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Payday Loan Laws in Oregon
Payday loans are small, short-term cash loans. Generally, consumers write a post-dated check for the desired
amount, in addition to an interest fee. The lender will hold onto the check until the next payday (usually 14 days)
and then deposits it. Consumers also have the option to return with cash to reclaim the check. Or, in some cases,
consumers can repay the loan with a signed agreement which allows the lender to electronically withdraw the funds
from their bank account on a pre-determined date. Payday loans are regulated by state; therefore, it's important
to understand your state laws.
Payday loan laws in Oregon include the following:
Currently, there is no law limiting the amount of money you're allowed to borrow with a payday loan. However, according to the Oregon Division of Finance and Corporate Securities, loans range from $50-$1,000. The loan term must be a minimum of 31 days; most do not exceed 60 days. The interest rate is capped at 36% per annum, excluding a one-time origination fee.
A one-time origination fee is permitted at a maximum rate of 10%, up to a maximum of $30.
For example: (Assuming the term of the loan is 31 days)
A loan for $300 + $9.17 interest + $30 origination fee = $339.17
Your information will be entered in a state-wide database. This is to ensure that all payday loan lenders have your current loan information, essentially, preventing you from taking out more than the maximum number of payday loans.
You may renew an existing payday loan up to two times after the first loan is made. Be aware that lenders are not required by law to renew the loan and interest does apply. Some lenders will offer installment plans, but again, they are not required to by law.
Lenders may not make a new payday loan to you on the day the loan expires or during the six days before or six days after the date on which a payday loan expires.
Online payday lenders that lend to Oregon residents must be licensed and adhere to state loan limits and terms. You can verify the license of a payday lender in Oregon by calling 1-866-814-9710 or online.
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