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What is the laws on a payday loan in OK? I borrowed $400 and have paid $273 a month for over a year now?

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The laws on a payday loan in OK are that loan splitting is not allowed and that there are collection limits which are accepted up to a certain amount. Another law is that there will be some amount charged on the amount exceeding $100. Read more details at http://www.ehow.com/list_6748550_payday-loan-laws-oklahoma.html.

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Review the terms on your agreement. It will say how much is supposed to be paid to interest and how much is paid to principal with every installment you make. You should be getting some sort of a statement of what you have paid and what balance remains owing and following it along to a zero balance.

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I have paid them over $4000 and the balance is still the same. Can I stop the auto draft on my checking account legally?
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Yes .. of course .. There is defiantely something wrong. Go there (to the establishment you got the loan from) with your original documentation and bank records as proof for what you've paid ... and settle it right in their office . Explain what has been happening. If they refuse to rememdy the error, then you have to assume that is was not an error and that they are stealing from you. Speak to your banking institution about this fraudulent activitity on your account. Then report this to the police. You may need a police report to get a refund.

THIS should have been remedied a YEAR ago .. why on earth would you wait until they have stolen $4000????
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Make sure to mention laws that prevent loan sharking.

http://definitions.uslegal.com/l/loansharking/
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