Cash Advance and Payday Loans in Tulsa, OK
When people need a quick short-term financial solution between paychecks, cash advances and payday loans can be a big help. People with no credit or low credit score may be eligible to apply for these types of loans and address their emergencies.
Advantages of Getting a Payday Loan in Tulsa, OK
One of the advantages of payday loans is that lenders have more flexible credit requirements. They may overlook a bad credit score if the customers demonstrate that they can pay back the borrowed amount on time.
Speed is a significant advantage. Usually, alternative lenders make quick lending decisions and offer fast funding. This is convenient when a customer is in a hurry and needs cash. The application process is fast and easy, requiring only a few documents.
Another advantage when applying for a payday loan is that lenders may not require collateral or a grantor.
How to Get a Cash Advance and Payday Loan in Tulsa, OK
Customers can apply for payday loans by visiting a storefront cash advance lender. They can also apply online by filling out a short application. When applying online, customers have the option to collect the cash at the lender's storefront or have it wired to their checking account.
Cash Advance and Payday Loan Requirements
To be eligible for a loan in Tulsa, borrowers must be Oklahoma residents of at least 18 years of age, have an active checking account and proof of income. Some lenders may ask for several blank checks from the borrower's bank account to provide them a post-dated check with the amount that has been borrowed. This is a way to guarantee loan repayment.
Costs and Regulations of Cash Advance and Payday Loans in Tulsa, OK
Every lender must have a state certification from the Oklahoma Department of Consumer Credit issues to operate legally in Tulsa. The maximum loan amount is $500 and borrowers can pay back their loans in a minimum of 12 and a maximum of 45 days. Lenders may charge a finance fee of $10 or $15 for every $100 borrowed. The maximum annual percentage rate is 390%.
Customers can borrow two payday loans out at the same time. However, it is not allowed to renew or rollover the loan if the customer cannot pay off on time.
Installment Loans in Tulsa, OK
Borrowers seeking quick cash above $500 may apply for installment loans. Customers can borrow up to $1,500, and the amount should be paid back in equal monthly payments. Lenders are allowed by law to charge a monthly 17% interest rate. In Tulsa, the maximum loan term is 12 months.
Requesting Title Loan in Tulsa, OK
Title loans are another way to get emergency funds that don't require a good credit score. However, borrowers use their vehicle's title as collateral to get the required money. Customers can continue using their vehicles normally while paying back the loan. The lender can take possession of the car when the customer fails to pay back the borrowed amount in 30 days. The lender may approve a loan between 25% to 50% of the vehicle's value. The average annual percentage rate is 300%; however, this amount may vary from one lender to another.
To apply for a title loan, borrowers may need to provide their driver's license, a clean title, source of income, and proof of insurance. To apply online, borrowers may need to upload clear pictures of the vehicle alongside the title.
It's important to note that borrowers can present the title of their car, boat, motorcycle or any other vehicle as collateral.
Favorite Tulsa, OK, Cash Advance and Payday Loan Companies
Customers have many options from which they can request a loan in Tulsa. One of the best cash advance and payday loan lenders is Ace Cash Express. The company offers payday loans up to $500 and installment loans up to $700. Ace Cash Express operates in several locations in Oklahoma.
Customers wishing to have the option to apply for a cash advance or payday loan online or in-store can contact Sooner Loan Service. They are known for their fast services and may grant loans ranging from $100 to $700.
Another trusted company in Tulsa is Check-N-Go. This company also gives the customers the option to apply for payday loans online or by visiting the store in person. Like Ace Cash Express, they operate in several locations in Oklahoma.