Payday loans in Oregon

Are payday loans legal in Oregon?

Short-term loans are legal in Oregon, but state law requires longer repayment periods and limits what lenders can charge, so they work more like installment loans than two-week payday loans.

The governing law is 54 Or. Rev. Stat. § 725A.010. Oregon Division of Financial Regulation licenses lenders and takes complaints.

Loan limits in Oregon

• Loan size: No practical dollar limit; loans must run at least 31 days
• Loan term: At least 31 days

What a payday loan costs in Oregon

State law sets the price rule: 36% APR interest, one-time $10 per $100 of loan origination fee, up to $30.

Because the price is not a simple per-$100 fee, ask the lender for the total finance charge and the APR in writing before you agree. Federal law requires both numbers on your loan agreement.

Before you deal with an online lender

1. Look the company up with Oregon Division of Financial Regulation. No license, no loan.
2. Never pay a fee up front to get a loan. That is the mark of an advance-fee scam.
3. Read the agreement for the finance charge, the APR and the due date before you give out bank details.

If you cannot repay a loan in Oregon

Contact the lender before the due date and ask for a payment plan in writing. If a lender or collector breaks the rules, file a complaint with Oregon Division of Financial Regulation and with the CFPB. Our guide to what happens if you don’t pay covers each step.

Lower-cost options in Oregon

• Credit union payday alternative loans (PALs): $200 to $2,000 at no more than 28% APR.
• A payment plan with the landlord, utility or hospital you owe often costs nothing.
• Local assistance: dial 211 for rent, utility and food programs near you.

See all payday loan alternatives or work out a loan’s price with the cost calculator.