Oregon Payday loans
Are Oregon payday loans legal?
Yes, Oregon payday loans are legal according the State law and companies need to have licensing for both online and physical store operations. One unique aspect for Oregon payday loan companies is that they must be in the business loans business as well and their payday loan operations cannot exceed 10% of their loans.
Max term is 60 days.
Oregon Payday loans options
Here is a list of companies that offer Oregon payday loans or alternatives. Please do your research as each offer has their own advantages and disadvantages.
Advantages of Oregon Payday loans
There are many options available between stores and online vendors for you to get your hands on an Oregon payday loan.
Bad credit ok
Even if your credit history is below par there is a good chance you will be approved because what Oregon payday loan companies are looking for is a steady job.
Application is super easy as all you need to do is to go through an online process and upload documents which will be verified electronically. There is no need for faxing out documents.
If your in-store application is successful, you will get the money right away. With online vendors the money is ether deposited the same day or the next day.
Oregon Payday loans fees
Oregon payday loans laws are specific about interest and rates that companies can charge. Please make sure you find out all the details related to charges before you sign on the dotted line.
APR & fees
The max rate for up to $250 is 15% of the total. Between 251 and $400 the rate is 13% and between 400 and $500 the rate is 10%. The APR for a 14 day $100 loan is $390.
Indiana payday loans can charge up to $25. There could be extra fees for fraudulent transactions.
Rollovers are not permitted in Indiana payday loans so fees do not apply.
Remember that if your check bounces, you will pay what is called a NSF fee or non-sufficient funds fee.
How to apply for a Oregon Payday loan
Oregon payday loan applications are easy to do and you can do so by visiting a store or online. Here are some criteria that needs to be met.
18 years old minimum
American citizen or permanent resident
Name, DOB, SS#, valid ID
Address, email, phone
Employment and income details
Checking account details
Oregon Payday loan laws
The law that regulates payday loans in the State of Oregon is called the 54 Or. Rev. Stat. § 725A.010 et seq and there are nearly 500 payday loan companies in the State.
There are some key elements of the law that are worth talking about:
- The max loan term is 60 days
- The minimum term is 31 days
- The Oregon law set a limit of 50k/year for loan amounts
- APR is limited at 36%. The APR on 100 dollars cannot exceed 154% over 31 days.