Compare Oregon Payday Loans and Alternative Options
If you are dealing with a financial emergency or unexpected expense that requires quick cash, you may be thinking about a payday loan. Payday loans are small quick loans designed to keep you a float with your finances until your next paycheck.
There are numerous lenders throughout Oregon State that specialize in these loans; as specialists their fees and cost structures tend to be different to normal loans from banks or credit unions. Many payday lenders may have flexible application criteria, offering loans to those with bad or no credit and in some case don’t require a credit check.
Things To Compare and Consider With Payday Loans
- What are the costs? If considering a loan, ask for total costs in dollar figures and not percentages
- Can you really afford the loan? Just because you may be approved doesn’t mean you can actually afford the loan and you could be putting yourself in a worst financial position
- Short repayment terms which are strict – should you find yourself in a position where you can’t make the repayment, you will receive a high penalty fee and possibly a knock to your credit score…ouch
Oregon State has many local and statewide payday loan providers. Picking the right lender depends on your situation as everyone’s financial needs and backgrounds are different. Below is a list on how to get the best payday loan option for you – if you are set on borrowing with one.
- Always check reviews and complaints
- Verify their license with the Oregonn Division of Banking and Securities
- Compare at least 3 different lenders and make sure they quote total costs in dollar amounts and not percentages.
- Consider loans in larger neighboring cities, larger population equals more competition and possibly lower prices.
Cities Across Oregon With Numerous Payday Loans Options
Klamath Falls – Medford – Bunker Hill – Roseburg – Springfield – Newport – Corvallis – Albany – Salem – Kernville – Portland – McMinnville – Woodburn – Canby – Wilsonville – Newberg – Sherwood –Gresham – Troutdale – Seaside – Redmond – Bend – Prineville - Pendleton
Most major cities in Oregon will have payday loan providers; however, the above cities are confirmed to have lenders. As there are few major cities in Oregon, you may have to consider a national provider online. Do note that they may operate under different laws and protection clauses of that of Oregon.
General Eligibility Requirements For Payday Loan Applications
Qualification for payday loans can vary from different providers in their application and approval criteria. In most cases it is a very quick process with loans provide in as little as 1 hour. General eligibility requirements include:
- 18 years of age
- Must have a checking or savings account (1 month minimum history)
- Valid SSI or taxpayer (ITIN) number
- Must be a resident of the state of the loan
- Employed for a certain amount of time
- Must have valid home and work phone numbers
- Must not be active military member (for most lenders)
Cheaper Alternative Loan Options to Compare Against
Depending on your need and urgency for money, there are many alternative loan options available. In many cases, you may even find that a loan isn’t needed as you can establish new repayment terms with most creditors if you are borrowing to pay down debt. Whatever your reason for cash, below are alternative borrowing options.
- Most banks actually provide their own version of a payday loan; simply ask for a checking or savings account advance.
- Some employers will provide a salary advance, giving you access to some or all of your next paycheck
- Government benefits are another possibility to help with certain household bills such as utilities. If you are borrowing money to pay the electric, water or gas bill…benefits may be a better option.
- Speaking with a free financial counselor may be a great way to get financial assistance in the form of a loan as well as professional advice on how to control and manage money.
In addition, there are specialized loan services for Seniors, Disabled and Social Security recipients. Often times these groups are unsure of where they can get financial aid and help from. There are different community and non-profit organizations that can help.
Dealing With Problems With Payday Loans In Oregon
Over the years, there have been some terrible stories about payday lending and different unethical practices some lenders took part in. Because of this there have been different national and state based laws created to protect consumers. Below are your rights as a borrower in the state of Oregon along with some key facts about payday loans.
- At no time may lenders harass, threaten or intimidate you when colleting loan. If you are, file a complaint with the Oregon Division of Finance and Corporate Securities
- 31 days is the minimum loan term, but there is no maximum specified
- Rollovers are limited to two rollovers
- A new loan is only available 7 days after a loan expires and you may only have 1 loan at a time
- Payment plans are not specified
- There is no maximum loan amount specified
- The Annual Percentage Rate (APR) for a 31 day loan is set at a maximum of 156%
- Civil court action can be taken but no criminal actions against borrowers are available
- Collection fees consist of a maximum $20 NSF fee plus any other bank fees
- Maximum Finance rate and fees include 36% APR interest, $10 on a $100 loan up to a max of $30
- Finance charge on a $100 loan for 31 days are usually $13
For more information, or to file complaints, contact the Division of Finance and Corporate Securities. You can also learn about additional financial assistance programs and options for Oregon State here.