Banks and credit unions are two of the most common sources of consumer and business loans. These loans may be secured or unsecured, and may take the form of home mortgages, home equity loans, installment loans (loans repaid in monthly installments), auto loans, student loans, and credit cards.
In Oklahoma, banks and credit unions are regulated entities that provide various loan products to consumers and businesses. These loans can be either secured, with collateral such as property or a vehicle, or unsecured, without collateral. Home mortgages are loans used to purchase real estate, while home equity loans allow homeowners to borrow against the equity in their property. Installment loans are repaid over time with a set number of scheduled payments, and auto loans are specifically for the purchase of vehicles. Student loans assist with the costs of education, and credit cards offer revolving credit lines. Oklahoma state statutes and federal laws, including the Truth in Lending Act (TILA) and the Equal Credit Opportunity Act (ECOA), govern the disclosure of loan terms and prohibit discrimination in lending practices. Additionally, the Oklahoma Department of Consumer Credit oversees the licensing and regulation of lenders within the state to ensure compliance with applicable laws.