CAP Issue Brief: Oklahoma Data Shows Chronic Borrowing With Payday Loans

This issue brief was produced for the Public Policy Department of the Community Action Project of Tulsa County under the direction of David Blatt, then Director of Policy at CAP.

The Oklahoma Legislature authorized payday lending in 2003. The payday lending industry claims that their loans are only for occasional use to meet unexpected or emergency needs. Overall, the payday lending experience of the average Oklahoma customer indicates that these loans are for regular spending to deal with chronic financial problems, not for occasional emergencies. The following report examines payday lending in Oklahoma in more detail.

Read the full issue brief here.