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When you have unplanned expenses and are on a tight budget, a payday loan could be helpful. Payday loans, a type of short-term loan, give you quick access to money when you need it. Read on to find out about the laws in Oregon and everything else you should know about how payday advances work.
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Residents of Oregon can turn to payday loans when they need extra money, but taking some time to understand how these loans work is crucial to avoiding a cycle of debt. Find out how much you can borrow and the laws surrounding these short-term loans.
Yes. Payday loans are governed by 54 Oregon Revised Statute § 725A.010 et seq. Here’s what you can expect:
In Oregon, payday lenders must be licensed — this makes it easier to tell if they’re legit.
All lenders will have basic requirements you need to meet.
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 or receive regular stipend payments from Social Security, child support or another source.
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 or negotiate with your creditors to lower your monthly payments.
A guide to payday loan alternatives to explore more options
Below are payday loan storefronts in Oregon as of October 2018. You might want to call before visiting a particular lender to ensure it’s still located at that same address.
A payday loan can be a quick way to get out of a tough financial spot. Before you borrow, be sure you can pay back the full amount of your loan — the principal and the interest. Always confirm that the lender is operating by Oregon state standards.
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.
Kellye Guinan was a financer writer for Finder, covering everything from loans from auto to personal to business finance.
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