Oregon State - Payday Loans Information

Payday loans are made by payday loan stores, check cashers, and pawn shops. Some rent-to-own companies also make payday loans. Loans are also marketed via toll-free telephone numbers and over the Internet. All a consumer needs to get a payday loan is an open bank account in relatively good standing, a steady source of income, and identification. Lenders do not conduct a full credit check or ask questions to determine if a borrower can afford to repay the loan.

Legal Status: Legal (Lower Cost)

Loan Terms:

Maximum Loan Amount: $50,000 (Loan limit up to 25%of borrower’s net monthly income if earns $60,000 per year or less.)

Loan Term: 31 to 60 days

Maximum Finance Rate and Fees: 36% APR interest, one-time $10 per $100 of loan origination fee, up to $30

Finance Charge for 14-day $100 loan: $13 for 31 day loan

APR for 14-day $100 loan: 154% APR for 31 day loan

Debt Limits:

Maximum Number of Outstanding Loans at One Time: No Limit

Rollovers Permitted: Two (renewals)

Cooling-off Period: 7 days after prior loan expires

Repayment Plan: N/A

Collection Limits:

Collection Fees: One $20 NSF fee + additional bank charges

Criminal Action: None, only civil penalties

Call for Cash: +1 (855) 462-5019

State Rate & Fee Regulations

To Find Legal Status of Payday Loans by State. Get matched with direct lender Start application now!