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Oklahoma Interest Rates Laws

States limit the amount of interest a lender may charge, also referred to as usury laws. Typically, these laws set a maximum interest rate that may be charged in the absence of a contractually agreed upon rate, with some exemptions. Consumers usually agree to rates that are higher than the statutory limit when signing a contract (including the simple act of clicking "I agree" online), especially when applying for credit cards and other forms of revolving credit.

Oklahoma Interest Rate Limits at a Glance

Oklahoma's statutory interest rate limit is 6 percent unless stated otherwise through a valid contract (which may be as simple as agreeing to the "fine print"). Exceptions to this limit include pawnshops, small loans, and retail installment plans. If you would like to submit a consumer complaint, you may do so online through the Oklahoma Department of Consumer Credit.

The following table lists additional details about interest rate limits in Oklahoma. See FindLaw's Debt Collection Laws and Personal Finance sections to learn more.

Legal Maximum Rate of Interest 6%, or by contract (Tit. 15 §266)
Penalty for Usury (Unlawful Interest Rate) Forfeiture of entire interest; if amount over legal interest is paid, it may be recovered double (Const. Art. XIV §3); if a bank is guilty of loaning at usurious rate, cancellation of bank charter and liquidation of assets of bank (15 §272)
Interest Rates on Judgments At contract rate or 4 percentage points above average treasury bill rate for preceding year, not to exceed 10% in action against state/political subdivision (Tit. 12 §727)
Exceptions Pawnshops (Tit. 59 §1510); small loans and retail installment (Uniform Consumer Credit Code) (Tit. 14A §3-201)

Note: State laws are always subject to change, usually through the enactment of new statutes or the precedent-setting decisions of higher courts. While we strive to ensure the accuracy of our state laws pages, you may want to contact an Oklahoma consumer protection attorney or conduct your own legal research to verify the state law(s) you are researching.

A Brief History of Usury Laws

The term usury dates all the way back to the Middle Ages, when it applied to any kind of money lending that involved the accrual of interest. While it once carried a negative connotation regardless of how high the rate, the term eventually was used only to describe excessive interest rates or deceptive lending practices.

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