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1. Who offers title loans in Oklahoma?
If you are looking for a title loan in Oklahoma, there are a few things you need to know. First, title loans are a type of secured loan, which means that the loan is secured by the title of your car. This means that if you fail to repay the loan, the lender can repossess your car. Second, because title loans are secured by your car, they generally have lower interest rates than unsecured loans like personal loans or credit cards.
2. Who is eligible for a title loan in Oklahoma?
In order to qualify for a title loan in Oklahoma, the borrower must own a vehicle with a clear title. The vehicle must be reimbursed or have a substantial amount of equity. The borrower must also have a stable source of income and a valid driver’s license.
3. Who regulates title loans in Oklahoma?
The Oklahoma Department of Consumer Credit (ODCC) regulates securities lending in Oklahoma. The ODCC is responsible for ensuring that all securities lenders are licensed and comply with all state laws and regulations. Title lenders must have a physical location in Oklahoma and must be registered with the ODCC. All title loan lenders must comply with the Oklahoma Consumer Credit Code, which outlines the rules and regulations for title loans in Oklahoma.
4. Who sets interest rates for title loans in Oklahoma?
Interest rates for title loans in Tulsa Oklahoma are set by the Oklahoma Legislature. The legislature sets the maximum interest rate a lender can charge for a title loan at 25% per annum.
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