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Iowa Payday Oregon: Payday Law, Loans Stats and History of Cash Advances

Oregon Payday Loan Law and Legislation

  • Legal Status: Legal
  • Interest Rate (APR): 154%*
  • Maximum Loan Amount: $50,000
  • Minimum Loan Term: 31 days
  • Maximum Loan Term: 60 days
  • Number of Rollovers: 2
  • Statute of Limitations: 6 years (from the last payment)
  • Database Loan Tracking: No

Payday Loans Are Allowed in Oregon

In Oregon, you can get a payday loan of up to $50,000. The shortest time you can borrow for is 31 days, and the longest is 60 days. Lenders can't charge an annual percentage rate (APR) higher than 36%. You're allowed to roll over your loan twice. Lenders are not allowed to take criminal action against borrowers.

In 2007, Oregon put a 36% limit on interest rates for payday loans. This caused many payday lenders to stop doing business in the state. In 2015, Oregon also canceled any loan agreements made before that date by lenders who didn't have a license. Now, the rules for loans are quite strict, and there aren't many payday lenders working in Oregon.

Chapter 725 and Chapter 725A are the state laws that regulate payday loan businesses in Oregon.

Any lender that wants to give payday loans to people in Oregon must have a license to operate in the state. This applies to both physical stores and online lenders. Right now, there are 7 licensed lenders in Oregon that offer loans online.

A number of lenders have had their licenses taken away because they broke state laws about registration and licensing. These lenders are no longer allowed to offer payday loans in Oregon.

You can check if a payday lender is licensed on the website of the Oregon Division of Financial Regulation.

How Much You Can Borrow in Oregon

  • In Oregon, the most you can borrow is $50,000. If you earn less than $60,000 per year, you can only borrow up to 25% of your monthly income after taxes.
  • There is no limit to how many loans you can apply for at one time.
  • You can see how much you can get using our payday loan calculator.

Costs, Fees, and Other Charges in Oregon

In Oregon, there are things that payday lenders are not allowed to do:

  • They can't give you a new payday loan or extend your current one with an interest rate higher than 36%. The only exception is a one-time fee for a new loan.
  • When you get a new payday loan or renew an existing one, they can't charge you more than $10 for every $100 you borrow. This includes any origination fee. However, the maximum they can charge is $30, even if the calculated fee is higher.
  • They can't charge you any fees or interest beyond what is described in ORS 725A.060 (1) (c) or (d) under 725A.064.

According to data from the Center for Responsible Lending in 2019, the actual APR in Oregon can be as high as 154% for a typical $300 payday loan.

How Long You Can Borrow For in Oregon

  • The state laws say that the longest you can borrow for is 60 days, and the shortest is 31 days.
  • Oregon also has a law about a "cooling-off period." This means you can only apply for another payday loan 60 days after you completely paid off your last one.
  • There must be a break of at least 7 days between any two loans you get.
  • In Oregon, you're allowed to roll over your loan a maximum of two times.

Real APR in Oregon can reach 154% for the average $300 payday loan (According to the Center for Responsible Lending 2019).

Important Information for Borrowers

Please be aware: Starting from July 2020, lenders don't have to check if you can afford to pay back the loan. This rule was changed by the Consumer Financial Protection Bureau (CFPB). Be cautious and think carefully about your money situation. Don't get trapped in debt.

In Oregon, lenders are not allowed to take any criminal action against you if you can't repay your loan. However, they can still take civil action, like suing you in court.

If your check bounces due to non-sufficient funds (NSF), you'll be charged a fee of $20. Your bank might charge you additional fees too.

Where to Find More Information

If you want to know more about payday lenders in Oregon, you can visit the website of the Oregon Division of Financial Regulation. You can also call the Attorney General's office for information.

Regulator: Complaints & Information

Oregon Department of Consumer & Business Services

Mailing Address: P.O. Box 14480, Salem, OR 97309-0405
Address: 350 Winter St NE, Salem, OR 97301
Phone: 503-378-4100
Fax: 503-947-0088
Urlhttps://www.oregon.gov/DCBS/Pages/index.aspx
File a Complainthttps://www.oregon.gov/dcbs/consumer/Pages/consumer.aspx

 

Number of Oregon Consumers Complaints by Topics

According to CFPB Consumer Complaint Database

  • Charges from account (57)
  • Fraud and threat (48)
  • Not exiting debt (40)
  • Credit rating (14)
  • Loan to return (13)
  • Lender is not available (9)
  • Not requested loan (5)
  • Loan not received (3)

The Story of Payday Loans in Oregon

  • 1998 – The Consumer Finance Act (Rev. Stat. § 725.340) was used for payday loans. There were no limits on fees or loan terms. On average, lenders charged $15 to $20 for every $100 borrowed. The APR for a 14-day loan was between 391% and 521%. This didn't change until 2007.
  • 2006 – The Military Lending Act put a 36% APR limit on payday loans given to military members. This is a federal law that applies to everyone. So now, no lender in Oregon can give loans to military members with an APR higher than 36%.
  • June-July 2007 – The Oregon Legislature passed new laws to limit payday loan rates. The interest rate was capped at 36%, and the APR was lowered to 156%. The shortest loan term was extended to 31 days. Other restrictions were also put in place. Because of this, more than two-thirds of the payday loan stores in Oregon had to close.
  • June 18, 2015 – Oregon SB 278 canceled payday loans of $50,000 or less if they were given by lenders without a license. Under this law, borrowers didn't have to pay back loans to these lenders. Any attempts to collect the debt became illegal. As a result, by November 5, 2015, only 14 store lenders and 8 online lenders had official licenses to operate legally in Oregon.
  • June 2, 2016 – The Consumer Financial Protection Bureau (CFPB) suggested a new rule for payday loans. This rule is not yet fully in place, but it's expected to start in November 2020.
  • 2016 – Based on information from regulators, there were 66 licensed payday lenders in Oregon.