Best Payday Loans Oregon

Residents of Oregon should not have any difficulties with payday loans.  An Oregon payday loan is legal, and is covered by state laws.

Oregon Payday Loan Law Overview

– Maximum loan
The maximum payday loan amount in Oregon is $500., but cannot be more than 25% of the borrower’s monthly income.  You can have only one payday loan at a time.

– Loan terms
The term of a payday loan must be between thirty-one days and sixty days.  If a borrower repays his loan in full before the due date, a portion of the interest fee he paid will be refunded.

– Extensions
Oregon borrowers are eligible for up to two extensions on a payday loan.  Lenders can charge interest on extensions, but cannot charge any other fees.  If an Oregon borrower has had a payday loan in the past, he must wait at least seven days before receiving a new loan.  This is known as a cooling-off period.

– Fees & APR
The maximum APR is 36%.  The lender can also charge a loan fee.  The loan fee can be up to 10%, but it cannot exceed $30.  This amount must be declared an origination fee.  Unless a loan is not repaid on time, origination fees and interest are the only fees a lender can charge.  Between the origination fee and the interest, the total amount lenders can charge on a new loan is 153.77%.

Best Payday Loans in Oregon

No
Provider
Review
APR
Visit Site
1
AmeriAdvance
Varied
Go to AmeriAdvance
2
Paydaymax
431.79%-616.85%
Paydaymax
3
Plain Green Loans
59.84% �?378.95%
Go to Plain Green Loans
4
MyCashNow
401.13%-573.05%
MyCashNow
5
Discount Advances
401.13%-573.05%
Discount Advances
6
Cashnet USA
243.25%�?83.04%
Cashnet USA
7
Check City
Varied
Check City
8
Cash Central
Varied
Cash Central
9
CashAdvance
Varied
Go to CashAdvance.com
10
Great Plains Lending
199.44% �?448.76%
Great Plains Lending

Oregon’s payday lending laws do not cover the lender’s rights if a borrower fails to repay a loan.  This means there is the possibility a lender may begin criminal proceedings if a borrower does not repay.

Borrowers can apply for loans at physical locations, or over the internet.  The law specifies that online lenders must be licensed in Oregon in order to do business with Oregon residents.  This law applies regardless of the lender’s actual location.  This information is especially important for borrowers who are considering online payday loans.

An Oregon payday loan is covered by consumer protection laws.  This can help borrowers avoid lenders who are attempting to do business illegally, overcharge consumers, and other factors.  Whether you apply for a loan in person or through an internet website, the contract you receive from a lender must provide all of the information you need to know the lender is abiding by your state’s laws.  The contract must also state that you are not signing away any of your rights when you apply for a payday loan.

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