Payday lenders must be licensed according to Chapter 725 and Chapter 725A to operate in Oregon. Do not take a loan from a lender not licensed in the state.
There is a $50,000 limit on Oregon payday loans. The minimum loan term is 31 days; the maximum loan term is 60 days. The APR usually doesn’t exceed 36%. Borrowers can request rollovers no more than 2 times. Criminal actions against borrowers are prohibited in the state. There is no limitation to a number of loans that a person can apply for.
There are no limits on the purpose of loan usage. You can take out a payday loan in Oregon to cover any urgent expenses, including unforeseen medical bills, car repair, home innovation, wedding, vacation, holiday, debt consolidation, etc.
In Oregon, you can get a cooling-off period: you can apply for another payday loan only 60 days after the date when the previous loan was paid off. There should be a cooling-off period of 7 days between 2 Oregon payday loans.
Eligibility criteria for payday loans in Oregon:
- US residence;
- Steady monthly income of at least $1,000;
- Valid bank account with direct deposit;
- Valid phone number and e-mail address.
And you must not be a debtor in bankruptcy.
The average good credit score in Oregon is 688. But it doesn’t mean that those who have a lower credit score can’t get accepted for a payday loan.
Average payday loan terms and rates in Oregon are described in the table below:
| Principal Amount: (amount financed) |
$100 | $200 | $300 |
| Finance Charge: (cost of loan) |
$13.05 | $26.11 | $39.17 |
| Total Repayment Amount: (principal plus finance charges) |
$113.05 | $226.11 | $339.17 |
| APR**: (Loan Term 31 Days) |
153.65% | 153.71% | 153.73% |
Note: Even average rates and terms may vary depending on the lender or banking institution you have addressed.
The Oregon law obligates payday loan lenders to disclose all the rates and fees typed in a language you understand. You should read them carefully before signing the contract.
Benefits of Oregon payday loans
Here are 5 reasons why you should get payday loans in this state:
- You’ll receive the money fast;
- You can spend the funds on whatever you need;
- No credit check;
- Online application;
- Relaxed requirements.
Oregon locations: Albany, Beaverton, Bend, Coos, Bay, Eugene, Grants Pass, Hillsboro, Keizer, Mcminnville, Medford, Oregon City, Portland, Roseburg, Salem, Springfield, Tigard, Wilsonville.
If the received payday loan amount is not enough, you can also use other options to receive cash in Oregon: unsecured installment loans, bad credit personal loans, title loans, check cashing, pawn shops, etc.