More Oklahomans turning to payday loans.

With a sluggish economy, more Oklahomans are turning to high-cost loans with equivalent annual interest up to 500 percent or more to make it through tough times.
A report on Oklahoma's so-called payday lending industry showed more than 1 million loan transactions were made from July 2007 through June 2008. The report shows the average borrower took out more than nine loans during that period.
A 2003 Oklahoma state law specifically authorizes payday deferred deposit lending and sets maximum interest rates.

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