Need A Payday Loan in Oregon?
If a small financial emergency has caught you at a weak moment, a payday loan is just the right way to get yourself out of the tricky situation without sacrificing anything. We offer payday loans in Oregon to everyone in need of a swift and easy cash advance to get by until the next paycheck. The article below contains everything you need to know about short-term loans in this state. What legal restrictions apply to payday lending? Are bad credit loans available in Oregon? Read below to find out.
Important Notes About Payday Loans In Oregon
- Although a lending company has no legal right to initiate any criminal actions against its clients, the law does not prohibit civil trials.
- If you check bounces for NSF reasons, the lender is entitled to charge a fee in the amount of 20 dollars.
- Oregon payday loans providers are allowed to charge an origination fee once per loan. The fee amount is legally limited depending on the loan amount. If you're borrowing $300 or less, you pay 10% of the loan amount. If you're borrowing $300.01 or more, the origination fee is $30.
Term Of Payday Loans In Oregon
- The Oregon payday loan laws include strict regulations regarding the duration of a loan term. You can acquire a short-term cash advance for a period from 31 to 60 days.
- Legally, the interest rate on short-term loans in Oregon is limited at the level of 36%. But in real terms, this value can exceed 150% APR.
- Oregon loans are subjected to cooling-off periods. A borrower cannot apply for a new payday loan in Oregon until 60 days have passed since he or she fully repaid the previous loan. This legal limitation is aimed at reducing the likelihood of borrowers getting trapped in the cycle of debt where they take a new loan to repay the previous one.
- Between two consecutive loans, a cooling-off period of one week must take place.
Legality Of Oregon Payday Loans
Payday lending is recognized as a legal business in Oregon, but in the recent decade, the state has taken a number of measures to introduce more stringent regulations. After the interest rate on payday loans in Oregon was limited at 36% in 2007, approximately 7 out of 10 lenders went out of business. According to the statistical data gathered by the regulating agencies, 66 lending companies are licensed to offer payday loans in Oregon. However, as of this writing, only seven Oregon licensed payday lenders have the necessary permits to provide cash advances online.
Payday Loan Amounts In Oregon
In the US state of Oregon, the law envisages limitations applicable to the maximum payday loan amounts. Provided that the borrower earns a net income of $60,000 per year or $5,000 a month, he or she can acquire a payday loan as large as $50,000. For borrowers that earn less than 5,000 dollars a month, payday loans in Oregon are limited to 25% of their after-tax monthly income. For example, if you make $2,500 dollars a month in net terms, you can apply for Oregon payday loans up to $625.
Basic Requirements For Payday Borrowers In Oregon
- The borrower must be of legal age – 18 years or older.
- To request a payday loan in Oregon, you have to possess the citizenship of the United States.
- The borrower must have a valid bank account of the checking or savings type. The option of direct depositing must be enabled to allow the lender to disburse the loan amount to your account.
- Many Oregon lenders do not require their clients to be employed. But having a source of a stable income is a must to obtain payday loans in Oregon. You must earn no less than 1,000 dollars a month in net terms.
- Members of the military cannot acquire a cash advance in Oregon.
Payday Loan Oregon: Application Procedure
- Register on our website.
- Familiarize yourself with our convenient and beneficial lending terms and conditions.
- Fill in the application form:
- Provide your personal details and contact information, such as an email address and a phone number.
- Provide the details of your employment and monthly net income.
- Provide your banking details, such as the bank account to which we will deposit the loan amount.
- Wait for your loan application to be reviewed and approved. It usually takes 15 minutes or less. You may receive a phone call to confirm your request.
- Wait for the borrowed sum to be disbursed to the bank account you specified. You will receive the money within 24 hours!
Bad Credit? Apply For No Credit Check Payday Loans In Oregon!
The nature of payday loans is such that the repayment takes place within a very short period – 31-60 days in Oregon. That's why online payday loans in Oregon are accessible even to individuals with unsatisfactory credit score. Lenders simply focus on other factors to determine whether you're a creditworthy borrower – namely, your monthly net income and employment. If you fall into this category, no credit check loans in Oregon are an excellent opportunity for you to not only take care of your financial emergency but also to improve your credit history and repair your credit score.
Fast And Easy Online Payday Loans In Oregon With Our Service
Online lending is growing more and more popular in Oregon, as it offers a number of advantages for the borrower. The online experience is devoid of many unpleasant elements, such as driving to the store, doing the time-consuming paperwork, standing in a queue, etc. As a payday lender licensed to offer online loans in Oregon, we provide our clients with many benefits:
- The application procedure is clear and uncomplicated. It will take you only a few minutes to fill in all the forms.
- We offer loans for bad credit in Oregon. Even if your credit history is far from impeccable, you have excellent chances of approval. Approximately 8 out of 10 bad credit applicants receive payday loans with our service.
- We pride ourselves on the transparency of our loan contracts. All the terms, fees, and possible charges are specified with clarity and in accessible language.
- Our website and loan application forms work smoothly on mobile devices, allowing you to use our service on the go. Nearly 75% of our clients submit their applications from a smartphone.
How many payday loans can I have simultaneously?
There are legal stipulations regarding the number of payday loans you can have at the same time in Oregon. It depends only on the lender's policies.
Can I take one payday loan immediately after another?
The Oregon law envisages a cooling-off period between two loans. Once you have fully repaid a loan, you have to wait 60 days before applying for a new one. There also must be a one-week cool-off between two consecutive loans.
Can I have my payday loan rolled over?
Rollovers are allowed for loans in Oregon, although with some restrictions. A cash advance can be rolled over no more than two times.
The Oregon government has introduced stringent regulations covering all aspects of payday lending – from repayment terms to interest rates. The legal restrictions put many lenders out of business. We are one of the few companies that offer payday loans online in Oregon under a valid license and in compliance with all legal provisions. Apply now for a swift and easy cash advance at fair and reasonable rates!