Oregon Cash Advance Consumer Resource
Welcome to CashAdvance.com’s Oregon Consumer Resource guide. You will find this site to be the most reliable and comprehensive resource for information regarding payday loans in Oregon, including updates on current legislative reform and additional resources to help protect your rights as a consumer.
As of July 1, 2007, Oregon legislators instituted sweeping reforms regulating cash advances in the state to prevent consumers from falling victim to predatory lending practices. The interest rate and fee caps that have been put in place have made it far too expensive for most cash advance stores to operate within the state. Continue reading through our Oregon page for a better understanding of the current state of the legislation and what changes might be underway.
We at CashAdvance.com are interested in what our readers have to say. You can send all of your advice, tips, or opinions to: oregon@cashadvance.com.
For more information regarding cash advances within the various cities of Oregon, please visit the Information by City section below.
More Information about Oregon
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Cash Advance In Oregon
Money matters do not always go as smoothly as planned, and there may be times in which car repairs are unavoidable, doctors visits are necessary, or monthly bills are simply more expensive than one can afford. These types of unexpected bills or unanticipated expenses can really wreak havoc on one’s financial stability.
This is especially true for those that live paycheck to paycheck. In times like these, individuals need to be able to access the money they need quickly. When circumstances such as these arise, individuals may want to consider applying for a cash advance in Oregon. A cash advance is a small, short-term loan that is designed to provide an individual with the cash they need until their next payday. Before applying for a cash advance in Oregon, it will be beneficial to read the following information. This information can help individuals better understand the cash advance process and feel more comfortable with their cash advance loan.
In order to protect consumers, Oregon has passed several state laws to regulate things such as loan origination fees, maximum interest rates, maximum loan amounts, loan terms, extensions, and the number of outstanding cash advance loans that an individual may have at one time.
- Maximum interest rates – annual interest rates may not exceed 36 percent
- Maximum loan amounts – loan amounts, including fees and interest rates, may not exceed 30 percent of the borrower’s net monthly income
- Loan terms – loan terms range from 31 to 60 days
- Extensions – a loan may be extended or rolled over no more than twice
- Only one outstanding loan allowed at a time
There are more than 450 cash advance locations throughout the State of Oregon, and these establishments are regulated by officials in Oregon. Cash advance businesses in Oregon must be licensed. Before conducting business with an unknown cash advance company, it may be wise to contact the State Attorney General’s Office for more information.
Cash Advance Loans General Practices
There are certain general practices associated with cash advance loans of which individuals should be aware. These general practices include things such as obtaining a loan, determining the total cost of the loan, and fees and charges that may be imposed. Those considering a cash advance in Oregon may want to know the following:
Obtaining a Cash Advance Loan
1.Write a personal check for the amount needed made payable to the lender – amount will also include any fees
2.Borrower will receive the amount of the check minus the fee – funds can be deposited electronically into a banking account if the borrower so desires
3.Lender will hold the check until the borrower’s next payday
4.Loan amount may be debited from borrower’s account on their next payday
Individuals may apply for a cash advance loan in-person at the lender’s office or they may apply online. Applying online is simple and convenient, and the money requested may be available the same day in some cases.
Rules and Regulations Regarding Cash Advance Loans
The Federal Truth in Lending Act requires lenders to disclose in writing certain information to borrowers. For example, lenders must advise borrowers of the total cost of the loan.
Total cost of the loan includes:
Finance charges
Annual Percentage Rates (APR)
The borrower’s APR will be based on things such as the amount of money borrowed, interest rates, credit costs, and the term of the loan.
While fees and charges are associated with cash advance loans, lenders are prohibited from imposing certain types of fees and charges. Lenders may not impose the following:
Charges other than origination fee, insufficient funds fee, and interest
Interest rates higher than 36 percent on original loans or renewals
Individuals that choose a cash advance in Oregon to assist them with their financial shortfall should know and have an understanding of these important rules and regulations.
Choosing a Cash Advance Loan
A cash advance in Oregon can be an excellent way for individuals to obtain the money they need to assist them until their next payday. Being aware of the the laws and general practices of cash advance loan lenders can help individuals make sure they are getting the best deal and ensure their loan is being handled appropriately.
Applying for a cash advance in Oregon is simple, convenient, and effective. With a cash advance loan, individuals can feel secure knowing they have they money they need to meet their monthly obligations. When short-term financial issues arise, consider applying for a cash advance loan.
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Consumer Notice: A cash advance, also referred to as a payday loan or payday advance, is a small, short-term loan that is intended to cover a borrower's expenses until the following payday. Cash advances are intended for short-term financial relief and do not constitute long-term financial solutions. Consumers facing debt and credit difficulties should seek out debt and credit advisory help. Consumers are encouraged to consult our State Consumer Resource pages to learn more about the risks involved with cash advances, local laws and regulations that may be applicable to cash advances, possible loan alternatives and recent developments in their state.
Legal Disclaimer: This website does not constitute an offer or solicitation to lend. CashAdvance.com is not a lender, does not broker loans, and does not make loan or credit decisions. The operator of this Web Site is not an agent, representative or broker of any lender and does not endorse or charge you for any service or product. CashAdvance.com provides a service only and is not acting as a representative, agent, or correspondent for any service provider or lender. CashAdvance.com's aim is to inform users of possible lenders who may be able to satisfy the needs of a particular consumer. CashAdvance.com does not endorse any particular service provider, lender, nor loan product. You are under no obligation to use CashAdvance.com's service to initiate contact, nor apply for credit or any loan product with any service provider or lender. Service providers or lenders will typically not perform credit checks with the three major credit reporting bureaus: Experian, Equifax, or Trans Union. However, credit checks or consumer reports through alternative providers such as Teletrack or DP Bureau, which typically will not affect your credit score, may be obtained by some service providers or lenders, in certain circumstances. You will not be charged any fees to use CashAdvance.com's service. Learn more on our Rates & Fees section.
Availability: Residents of some states may not be eligible for a short term cash loan based upon lender requirements. CashAdvance.com does not guarantee that completing an inquiry form will result in you being matched with a service provider or lender, being offered a loan product with satisfactory rates or terms, nor receiving a loan from a service provider or lender.