In her own veto message, Fallin penned that the balance, which reflects a push that is national the payday financing industry for comparable legislation, would create a high-interest item without limiting use of other pay day loan services and products.
“In reality, i really believe that a few of the loans developed by this bill will be HIGHER PRICED than the loan that is current,” she had written.
Oklahoma’s legislation had among the greatest prospective yearly interest levels among 10 comparable payday lending bills this present year in seven states, an Oklahoma Watch review discovered.
Home Bill 1913 could have created “small” loans with a monthly rate of interest of 17 %, which means 204 % interest rate that is annual.