Cash advance loans are legal in Oregon. In 2006, however, the state passed new laws placing more stringent restrictions on payday loan creditors by reducing the loan origination fees and the maximum interest rate that they can charge. The maximum number of outstanding check cash advance loans that a borrower may have is one. The law prescribes a cooling-off period of one day if the provider has issued a renewal for the prior cash advance loan three times. Oregon's legislation does not specify whether the lender has a private right of action and/or whether he can institute criminal proceedings against a delinquent borrower.
A payday loan may not be for an amount greater than 25% of a consumer's gross monthly income.
The loan term is 31-60 days.
The law allows a borrower to extend or rollover a cash advance loan three times.
Payday loan creditors are prohibited from imposing charges other than origination fees, fees for insufficient funds or a dishonored check, and interest. A creditor may not issue or renew a cash advance loan at an annual interest rate higher than 36 percent. The origination fee charged by the check cash advance lender may not exceed $10 per $100 borrowed. A creditor may also charge a one-time $25 NSF (non-sufficient funds) collection fee as well as additional bank fees.
APR for 14-day $100 loan: No Limit