- We sign up for more payday loans per capita than just about virtually any state.
- The loan that is average for $394, with the average interest of 391%.
- The common debtor in Oklahoma takes down 9 pay day loans each year, with 87% getting a brand new loan in identical duration being a past loan.
- A 2012 research by the Pew Charitable Trust unearthed that more Oklahomans had 17 loans in a than had just one loan in a 12 months year.
But data just tell the main story.
Susan Hakel, a mom whose son got caught within the cash advance trap, stocks this account of exactly just what happened to her family members:
In 2010 my son went along to benefit Verizon in Phoenix, AZ. About 6 months later on he discovered himself in short supply of money and went along to a quick payday loan company for a short-term loan of $300.Read More »Next pay day loan. The data on pay day loans in Oklahoma are grim: