may need to help a friend of family member find treatment for their addiction. They may need to pay the rent, put gas in their car, or buy clothes for a job interview. There’s no shame in struggling, and if you’re in need of financial help, there are better options out there than taking out a predatory payday loan.
Total per Household
Apparel & Services
Food Consumed at Home
Life and Other Insurance
Pensions and Social Security
Food Assistance Resources in Oklahoma City
The Regional Food Bank of Oklahoma lets you search for food pantries by zip code. Food stamps in Oklahoma have been replaced with the Supplemental Nutrition Assistance Program, or SNAP for short. You can find out more from the Oklahoma Department of Human Services. There is also a specialized SNAP program, the Women, Infants, and Children Nutrition Program.
Regional Food Bank of Oklahoma
- Website: https://www.regionalfoodbank.org/get-help
- Address: 3355 S Purdue Ave, Oklahoma City, OK 73137
- Phone: (405) 972-1111
Supplemental Nutrition Assistance Program (SNAP)
- Website: http://www.okdhs.org/services/snap/Pages/default.aspx
- Email: email@example.com
- Phone: (405) 521-3444
- Phone (toll free): (866) 411-1877
Women, Infants and Children Nutrition Program (WIC)
- Website: http://www.okdhs.org/services/snap/Pages/default.aspx
- Address: 1000 NE 10th Street, Oklahoma City, OK 73117-1299
- Phone: (888) 655-2942
Healthcare Resources in Oklahoma City
If you need healthcare, you may be eligible for Medicaid. If you have children, they may be eligible for the State Children’s Health Insurance Program, also known as SCHIP. Find out more from the Oklahoma Department of Human Services. You can search for a local office on their website.
Oklahoma Department of Human Services
- Local offices by county: http://www.okdhs.org/countyoffices/Pages/default.aspx
Rent Assistance in Oklahoma City
If you are late paying rent, or even in danger of being evicted, the organization Upward Transitions is helping OKC residents escape housing instability. They can even help with job training and placement. If you own your house and are at risk of foreclosure, the Neighborhood Housing Services Oklahoma can help you fight to keep your home.
Upward Transitions, Inc.
- Website: www.upwardtransitions.org
- Address: 1134 W Main St, Oklahoma City, OK 73106
- Phone: (405) 232-5507
Neighborhood Housing Services Oklahoma
- Website: www.nhsokla.org
- Address: 4301 N. Classen Boulevard, Oklahoma City, OK 73118
- Phone: (405) 231-4663
- Less than $20,000:15.7%
- $20,000 to $34,999:16.9%
- $35,000 to $49,999:14.4%
- $50,000 to $74,999:17.9%
- $75,000 or more:31.7%
Median Housing Value
% of Housing Units with a Mortgage
Median Monthly Cost (w/ mortgage)
Median Monthly Cost (w/o mortgage)
- Oklahoma City Quickfacts” United States Census Bureau. Accessed May 15, 2018. https://www.census.gov/quickfacts/fact/table/oklahomacitycityoklahoma,oklahomacountyoklahoma,OK/PST045217
- “Who Borrows, Where They Borrow, and Why” Pew Charitable Trust. Accessed May 16, 2018 http://www.pewtrusts.org/~/media/legacy/uploadedfiles/pcs_assets/2012/pewpaydaylendingreportpdf.pdf
- “The Oklahoma Subprime Marketplace: Title and Payday Loans in Oklahoma” OppLoans. Accessed May 15, 2018 https://www.opploans.com/rates-terms/oklahoma/
- “Census Business Builder: Regional Analyst Edition – 2.3” S. Census Bureau. Accessed June 8, 2018 https://cbb.census.gov/rae/#
- “Experian’s 2016 State of Credit Report” Experian. Accessed June 8, 2018 LiveCreditSmart.com
- “Debt in America: An Interactive Map” Urban Institute. Accessed June 8, 2018 https://apps.urban.org/features/debt-interactive-map/
- “2012-2016 American Community Survey 5-Year Estimates, Housing: Selected Housing Characteristics” U.S. Census Bureau. Accessed June 8, 2018 https://factfinder.census.gov
- “2012-2016 American Community Survey 5-Year Estimates, Housing: Financial Characteristics“ U.S. Census Bureau. Accessed June 8, 2018 https://factfinder.census.gov