Posts Tagged ‘Payday Loan Laws in Oregon’

Oregon Payday Loan Laws

Though Oregon payday loan laws have made serious attempts to reduce the rate of interest on short-term cash advances to a significantly very low amount as compared to other states, payday loan still do not make a cheap financial option. If you need small amount of money urgently for a short period of time, you are recommended to try better alternatives, such as borrowing an advance from your employer or borrowing a short-term loan from a credit union. If you are anyways considering borrowing a payday loan or if you are someone who is already trapped in payday debt, make sure that you are well aware of the legal provisions applicable in the state of Oregon.

Only Civil Penalties

Criminal penalties are not applicable to those borrowers who fail to repay payday loans in time. Lenders can file only civil lawsuits against such borrowers; they cannot file criminal suits. As per Oregon payday loan laws, criminal lawsuits can be filed only in specific cases where the suspect the borrowers are engaged in some fraudulent activities, such as borrowing loan by providing wrong information.

Non-Sufficient Fund Fee

When you borrow a short-term cash advance in this state, you have to give a post-dated check to the lender; if that check gets dishonored because of non-sufficient fund in your checking bank account, lenders are allowed to charge a NSF fee of up to $20. The state laws allow them to charge additional bank charges as well (no limit specified).

Two Renewals Or Rollovers

Unlike the laws applicable in the majority of other states, Oregon payday loan laws do not prohibited rollovers or renewals. If a borrower fails to repay the loan on the set due date, the loan account can be renewed or rolled over for up to two times. The important point to note here is that additional interest and other finances charges can be charged for the extended period of time.

No Limit On Number Or Amount Of Loan

Unfortunately, the state laws do not specify any maximum limit on how many outstanding loans a borrower can have at one time. Besides that, no restrictions have been imposed on payday lenders regarding the maximum amount of loan that they can issue per loan account.

Basic Loan Terms

The annual percentage rate that lenders can charge in this state on short-term cash advances cannot exceed 156% per annum. Besides that, they can also charge additional fees up to $13 for a $100 of loan issued for a 31-day period. The repayment period offered to the borrowers must not be more than thirty-one days.

The Oregon Department of Consumer & Business Services is the regulatory authority for Oregon payday loan laws. They can be contacted through fax at (503) 947-7862 and through phone at (503) 378-4140. Their office is located at Division of Finance & Corporate Securities, 350 Winter St. NE, Rm. 410 Salem OR 97301. You can contact them to file a complaint against specific lenders (who you think are engaged in unfair and illegal practices).

Custom Search

Basic Things You Must Know About Bankruptcy Dismissal

When you file a petition for bankruptcy and the court rejects your petition on certain grounds, it is legally termed as bankruptcy dismissal. Dismissal means your case is officially closed and that the court will make no further rulings on your case. Some of the most common reasons why a petition is...

Credit Repair

Building Credit With No Credit

When it comes to building credit with no credit, there are several online canadian pharmacy factors that you need to take into account. Just because you do not have any credit history at present, it does not mean you will never have one. No one is born with a readymade credit history. You have to gi...

Credit Repair

A Loan To Defeat All Loans Debt Relief Loan
Payday loans fax-free payday loans and instant online payday loans are everywhere be it on the Internet newspapers or television. Today when the economy is in turmoil these loans look like the saving gra... Read more

Tips On How To Consolidate Payday Loan Debt
You may need to consolidate payday loan debt when you are caught in the middle of a financial crisis arising out of your inability to repay multiple loans. Debt consolidation loan allows you to consolidate all... Read more

Do Not Put Up With Debt Collectors Harassment
There was an emergency and the need arose to take a payday loan. It seemed to be the fastest and the best option available then. However now the debt collectors harassment is horrendous. The fact that using t... Read more

Consolidate Payday Advances To Save Yourself
Payday advances are loans taken against a persons paycheck. They have a way of digging into your paycheck month after month. They usually have exorbitant interest rates though the sites offering the services... Read more

Can I Consolidate Payday Loans
Can I consolidate payday loans is a question you are sure to ask yourself when faced with a trying financial situation. When payment of loans becomes difficult it is possible to consolidate and replace many... Read more

What are the pros and cons of debt consolidation?