Be sure you know the regulations covering short-term loans in Salem, Oregon before you decide on a lender.
If you don’t have the best credit and are in need of a small amount of money, a short-term loan might be a good option. Although these are expensive options, they can be a solution to your financial problems. It’s important to understand what comes with a short-term loan, and our guide below can help.
Check into Cash Loans
Check into Cash allows you to directly apply for a payday loan and have your cash when you need it.
- Min. Loan Amount: $50
- Loan Term: Varies by state
- Turnaround Time: 1–2 business days
- Total Costs: Varies depending on the amount and your state of residency.
- Must be 18+
- No security needed
- Confidential and secure
What Oregon laws affect short-term lending in Salem?
Oregon Statutory Citations 725.600 et seq. and 725A.101 et seq. governs short-term lending, also known as payday lending, in the state. These statutes apply to lenders in physical stores and online.
The laws in Oregon can be a little confusing. Unlike other states, Oregon’s limit on short-term lending is $50,000 and the proceeds of a loan must be used for personal, household or family expenses. If your income is less than $60,000 per year, you are limited to 25% of your annual income.
Loan terms last from 31 to 60 days and lenders can charge more than 36% in interest with a single origination fee of $10 per $100 borrowed or $300, whichever is less.
Consider these lenders for a short-term loan in Salem
Reasons you might want to pick up a short-term loan in Salem
- Bad credit is just fine. Short-term lenders tend to focus more on your current financial situation and employment than on your credit. If you’re worried about being approved because you don’t have the best score, it’s okay. Lenders understand and take it all into account when reviewing your application.
- Quick and easy application. Whether you apply online or in-store, you’ll have your approval decision in no time because the application usually takes no more than 15 minutes from start to finish.
- You might be able to get cash on the same day. When you apply at a storefront, you may be able to walk out of the store with cash or a check. Online lenders won’t be able to transfer your loan on the same day, but you’ll be able to see it in your account as soon as the next business day.
Dealing with a stolen bike
Lance’s bike was stolen, and since it was his only form of transportation, he needed a new one as quickly as possible. Unfortunately, his bad credit made it impossible to qualify for a personal loan, and he knew a credit card application would take too long. Lance decided his best bet was to borrow from a short-term lender.
He went online and applied for a loan of $200. The lender approved him and set the term for 31 days. At the end of the loan period, Lance would be required to pay back $226.11–the principal amount he borrowed and the fee for the loan.
Lance provided his checking account numbers to the lender. $226.11 was debited from it without problem, and Lance was able to afford his bike without any hassles or having to deal with late payment fees.
What you’ll need to apply for a short-term loan in Salem
Lenders require that you be at least 18 years old, a citizen or permanent resident of the US and have a regular source of income before you apply. These are the most basic eligibility criteria you’ll need to meet.
Beyond those, you should be prepared to provide some basic personal information. This includes your Social Security number, your gross monthly (and perhaps annual) income and access to your checking account.
Short-term loan store map in Salem, Oregon
Short-term loan offices in Salem
- 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
What are some other options besides short-term loans?If you’re not looking to take out a loan but still need some extra money, these alternatives can be a good resource. A few options includes
- 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.
These are just a few of the ways you can avoid borrowing a short-term loan. Check out our page linked above for more.