Oregon Payday Loans Law

Oregon Payday Loans Law

Oregon State Information

Legal Status: Legal (Lower Cost)

Loan Terms:

    - Maximum Loan Amount: $50,000 (Loan limit up to 25%of borrower’s net monthly income if earns $60,000 per year or less.)
    - Loan Term: 31 to 60 days
    - Maximum Finance Rate and Fees: 36% APR interest, one-time $10 per $100 of loan origination fee, up to $30
    - Finance Charge for 14-day $100 loan: $13 for 31 day loan
    - APR for 14-day $100 loan: 154% APR for 31 day loan

Debt Limits:

    - Maximum Number of Outstanding Loans at One Time: No Limit
    - Rollovers Permitted: Two (renewals)
    - Cooling-off Period: 7 days after prior loan expires
    - Repayment Plan:

Collection Limits:

    - Collection Fees: One $20 NSF fee + additional bank charges
    - Criminal Action: None, only civil penalties

Where to Complain, Get Information:

    - Regulator: Oregon Department of Consumer & Business Services
    - Address: Division of Financial Regulation, 350 Winter St. NE, Rm. 410 Salem OR 97309
    - Phone: 866-814-9710 (toll-free)
    - Fax: 503-947-7862

These Oregon payday loans law are basic information to assist your decision to borrow money. This information may be added or modified or canceled by Oregon government without prior notice.