(last updated 01/14/2016)
Oregon Payday Loan Laws and Regulations in (OR)
Payday loans and cash advances are legal in Oregon. The State of Oregon Consumer Financial Protection has been regulating Payday Loans and Cash Advances since 2010. As of 09/16/2014 there were 63 licensed lenders and 186 licensed locations in Oregon.
The maximum payday loan allowed in Oregon is not specified. The maximum payday loan as a percentage of income is not specified. The number of loans that can be open at one time is no limit. The maximum permissible fees allowed in Oregon is 36% APR interest, $10 per $100 of loan amount as fee, up to $30.. The cooling off or waiting period for obtaining another loan is before or after prior loan expires 7 days. The number of rollovers that are permitted is 2 (renewals). The minimum loan term is 31 days. The maximum loan term is not specified.
This information is for informational purposes only. Although care has been taken to accurately describe the laws and regulations in Oregon, no guarantees are implied or expressed about its accuracy. This is not legal advice. If you need legal advice, please consult an attorney or the State of Oregon Consumer Financial Protection.
The following classes of lending organizations may be exempt from some, all, or none of the regulations and laws set by the state of Oregon. Federally chartered banks, state chartered banks, credit unions and some entities organized under the laws of a sovereign nation (for example) a Native American Tribe or the country of Antigua.