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Payday Loans In Eugene Oregon

Eugene, Oregon enjoys a reputation as one of the most livable cities in the United States. The city is close to both the Cascade Mountains and the Oregon coast. Total population is 165,997. 49% and 51% are a male and female share of the population, respectively. Median family income is $70,493. 21.5% is a rate below poverty that is equal to the rate of issued payday loans in Eugene, Oregon. Median gross rent is $988. Median house value is $272,000. Standard Zip Codes: 97405, 97401, 97403, 97402, 97404, 97408, 97412, 97455.

What are payday loans Eugene Oregon?

Payday loans Eugene Oregon are a small loan that is issued by a microfinance or microcredit company for a short period at an interest rate.

A payday loan can only be obtained by US citizens over the age of 18. Different companies have their own restrictions on the minimum and maximum age of a potential borrower. Before choosing a lender, you need to consider this factor.

A loan can be issued for a short period (up to 1 month) with a one-time repayment or for a long time (up to 1 year) with a gradual return in installments. Everyone determines the appropriate lending option for themselves and chooses the appropriate lending institution.

Differences between payday and bank loans

Bank and payday loans are strikingly different from each other in almost all respects. So, a loan can be obtained exclusively at the bank’s office, and a payday loan can be issued in any remote way of your choice.

The second difference is the time it takes to receive money. The loan is issued only during the working hours of the selected bank branch. A payday loan Eugene Oregon can be taken out at any time of the day when you need money.

The loan is almost always issued longer, requires more time for consideration, for visiting the office, waiting, etc. An application for a payday loan is processed within 1-2 minutes.

The requirements for borrowers are also strikingly different. If a loan can be issued by residents of the United States mainly from 23-25 ​​to 65 years old, then microloans are issued from 18 years old, and the maximum age is practically unlimited. This means that retirees at the age of 70, 80 and even 90 can receive a loan.

The list of documents for issuing funds in banks and payday loans is strikingly different. So, payday loans are issued with an ID only. To issue a loan, the bank may require confirmation of income in the form of a certificate, an employment contract or other confirmation of employment.

The essential differences between a bank loan and a small loan lie in the basic terms for issuing money. These are the amount, terms, interest rates and frequency of debt repayment.

Usually, a payday loan Eugene Oregon is taken out for a short time before the paycheck – it is no more than 30 days, and consumer loans are issued for different periods from 6 months to 5 years.

In this situation, payday loans are repaid in a lump sum at the end of the term, and bank loans are paid gradually in equal installments according to the schedule. Usually once a month.

Of course, there are long-term loans that are issued for 6-12 months and are repaid gradually, but usually payments are made once a week. This is not the most convenient repayment schedule.

The amount varies greatly. For a short-term payday loan, the maximum amount is $2,500, for a long-term bank loan, a newcomer will be given no more than $10,000.

The last key difference is the interest rate. For short-term loans, the interest rate depends on the state. The loan varies from 15% to 60-80% per annum, depending on the bank and product.

Why do you need payday loans?

A payday loan Eugene Oregon is a one-time financial aid to a person who urgently needs money for a short period of time. This could be:

  • the need to repay a debt to a friend;
  • make a loan payment when your salary is delayed;
  • buy something expensive but with a good discount;
  • it’s elementary to live up to your paycheck, because your own money has run out;
  • pay for some services for which there is not enough own funds;
  • improve your credit history by obtaining and repaying several small loans on time.

A payday loan is a good alternative to bank lending, especially if the borrower has a bad credit history and all banks refuse. Payday lenders are more loyal to clients and can approve an application from almost any credit score.

Microloans are a lifesaver in any situations in which money is needed here and now. When there is no time to collect documents, a trip to the bank and a long wait, a payday loan can help out.

However, you should not take small loans too often and in different microcredit organizations. You run the risk of ending up in credit bondage due to high interest rates. It will be very difficult to get out of it.

Should I take a payday loan Eugene Oregon?

You need to take out a payday loan only if you know in advance that you can return it 100%. If you are not sure, do not take it out, because the interest rate on such loans is approximately 720% per annum. Every day of delay will bring + 2% to the amount of debt and worsen your credit history.

Microfinance organizations very often and quickly transfer clients’ debts to collection agencies. They do not choose the largest collectors, but agree to work with almost everyone. Most of them use illegal actions, trying to knock the debt out of the debtor (calls, threats, coming to the borrower’s home or work).


Online lenders are not only addressed by people with bad credit history. Sometimes a payday loan Eugene can be more convenient and profitable than a regular bank loan, because it has some advantages:

  • available to every American over 18 years old;
  • you do not need to be officially employed;
  • no need to collect documents and look for guarantors;
  • the term for review of the application does not exceed one day;
  • more than 95% of submitted applications are approved;
  • you can arrange and repay a loan online.