Life is expensive.
The cost of living in Oklahoma is significantly lower than the rest of the nation. Across the state, a two bedroom apartment can be rented on average for under $900, in contrast to the average $1,240 across the rest of the US. But unexpected expenses can be a major setback for anyone, no matter how responsible they’ve been.
Sudden bills, emergencies, major purchases – these situations require cash on hand that you might not have. That’s where personal loans could be worth considering. Even if you have bad credit or no collateral, you can request an online personal loan.
Whatever you need your personal loan for, you’re not alone. The average amount of credit card debt per household is $6,296, split between more than two cards. Personal loans can be a way to consolidate the various debts into one installment loan, making repayment potentially easier.
This page provides a comprehensive overview of some important things you need to know about personal loans in Oklahoma.
Where can I get a personal loan in Oklahoma?
One source for getting a personal loan in Oklahoma is always your local credit union or bank. However, the effort of physically going to your bank branch and filling out the application may be less convenient than looking online. An online option could be something to consider, especially if you have a less than ideal credit score. The average credit score in Oklahoma is only 656, well below the national average of 728.
What should I watch out for when requesting a personal loan in Oklahoma?
Oklahoma has laws on the books designed to protect consumers from predatory lenders. The state’s 2014 statutes, such as Consumer Credit Code §14A-3-104 limits personal loan amounts to $50,000 and less.
In general, be mindful of loan terms and read carefully before you agree to anything.
Good loans will usually have:
- Loan terms that are clear.
- Forms that ask questions about your income, your monthly expenses and how much you possess in assets.
- Lenders and affiliates who use current technology.
Online personal loans have proven to be a convenient way to get the cash you might need for unexpected expenses.
Disclaimer: This is not legal or financial advice. Please consult a legal or financial advisor for your specific situation.