Oregon Payday Loans

Like 23 other states, Oregon has specific regulations in place to address payday lending. In 2006, these regulations tightened in an effort to better protect consumers. A cap was placed on origination fees and interest rates. Borrowers are no longer allowed to take out more than one loan at a time. Consumers must also wait one business day to take out a new cash advance loan if they have renewed three times prior. There are no provisions in Oregon law that state whether payday lenders have a right to criminal or private proceedings against defaulted borrowers.  Two cities in Oregon where you can find payday lenders include Portland and Salem.

Maximum Principal

The amount of principal cannot exceed 25 percent of the consumer's gross income for the month.

Length of Loan

Loan terms can vary between 31 and 60 days.

Rollovers

Borrowers can extend or rollover payday loans up to three times.

Fees

Issuing and renewing cash advance loans cannot exceed 36 percent in interest. Lenders can, however, charge an origination fee of $10 per $100 borrowed, and are able to charge a non-sufficient fund fee of up to $25.

APR

The annual interest rate cannot be above 36 percent, but $10 per $100 can also be tacked on as an origination fee.

Check 'n Go
16353 Southeast Division Street Suite 112
Portland, OR 97236
Cash Store
11945 Southwest Pacific Highway Suite 202
Portland, OR 97223
Rivermark Community Credit Union
2537 Southeast Hawthorne Boulevard
Portland, OR 97214
Cash Connection
5600 Northeast M L King Boulevard
Portland, OR 97211
Check Into Cash
7901 Southeast Powell Boulevard
Portland, OR 97206
Check Cash Western Union
8201 Southeast Powell Boulevard
Portland, OR 97266
Cash Connection
3840 Southeast Powell Boulevard
Portland, OR 97202
Ace America's Cash Express - Store Locations, Tigard
12965 Southwest Pacific Highway
Portland, OR 97223
Viacap Financial, Inc.
4117 Southeast Division Street
Portland, OR 97202
High Speed Cash
4911 Northeast Sandy Boulevard
Portland, OR 97213

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Oregon Loan Statistics

Pay Schedule
Average Loan Average Age Weekly Bi-Weekly Monthly Twice Per Month Home Owner Renter
2012$5584113%36%33%17%19%81%
2011$5694010%36%34%20%20%80%
2010$5194110%43%30%17%23%77%