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Next pay day loan. The data on pay day loans in Oklahoma are grim:

Next pay day loan. The data on pay day loans in Oklahoma are grim:

  • 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: