Oregon Payday Loans

54 Or. Rev. Stat. § 725A.064
Status: Legal

Payday loans are legal in the state of Oregon, pursuant to 54 Or. Rev. Stat. § 725A.064.  As of early 2017, there are approximately 119 companies offering payday loan services in the state.

Payday Loan Lending Laws in Oregon

When a potential borrower considers the use of a payday loan in Oregon, the first thing they should be made aware of is the lack of limits. Specifically, the lack of regulations limiting the loan size and the number of loans a borrower can have out at one time. These two details present the largest assets and biggest liabilities to a potential borrower. An unlimited loan amount gives a borrower the potential to borrow a large amount to take care of a financial emergency, but a borrower should remember the loan will have to be paid back within 31 days. The ability to take out more than one loan at one time, or multiple times in Oregon, may tempt a borrower to take out one large loan and then get several smaller loans to pay it back. Doing so can lead a borrower into a debt cycle, where they are constantly taking out more loans to pay off old ones, and a borrower should consider these facts before pursuing such a course of action.

Another interesting feature of cash advance loans in Oregon is the use of rollovers and renewals on the loans. Most states prohibit the use of rollovers and renewals, usually to ensure payment on the loans in a timely manner. But if a borrower fails to repay the loan on the set due date in Oregon, they have the option of renewing or rolling over the loan up to two times. It should be noted, though, that doing this can lead to additional interest and other finances charges being leveled on the account.

The allowable APR rate lenders can charge for payday loans stands at 156% per annum. Additionally, they can also charge fees up to $13 for a $100 of loan issued for a 31-day period. Also, criminal penalties are not applicable to those borrowers who fail to repay short term loans in time, which means a lender cannot threaten a delinquent borrower with criminal charges unless the borrowers are engaged in fraudulent activities such as providing incorrect information on the loan application. Lenders also have the option to file civil lawsuits against the borrowers, which can lead to judgments requiring the borrowers to repay the loans on a schedule.

Lending Rules*

Lenders in the state of Oregon are legally required to comply by the following limitations according to 54 Or. Rev. Stat. § 725A.064:

Maximum Loan Amount:
Not Specified
Minimum Length of Loan:
31 days
Maximum Finance Rate & Fees:
36% APR interest, $10 per $100 of loan amount as fee, up to $30
Finance Charge for 14-day $100 Loan:
$13 for 31 day loan
APR for 14-day $100 Loan:
156% APR for 31 day loan
Max # Outstanding Loans at One Time:
No Limit
Rollovers Permitted:
Two (renewals)
Collection Fees:
One $20 NSF fee + additional bank charges
Criminal Action:
None, only civil penalties
*The information displayed may not be current. For the most recent information, please visit http://www.paydayloaninfo.org/state-information/45.

Regulatory Information

If you have a complaint against a Oregon Cash Advance location you can contact your state regulator below:

Regulator:
Oregon Department of Consumer & Business Services
Address:
Division of Finance & Corporate Securities, 350 Winter St. NE, Rm. 410 Salem OR 97301
Phone:
(503) 378-4140
Fax:
(503) 947-7862
Website:


Oregon Lenders

Below you can find Oregon payday loan lenders in the following cities:

Oregon Statistics**

The following information is key demographic data for the state of Oregon from the Census bureau.

Total Population:
4,093,465
Median Household Income:
$51,243
Poverty Rate:
15.4%
Median Gross Rent:
$907
High School Graduate or Higher:
89.8%
Bachelor's Degree or Higher:
30.8%
**The information displayed may not be current. For the most recent information, please visit http://www.census.gov/quickfacts.

Borrow Responsibly

Payday loans should not be used for long-term financial planning or for anything less than a short-term financial emergency. Remember, the most important word in the term “payday loan” is the word “loan.” All monies borrowed from a lender have to be paid back, and given the lack of limits on amounts, a potential borrower needs to respect how cash advance loans work before using them. This can be done through research and planning, and a borrower should take the time to do both.

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