Oregon Payday Loans

If you’re experiencing hard times when it comes to your funds, you might already be thinking about taking out Oregon payday loans. Residents can turn to payday loans when they need extra money, but taking some time to understand how these loans work is crucial to avoiding a cycle of debt.

Are Payday Loans legal in Oregon?

Yes, they are. However, they are legal at a low cost. Payday loans are governed by 54 Oregon Revised Statute § 725A.010 et seq. If you want to get a loan, you have to correspond with the eligibility criteria:

  • Must be over the age of 18 years old
  • Must have US citizenship.
  • Have a constant income or be in employment
  • Have an active e-mail address and phone number
  • Possess a bank account not being overdrawn

How do Oregon Payday Loans work?

Payday loans are accompanied by various laws and regulations in every state, so Oregon is no exception. Before you apply for a loan, get acquainted with these laws to understand how the system works. This knowledge can protect your wallet from unfair fees and interest rate.

  • Maximum amount. The maximum amount of a payday loan in Oregon is $50,000.
  • Maximum term. The terms of payday loans in Oregon vary from 31 days to 60 days.
  • Rollovers permitted. Renewals are allowed to have a maximum of 2.

Payday loan terms in Orgeon work like any other loan. Here’s what fees you can expect when obtaining a loan:

  • Finance charges. If the amount of your loan is not bigger than $30, payday lenders cannot charge more than $1 per every $5 you borrow.
  • Maximum APR. When obtaining a 14-day $100 loan, the maximum annual percentage rate you can expect is 309%.
  • Acquisition charges. If the amount of a cash advance you borrow is between $30 and $100, you may expect a legit acquisition charge of one-tenth of the payday loan amount. If your loan is more than $100, the acquisition charge cannot be more than $10.

What do I need to apply for a Payday Loan?

All lenders will require that you have a regular source of income, be at least 18 years old and be a citizen or permanent resident of the US.

All we need from you is a couple of personal details, such as your social security number, your name, and your address, while you need to indicate how much you wish to borrow. After you provide us with the required details, we will contact you once we approve the information to confirm all the terms and conditions of the contract.

Get Started!