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ACU Blog  / A Better Alternative to Payday Loans in OKC Is Allegiance
1 December 2023 / 4 minute read

A Better Alternative to Payday Loans in OKC Is Allegiance

If you're looking for payday loans in OKC and Oklahoma, Allegiance's alternatives may be better for your wallet and long-term financial success.
Payday loan alternatives can help this single mom and daughter stay relaxed knowing they have the money they need.

Sometimes there just isn’t enough money left at the end of the week to get all the bills taken care of. Between credit card payments, car loans, and necessities like utilities and food – it adds up quickly. Add in an unexpected financial burden like car trouble, a medical bill, or an expected job layoff, and sometimes your finances just can’t keep up.

While payday loans in OKC and Oklahoma may seem like a solution to get you through your financial hardship, consumers need to be aware that these types of loans can take advantage of those who need help, and more often than not, make the financial burden worse in many scenarios.

When you need help getting by, it is important you turn to a lender you can trust to receive the right advice to succeed versus the wrong advice that results in more debt.

Looking for Payday Loans in OKC? We May Be Able to Help

Payday loans are typically short-term loans with a high interest rate that can actually be as excessive as 400 percent! They are generally given for $500 or less and are due to be paid in full on your next scheduled payday. 

Consumers must be made aware that payday loans in OKC, and around the country, do not have the best reputation. In fact, some state’s laws do not allow payday loans at all. In other situations, payday lenders choose not to operate in certain states because they refuse to conduct business using the lower interest rates authorized by the state’s attorney general.

The states that do permit these often predatory loans allow consumers to apply via local storefronts or online. These states do require that the cost of the loan, fees, and the maximum loan amount be capped.

And while there is consumer interest in payday loans in Oklahoma; people should learn the risks and look for better loan options that are more affordable. 

If you are searching for a payday loan in OKC or Oklahoma, please take the time to consider the safer loan alternatives Allegiance Credit Union has to offer. 

A trustworthy lender like Allegiance is committed to the local community and supports underserved communities. No matter where you are on your financial journey, Allegiance is here to help.

Allegiance Lending Options

When it comes to getting a loan, Allegiance has a variety of lending solutions to help you achieve your financial goals. 

  • Personal Loans An Allegiance Personal Loan offers flexible repayment schedules and competitive interest rates. These rates are typically lower than credit cards but a bit higher than secured options like home equity loans and home equity lines of credit (HELOCs).
  • Credit Cards If your credit score is good, you may be eligible to obtain a low rate credit card to pay off other debts. The lower interest rates can save you money and help pay off debt quicker than balances on cards with excessive interest rates. Not so great credit? Try our Credit Builder Credit Card instead!
  • Home Equity Loan - Homeowners with equity in their houses can consider the Home Equity Loan from Allegiance. Using the equity in their home, consumers can obtain a loan that can be used to pay off outstanding debts. Home Equity Loan rates may be the lowest interest rates offered among these loan solutions.
  • Credit Builder Loan - A Credit Builder Loan from Allegiance is a great option for those who need to repair their credit. This loan allows you to focus on making affordable monthly payments from funds that are secured with deposits in a savings or share certificate account.
  • Second Chance Checking While not a loan product, our Second Chance Checking may be a great bank account option for anyone who's been denied a checking account in the past. This low-cost account allows you to rebuild your financial history and get your finances and goals back on track.

To discover how to build or improve your credit score, download our free guide:

How Can I Raise My Credit Score In 30 Days

Wondering, "Why Can't I Open a Bank Account?"

If you have been denied access to a checking account and it is preventing you from doing business with a trusted local lender, you may have negative information in ChexSystems that is hindering your efforts. 

This can be especially true if you have had a checking account in the past that was closed or charged off due to a negative account balance.

Mistakes that Can Cause You to be Denied

  • Any unpaid negative balance on a previous bank account such as those from an overdraft charge that resulted in an involuntary closure of the account can be a problem when opening a new account.  
  • Those who were suspected of fraudulent activity that is related to a checking account may have a new account denied. 
  • Having your name on a joint bank account with a person who had any of these issues at a bank may result in you having problems when you want to open a new bank account. 
  • Repeated overdrafts from a previous checking account may result in problems establishing an account at a new bank.  

How to Get Back On Track

The key to getting back on track is to take control of the situation and start working hard to repair or correct any mistakes.

  • Find Out Why You Were Denied – If your bank account application was denied, it is imperative to learn the reason why so you can make improvements. Discuss the rejection with your lender and ask what you can do to repair and correct the situation. 
  • Apply With Another Financial Institution – Since thresholds and programs differ from lender to lender regarding account application approvals, it is a good idea to apply at a different institution to see if you qualify there. 
  • Fix Your Checking Account Report – Financial institutions learn about your account history from reporting agencies that provide them with details of issues consumers have had with prior bank accounts. Issues like repeated overdrafts and unpaid fees could cause rejection for a new account and should be fixed to clear/improve your record. 
  • Second Chance Bank Accounts – Accounts like Allegiance's Second Chance Checking gives you another chance to establish a bank account in your name. This type of account helps you improve your personal finance skills and get back on track.

Allegiance Credit Union Is On Your Side

Allegiance is on your side. Even if our loan options are not currently a perfect fit for your needs, we offer trusted advice, free financial coaching, free budgeting templates, and many free resources to help you realign your finances.

If you are considering payday loans due to a low credit score, explore our tips on improving your score in our free How Can I Raise My Credit Score in 30 Days guide.