Oregon Payday Loan Amount
- The maximum loan amount in Oregon is $50,000 (or up to 25% of the borrower's net monthly income if the annual income is less than $60,000).
- There is no limit to the number of loans that can be applied for.
Oregon Rates, Fees, and Other Charges
Payday loan lenders are not permitted to do the following in the state of Oregon:
- Proceed or renew any payday loan with an interest rate greater than 36%, excluding a single instance of origination fees for a new loan.
- Apply charges of more than $10 per $100 loaned, including loan renewals, like an origination fee, or $30, whichever is less.
- Apply fees or interest charges to a borrower that are not described in ORS 725A.060 (1) (c) or (d) under 725A.064.
According to the Center for Responsible Lending 2019, the average $300 payday loan in Oregon can have a real APR of 154 percent.
In Oregon, how much does a $200 payday loan cost?
With a minimum term of 31 days:
Total Interest Paid: $200*154%*(31/365) = $26.2
Total Payments: $200+$26.2 = $226.2
The Maximum Payday Loan Term in Oregon
- According to state law, the maximum loan term is 60 days, with a minimum term of 31 days.
- There is also a cooling-off period law in the state, which states that a person may apply for another loan only 60 days after the previous loan has been fully repaid.
- A 7-day cooling-off period should be allowed between two consecutive loans.
- In Oregon, loans can be rolled over twice.
Since July 2020, the Consumer Financial Protection Bureau (CFPB) has changed the rule so that lenders are no longer required to check a borrower's ability to repay a loan. Be cautious, assess your financial situation, and avoid falling into a debt trap.
- Lenders are not permitted to take any criminal action against borrowers; however, civil trials are permitted.
- If a check is returned due to non-sufficient funds, a fee of $20 is charged, in addition to any other bank fees.
To learn more about the state's payday lenders, go to the Oregon Division of Financial Regulation or call the Attorney General's office.