Some Oklahomans Take Out High-Interest Loans To Go To State Fair

Monday, September 17th 2012, 9:57 pm
By: News 9

Would you pay interest on a corn dog? Or how about a cinnamon roll? Some people say yes and are taking out high-interest pay day loans to go to the state fair.

People are taking out high-interest loans for more than bills. They're actually borrowing money to go to the Oklahoma State Fair. Statewide Finance has seen about a 20 percent increase in business since the fairgrounds opened.

Kids over 6 cost $5, adults $9, and a wrist band to ride all the rides costs $35. That's $98 at the gate for family of four, if only two get wristbands for the rides.

D'Aneglo Robinson shelled out the cash for his wife and boys.

"As expensive as it is, if we didn't put aside for it, we wouldn't have been able to come ourselves. I definitely understand taking out a loan," Robinson said.

"Last week we put seven new loans out, just for the fair so that's pretty good," said Stephanie Johnson with Statewide Finance.

News 9 did the math. If you borrow $175 at a 206 percent interest rate, which makes the total charge of the loan $99.75. You pay back $274.75.