Payday Advance Oregon
Those living in Oregon who experience sudden situations that require immediate funds can seek to obtain Oregon payday advance loan to meet their needs. Payday loans provide those who require funds with rapid cash advances. Obtaining fast cash between paychecks can mean a lot when you need the money but don't have any savings set aside.
Payday loans are designed to provide individuals with cash advances rapidly and via an easy application process. They are short-term loans, which are repaid quickly, usually when you receive your next scheduled paycheck. Although payday advances normally have high-interest rates and service fees attached, they meet the required financial need and don't add prolonged payment pressure.
Oregon Payday Loan Laws and Restrictions
Payday loans are considered legal in Oregon. However, the state has placed some restrictions on short-term loans that make them unattractive to in-state Oregon payday loan lenders, as well as online payday loan lenders.
There is no maximum limit specified for Oregon payday loans' amounts for which residents can apply. However, payday cash advances normally come with high finance charges and service fees. According to Oregon payday loan laws, interest rates are capped at 36% APR with an additional $10 fee allowable on every $100 loaned, up to a maximum amount of $30. This equates to a maximum amount of $13 on a $100 loan taken out for 31 days, or 156% APR. This low interest rate discourages many companies from offering payday loans in the state of Oregon.
According to Oregon payday loan laws, there are no limits to the number of outstanding loans residents can have at any one time. However, loan rollovers, or extensions, are limited to two and there is a cooling off phase of seven days once payday loans have been satisfied, before another can be taken out. Payday loan lenders can assess a $20 NSF (non-sufficient fund) fee plus any additional bank charges to the account.
If you are considering Oregon payday loans, you might find willing participants within the state and even some online payday loan lenders who will offer them according to the set state guidelines (when offering loans to Oregon residents, online payday loan lenders must adhere to Oregon state law).
Alternative Sources for Fast Cash Other Than Oregon Payday Loans
If you have trouble locating acceptable sources for a payday advance Oregon loan, you may have to resort to alternative means of acquiring rapid cash advances. There are various other sources that you can turn to in order to acquire the funds necessary to handle unexpected situations. The following are some suggestions.
You can check with your bank or credit union about obtaining a small loan to meet your financial needs. Just keep in mind that traditional loan payments are normally carried over a period of six months or more, which can place added stress on your monthly budget.
Cash advancements from credit cards are another option. However, these too can place a heavy payment burden on your financial situation since credit card cash advances generally come at very high interest rates.
Your employer may be willing to provide you with overtime. A cash advance that is payable at the time of your next paycheck or stretched out over several paydays may be another employer option. You can also make dependent adjustments on your W-2 so that fewer taxes are taken out of your paychecks for a period of time. Just beware that doing this for too long a period could result in you owing money come tax time.
You might also search for assistance programs available to you through private entities or state or federal resources. You can also request money from a family member or friend, sell or pawn items, work an extra job, or consolidate bills to obtain extra money.
Receive More Information on Oregon Payday Loans
You can obtain more information on Oregon payday loans or Oregon payday loan lenders by contacting:
Department of Consumer and Business Services
350 Winter Street NE
P.O. Box 14480
Salem, OR 97309-0405