Short-term loans in Salem, Oregon |

Short-term loans in Salem, Oregon

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Know the regulations 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.

Our top pick: OppLoans Installment Loans

  • Min. Loan Amount: $500
  • Max. Loan Amount: $5,000
  • Turnaround Time: 1 business day
  • Loan Term: 9 to 36 months
  • Requirements: Direct deposit, meet minimum income requirements
  • Easy online application
  • Quick approval
  • Fast funding
  • Long repayment terms

Our top pick: OppLoans Installment Loans

Comes with the option to change your due date so you won’t fall behind on repayments.

  • Min. Loan Amount: $500
  • Max. Loan Amount: $5,000
  • Turnaround Time: 1 business day
  • Loan Term: 9 to 36 months
  • Requirements: Direct deposit, meet minimum income requirements

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

Updated September 22nd, 2019
Name Product Filter Values Max. Loan Amount Turnaround time Requirements
As soon as the next business day
Regular source of income, verifiable bank account, US citizen, ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
1 business day
Direct deposit, meet minimum income requirements
Comes with the option to change your due date so you won’t fall behind on repayments.
1 to 2 business days
Active checking account, regular source of income, email address
Get access to tools to help you plan a career move, make some extra cash or search for a better-paying job.
Same business day to 1 business days
Must be employed and receive regular income, earn at least $800 a month, have a checking account and be an 18+ years old legal US citizen.
Get a flexible installment loan with fast funding through one easy online application form.
1 business day
Checking account, $1,500+ monthly income, recent pay stub, live in eligible state, 18+ years old
Financing with transparent terms to residents of five states.
Same business day to 1 business days
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
As early as 1 business day
$1,000+ monthly income after taxes, valid checking account
Explore its online education center to get tips on budgeting, how to prioritize your bills and more.
Varies by state
1 business day
Regular source of income, bank account, US citizen or permanent resident, ages 18+
Sign up for its discount program to get access to coupons and deals on everything from dining out to tax services.

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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