Oregon payday loan laws

Legal Status:  Legal (Lower Cost)

Citation:   54 Or. Rev. Stat. § 725A.010 et seq.

Loan Terms:

Maximum Loan Amount:  $50,000 (Loan limit up to 25%of borrower’s net monthly income if earns $60,000 per year or less.)
Loan Term:  31 to 60 days
Maximum Finance Rate and Fees:  36% APR interest, one-time $10 per $100 of loan origination fee, up to $30
Finance Charge for 14-day $100 loan:  $13 for 31 day loan
APR for 14-day $100 loan:  154% APR for 31 day loan

Debt Limits:

Maximum Number of Outstanding Loans at One Time:  No Limit
Rollovers Permitted:  Two (renewals)
Cooling-off Period:  7 days after prior loan expires
Repayment Plan:

Collection Limits:

Collection Fees:  One $20 NSF fee + additional bank charges
Criminal Action:  None, only civil penalties

Where to Complain, Get Information:

Regulator: Oregon Department of Consumer & Business Services
Address: Division of Financial Regulation, 350 Winter St. NE, Rm. 410 Salem OR 97309
Phone: 866-814-9710 (toll-free)
Fax: 503-947-7862

Sourced from paydayloaninfo.org

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