A payday loan can help you through a tough financial situation, be sure to learn the laws first
Residents of Oregon can turn to payday loans when they need extra money, but taking some time to understand how these loans work is a necessity. Our guide will tell you how much you can borrow and the laws surrounding them.
Check into Cash Loans
Check into Cash allows you to directly apply for a payday loan and have your cash when you need it.
- Minimum. 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 are the Oregon payday loan laws?
Payday loans are governed by 54 Orergon Revised Statature § 725A.010 et seq. The maximum amount borrowed through a payday loan in Oregon cannot exceed $50,000, provided the money is used for personal, household or family expenses. However, if your income is less than $60,000 per year, you’re limited to 25% of your net monthly income.
Payday loans last from 31 to 60 days. Lenders may not charge more than 36% interest and a single origination fee of $10 per $100, up to $300. A 31-day $100 loan has a total APR of 154%.
There is no maximum limit to how many loans you can have out at once, and you are permitted two renewals. Oregon law doesn’t specify fees for this and doesn’t require lenders to offer a repayment plan.
Consider these lenders for a short term loan in Oregon
Check the websites of any providers you’re interested in to confirm they operate in your state of residence.
What do I need to apply for a payday loan?
All lenders will require that you have a regular source of income, be at least 18 years old and be a citizen or permanent resident of the US.
Whether you apply online or in-store, you’ll have to provide some basic information. This includes your name, address, contact information and your Social Security number. Lenders will also want to confirm your income by checking whether you’re employed. Finally, if you apply online, the lender will request access to your checking account to deposite your loan funds and debit your payment when it’s due.
What are some payday loan alternatives?
Oregon HEAT, Temporary Assistance to Needy Families (TANF) and Supplemental Nutrition Assistance Program (SNAP) all provide help for people who struggle to pay their everyday bills. In addition, you can ask friends or family for help, apply for a debt consolidation loan or negotiate with your creditors to lower your monthly payments.
A payday loan can be a good way to get out of a tough spot. Before you borrow, be sure you can pay back the full amount of your loan–the principal and the interest–and confirm that the lender is operating by Oregon state standards.
Have any more questions about Oregon payday loans?
Who do I contact if I have a problem with a payday lender?
You should contact the Oregon Department of Consumer & Business Services.
Is there a cooling off period for payday loans in Oregon?
Oregon law requires a cooling off period of seven days after your previous loan expires.
Do payday lenders in this state also provide installment loans?
This depends on the lender you choose to work with. You can get installment loans in Oregon through some lenders that provide payday loans.