Payday Loans in Oregon

Payday Loans
Explore our list of payday loan providers in Oregon. Whether you're looking for $255 payday loans online, same-day options, or no credit check loans in OR, we provide detailed information to assist your decision. Learn about the regulations, limits, and most reliable online payday loans in Oregon.
Offers: 5
Updated:
11.06.2024
15:38
Best Quick Loan Today 22.06.2024*
Finanso
Need a Quick Loan Now?
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
100.00 – 20000.00 $
Rate
i

Interest rate

from 0.05 %
Term
i

Loan term for the financial product

5 days – 3 months
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

3.09
(20 Ratings)
Recommended FinScore™
0
300
650
1000
Rate
i

Interest rate

from 4.00 %
Term
i

Loan term for the financial product

to 1 months
Apply
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

4.06
(20 Ratings)
Recommended FinScore™
0
300
650
1000
50.00 – 1500.00 $
Rate
i

Interest rate

208.04 – 782.14 %
Term
i

Loan term for the financial product

14 days – 31 days
Moneytree
Payday loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

3.138
(13 Ratings)
Recommended FinScore™
0
300
650
1000
$100-$500
Rate
i

Interest rate

up to 482.32%
Term
i

Loan term for the financial product

up to 14 days
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

3.23
(41 Ratings)
Recommended FinScore™
0
300
650
1000
100.00 – 445.00 $
Rate
i

Interest rate

to 0.92 %
Term
i

Loan term for the financial product

to 24 days

In Oregon, a payday loan is a short-term loan designed to provide borrowers with quick access to cash before their next paycheck. These loans typically have high-interest rates and fees and are meant to be repaid within a few weeks.

The state of Oregon has strict regulations regarding payday loans to protect consumers from predatory lending practices. According to Oregon law, payday lenders can charge a maximum fee of $10 per $100 borrowed, and the loan term cannot exceed 60 days. Borrowers are also limited to a maximum of three payday loans in a 60-day period.

Payday lenders in Oregon are required to be licensed by the state and must follow certain guidelines in order to operate legally. Before taking out a payday loan in Oregon, it's important to carefully review the terms and conditions of the loan and make sure that you can afford to repay it on time to avoid additional fees and charges.

Payday Loans in Oregon

What is the Payday Loan Limit in Oregon?

In Oregon, the payday loan limit is $50,000. However, payday lenders cannot lend more than $50,000 to a single borrower or multiple borrowers in a group.

In addition, Oregon has strict regulations regarding the fees and interest rates that payday lenders can charge. Lenders can charge a maximum fee of $10 per $100 borrowed, which means that a borrower who takes out a $300 payday loan would pay a maximum fee of $30. The maximum interest rate that lenders can charge is 36%, which includes all fees and charges associated with the loan.

How To Borrow a Payday Loan in Oregon?

Apply for a loan

To obtain a payday loan in Oregon, you must first find a licensed payday lender that operates in the state. You can do this by searching online or checking with the Oregon Division of Financial Regulation, which maintains a list of licensed payday lenders in the state.

Once you have identified a lender, you will need to provide certain information and documentation to apply for the loan. This typically includes:

  1. Personal identification. You will need to provide a valid government-issued ID, such as a driver's license or passport.
  2. Income verification. You will need to provide proof of income, such as a recent pay stub or bank statement, to demonstrate that you can repay the loan.
  3. Bank account information. You must provide your bank account information, including your account number and routing number, so the lender can deposit the loan funds directly into your account.
  4. Loan approval. After you have provided all of the required information and documentation, the lender will review your application and make a decision about whether to approve the loan. If you are approved, the lender will provide you with the loan funds, typically through direct deposit into your bank account.

Pros and Cons

Pros

Quick access to cash. Payday loans are designed to provide borrowers with quick access to cash, often within a matter of hours.

No credit check. Payday lenders typically do not require a credit check, which can make these loans more accessible to individuals with poor or no credit history.

Easy to qualify. The requirements to qualify for a payday loan are generally less strict than those for other types of loans, which can make them a viable option for individuals who may not qualify for other types of financing.

Cons

High fees and interest rates. Payday loans often come with high fees and interest rates, which can make them costly for borrowers. In Oregon, payday lenders can charge a maximum fee of $10 per $100 borrowed, which can add up quickly over the course of a loan.

Short repayment period. Payday loans are typically due in full within a few weeks, which can be difficult for borrowers who are already struggling to make ends meet.

Risk of debt cycle. Because of the high fees and short repayment period, many borrowers are unable to repay their payday loans on time and take out additional loans to cover the initial loan. This can lead to a cycle of debt that can be difficult to escape.

Predatory lending practices. Some payday lenders engage in predatory lending practices, such as charging excessive fees or harassing borrowers who are unable to repay their loans on time.

Requirements

  1. Age. Borrowers must be at least 18 years old to be eligible for a payday loan in Oregon.
  2. Steady income. Borrowers must have a steady income source, such as a job or government benefits, to demonstrate that they can repay the loan.
  3. Active bank account: Borrowers must have an active bank account in their name, as the loan funds will typically be deposited directly into the borrower's account.
  4. Identification. Borrowers must provide a valid government-issued ID, such as a driver's license or passport, to prove their identity.
  5. Contact information. Borrowers must provide contact information, such as a phone number and email address, so the lender can reach them if necessary.

Interest Rates

In Oregon, payday lenders are limited in the fees and interest rates they can charge. According to state law, payday lenders can charge a maximum fee of $10 per $100 borrowed, which includes all fees and charges associated with the loan. This means that a borrower who takes out a $300 payday loan would pay a maximum fee of $30.

The maximum interest rate that lenders can charge is 36%, which includes all fees and charges associated with the loan. This interest rate cap protects consumers from predatory lending practices and ensures that payday loans remain viable for borrowers who need quick access to cash. Two rollovers are allowed.

It's important to note that while payday loans can provide quick access to cash, they often come with high fees and interest rates. Before taking out a payday loan in Oregon or anywhere else, it's important to carefully review the loan terms and conditions and ensure you can repay it on time to avoid additional fees and charges.

Lenders in Oregon

  • Cash Central is a financial services company that specializes in offering payday loans and installment loans.They offer an online application process and claim to provide fast funding.
  • ACE Cash Express is a financial services company that offers a range of products including payday loans and cash advances. The company provides the option to apply for loans both online and in-store and boasts fast, online access to funds. In addition to these short-term loan services, Ace Cash Express also offers check cashing and bill paying services at over 850 participating locations.
  • Rapid Cash is a payday loan lender with multiple locations throughout Oregon. They offer in-person applications and claim to provide quick funding.
  • Speedy Cash is another payday loan lender with multiple locations in Oregon. Speedy Cash is a financial services company that offers a range of lending and money services. They offer in-person applications and claim to provide same-day funding.

Alternatives

  1. Personal loans. These are installment loans that can be used for various purposes, including unexpected expenses. Unlike payday loans, personal loans typically have lower interest rates and longer repayment terms, which can make them a more affordable option for borrowers. Personal loans can be obtained from banks, credit unions, and online lenders.
  2. Credit cards. Credit cards can provide a flexible and convenient way to cover unexpected expenses. While credit cards can come with high-interest rates, they may be a more affordable option than payday loans if the borrower can repay the balance within a reasonable timeframe.
  3. Credit counseling. If you're struggling with debt, credit counseling can provide a range of services to help you get back on track. Credit counselors can work with you to create a budget, negotiate with creditors, and develop a debt repayment plan.
  4. Local assistance programs. There may be local assistance programs in your community that can provide financial assistance for emergency expenses. These programs may include rent and utility assistance, food assistance, and other forms of financial aid.

In Oregon, payday loans are regulated under state law to protect consumers from predatory lending practices. Here are some of the legal regulations that apply to payday loans:

  1. Maximum loan amount. Maximum payday loan amount is $50,000. Payday lenders are not allowed to lend more than $50,000 to a single borrower or multiple borrowers.
  2. Maximum fees and interest rates. Payday lenders are limited in the fees and interest rates they can charge. Lenders can charge a maximum fee of $10 per $100 borrowed, which includes all fees and charges associated with the loan. The maximum interest rate that lenders can charge is 36%, which also includes all fees and charges associated with the loan.
  3. Loan term. Payday loans must have a term of no more than 60 days.
  4. Borrowing limits. Borrowers are limited to a maximum of three payday loans in a 60-day period.
  5. Disclosure requirements. Payday lenders must provide borrowers with clear and concise information about the loan, including the fees and interest rates, the loan term, and the borrower's rights and responsibilities.
  6. Repayment plans. Payday lenders are required to offer borrowers a repayment plan if the borrower is unable to repay the loan on time. The repayment plan must allow the borrower to repay the loan in at least four equal installments over a period of at least 60 days.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.

  2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.

  3. Carefully review all the terms and conditions of your payday loan contract.

  4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

  5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

  6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

Other Loans

FAQ

Are online payday loans legal in Oregon?

Yes, online payday loans are legal in Oregon. However, the state has regulations in place to protect consumers from predatory lending practices. Payday lenders that operate in Oregon, whether online or in-person, must be licensed by the state and must follow the state's regulations and guidelines.

In Oregon, the maximum payday loan amount is $50,000, and payday lenders are limited in the fees and interest rates they can charge. Lenders can charge a maximum fee of $10 per $100 borrowed (up to $30), which includes all fees and charges associated with the loan. The maximum interest rate that lenders can charge is 36%, which also includes all fees and charges associated with the loan. The loan term must be no more than 60 days, and borrowers are limited to a maximum of three payday loans in a 60-day period.

It's important to note that while online payday loans may be convenient, they can come with high fees and interest rates. Before taking out an online payday loan in Oregon or anywhere else, it's important to carefully review the terms and conditions of the loan and make sure that you can afford to repay it on time to avoid additional fees and charges.

How many payday loans can you get in Oregon?

Currently, there is no limit to the number of payday loans in Oregon. Payday lenders are required to check a statewide database to ensure that the borrower does not have any other outstanding payday loans before approving a new loan.

Oregon Borrowers can also renew the same loan up to two times. However, lenders are required to provide borrowers with a repayment plan if the borrower is unable to repay the loan on time. The repayment plan must allow the borrower to repay the loan in at least four equal installments over a period of at least 60 days.

Additionally, there is a cooling-off period of seven days between each payday loan. This means that a borrower must wait at least seven days after repaying a payday loan before taking out another one.

It's important to note that while payday loans can provide quick access to cash, they often come with high fees and interest rates. Borrowers should carefully consider their options and make sure that they can afford to repay the loan on time before taking out a payday loan in Oregon or anywhere else. Borrowers should also be aware of the state's regulations and guidelines for payday loans to ensure that lenders treat them fairly and transparently.

What do you need for a payday loan in Oregon?

To obtain a payday loan in Oregon, you typically need to provide the following information:

  1. Proof of income: You need to provide proof of a steady income source, such as a job, government benefits, or other regular income.
  2. Bank account information: You need to provide your bank account information so that the loan funds can be directly deposited into your account.
  3. Identification: You need to provide a valid government-issued ID, such as a driver's license or passport, to prove your identity and age (must be at least 18 years old).
  4. Contact information: You need to provide contact information, such as a phone number and email address, so the lender can reach you if necessary.
  5. Proof of address: You may need to provide proof of your current address, such as a utility bill or lease agreement.

It's important to note that the specific requirements may vary slightly depending on the lender. Additionally, while payday loans can provide quick access to cash, they often come with high fees and interest rates. Borrowers should carefully consider their options and make sure that they can afford to repay the loan on time before taking out a payday loan in Oregon or anywhere else.

State Cities