Payday Lending

Bursting the Payday Lending Bubble

Payday lending is big business in Oklahoma! In 2015 alone, payday lenders made $52 million in fees and interest just in our state!

  • We take out more payday loans per capita than any other state.
  • The average loan is for $394, with an average interest rate of 391%.
  • The average borrower in Oklahoma takes out 9 payday loans per year, with 87% getting a new loan in the same period as a previous loan.
  • A 2012 study by the Pew Charitable Trust found that more Oklahomans had 17 loans in a year than had just one loan in a year.

Oklahoma legislators are being pressured to create new high-interest loan instruments, and VOICE is organizing clergy to call them out! To sign the clergy letter, click here:


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