Short-term loans in Salem, Oregon | finder.com
Salem

Short-term loans in Salem, Oregon

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Know the regulations covering short-term loans in Salem before you decide on a lender.

Although short-term loans are an expensive option, Oregon regulations help make them less of a risk than other states. For residents of Salem, this means you might be able to find a good deal if you borrow from the right lender. Just know that it can still be costly, and borrowing too much can lead to excessive fees down the road.

CashNetUSA Loan

For fast cash: CashNetUSA

Get a payday loan, installment loan or line of credit, depending on state availability.

  • Loan Amount: Varies by state
  • Turnaround Time: 1 business day
  • 15% off initial loan fee on payday loans or brokered loans
  • Quick application, no collateral needed
  • Bad credit is OK

    Can I get a payday loan in Salem, Oregon?

    Oregon Statutory Citations 725.600 et seq. and 725A.101 et seq. governs payday lending throughout the state. These statutes apply to lenders in both physical stores and online.

    Unlike other states, the maximum loan a lender can offer $50,000, and the proceeds of a loan must be used for personal, household or family expenses. But if your income is less than $60,000 per year, you’re limited to 25% of your net monthly income. Loan terms last from 31 to 60 days, and lenders can’t charge more than 36% in interest. However, a lender can charge a single origination fee of $10 per $100 borrowed or $30, whichever is less.

    Compare short-term loan lenders in Salem

    Rates last updated February 21st, 2019
    Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
    Name Product Product Description Max. Loan Amount Turnaround Time Requirements
    OppLoans Installment Loans
    Installment loans with competitive rates from a top-rated direct lender.
    $5,000
    1 business day
    Must have direct deposit and meet minimum income requirements
    Jora Installment Loans
    Installment loans with repayment terms up to 30 months, depending on your state.
    $2,600
    1–2 days
    Must have an active checking account, regular source of income and email address.
    CashNetUSA Loan
    Apply for a short-term loan with an easy online application and dedicated customer service.
    Varies by state
    1 business day
    You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
    LendYou Short-term Loans
    Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.
    $15,000
    1 business day
    You must be a US citizen or permanent resident, age 18+ and have a regular income.
    CashUSA Installment Loans
    A connection service for quick cash loans up to $10,000.
    $10,000
    As early as 1 business day
    Must have a monthly income of $1,000+ after taxes and valid checking account.
    ACE Cash Express Short-term Loans
    Quick payday, installment and title loans with no prepayment penalty and a 72-hour satisfaction guarantee. Funds can be loaded on an ACE Elite™ Visa® Prepaid Debit Card.
    Varies by state
    Generally receive the money the next business day
    Must be 18+ years old, have a steady source of income and a checking or savings account. Must not be a debtor in bankruptcy.
    LendUp Payday Loans
    LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see more details for your state.
    $250
    generally receive the money the next business day
    Be 18+ years of age and have a checking account that can accept electronic transfers.

    Compare up to 4 providers

    What do I need to apply?

    Lenders require that you have a regular source of income, are at least 18 years old and are a citizen or permanent resident of the US in order to qualify for a loan.

    Beyond those, you should be prepared to provide some basic personal information. This typically includes supplying your Social Security number, date of birth and your gross monthly income. And if you apply online, you may be required to share your bank’s routing number and account number so the lender can confirm where it will deposit your loan and debit your payments.


    Where to find short-term loan locations in Salem

    Short-term loan locations near me in Salem, OR

    • A Check Cashing Store. 692 Lancaster Dr NE, Salem, OR 97301
    • ACE Cash Express. 1131 Lancaster Dr NE, Salem, OR 97301
    • Approved Loans. 1981 Lancaster Dr NE, Salem, OR 97305
    • Cash & Go. 3256 Lancaster Dr NE, Salem, OR 97305
    • Cascade Capital Funding. University Station Offices, 698 12th St SE #210, Salem, OR 97301
    • CASHCO Financial Services, Inc. 1594 Edgewater St NW #130, Salem, OR 97304
    • The Equitable Finance Company. 1245 Columbia St NE, Salem, OR 97301
    • United Finance. 1040 Lancaster Dr SE, Salem, OR 97317
    • Umpqua Bank. 245 Commercial St SE, Suite 100 & 200, Salem, OR 97301

    Must read: Don’t borrow too much

    Although lenders are limited to the amount of interest they can charge borrowers in Oregon, you should still be cautious if you’re looking to borrow a large loan amount. 25% of your net monthly income may not seem like a lot, but after fees and other charges are applied, it can be difficult for some people to repay a short-term loan.

    Carefully go over your budget to make sure you can afford the repayment terms. If you can, request a loan term on the longer end of the legal limit so that you’ll have more time to repay your lender.

    What are my other short-term loan options in Salem?

    Salem doesn’t have any other short-term loan options. Payday loans aren’t available because of the cap on interest, and auto title loans aren’t legal. Because of this, you may want to consider a short-term loan alternative, including:

    • Apply for a social program. Oregon HEAT, Temporary Assistance to Needy Families (TANF) and Supplemental Nutrition Assistance Program (SNAP) all help residents of Salem when they’re struggling to make everyday bills.
    • Take out a credit card cash advance. If you have a credit card with an open line of credit, you might want to consider taking out a cash advance. These can be expensive, but they can help cover unexpected expenses without having to fill out a new application.
    • Talk to your creditors. Although it might be scary, discussing your financial difficulties with your creditors can help you negotiate lower payments, which can then help you afford to pay down your debt.

    Bottom line

    Although payday loans aren’t fully legal in Oregon, you still have other short-term loan options. There are plenty of lenders in and around Salem, as well as online, that may be able to lend to you no matter your credit history. However, you’ll want to familiarize yourself with Oregon’s lending laws to be sure you’re getting a good — and legal — deal.

    And before you borrow, read more about short-term lending so you know exactly what to expect when you borrow.

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    US Payday Loans Offers

    Important Information*
    CashNetUSA Loan

    Apply for a short-term loan with an easy online application and dedicated customer service.

    Check into Cash Payday Loan

    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.

    OppLoans Installment Loans

    Installment loans with competitive rates from a top-rated direct lender.

    LendYou Short-term Loans

    Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.

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