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Compare your loan options in Oregon
Payday loans and other alternatives for quick cash in Oregon.
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.
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.
Can I actually get a payday loan in Oregon?
Yes. Payday loans are governed by 54 Oregon Revised Statute § 725A.010 et seq. Here’s what you can expect:
- Maximum amount: $50,000
- Maximum interest rate: 36%
- Maximum fees: $10 per $100 borrowed or $30, whichever is less
- Terms: 31 to 60 days
- Renewals: Up to two renewals allowed per loan
In Oregon, payday lenders must be licensed — this makes it easier to tell if they’re legit.
What do I need to apply for a payday loan?
All lenders will have basic requirements you need to meet.
- You’ll need a regular source of income. While you might not need to be employed, you need to show that you have enough money coming in to repay the loan.
- An active checking account is also often required. A few storefront lenders offer payday loans in cash, but if you borrow online you’ll need an active bank account to receive your funds.
- By law, you must be 18 or older.
- You must also be a US citizen or permanent resident. If you’re looking for financing while on a visa, you might want to check out our article on nonresident loans instead.
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.
What are some alternatives to consider in Oregon?
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
Payday loan locations in Oregon
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.
Bottom line
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.
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.
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