Gov. Mary Fallin vetoed a bill on Friday that would have created a loan with a 204 percent annual interest rate.

In her veto message, Fallin wrote that the bill, which reflects a national push for new installment loans by the payday lending industry, would create a high-interest product without restricting access to other payday loan products.

“In fact, I believe that some of the loans created by this bill would be MORE EXPENSIVE than the current loan options,” she wrote.

Oklahoma's legislation had one of the highest potential annual interest rates among 10 similar payday lending bills this ye...