Loan Rates and Fees in Oregon

A licensed payday lender may charge interest at no more than 36% per year on the outstanding balance, plus a one-time origination fee of up to $10 per $100 borrowed or $30, whichever is less; loan terms run 31 to 60 days on amounts up to $50,000.

On a $300 loan due in 31 days, the maximum origination fee is $30 and the interest is roughly $9, making your total repayment approximately $339. Federal disclosure rules require your agreement to show the APR - on this example, roughly 154% - because the 31-day term compresses the annual rate into a large percentage.

• Renewals are allowed up to two times; each renewal may carry a new origination fee, so compare the cumulative cost to the original loan amount before agreeing.
• The returned payment fee - labeled "NSF fee" on your agreement - is capped at $20 per failed attempt.
• No separate database or verification fee is allowed.

If an offer exceeds these limits, verify with the Oregon Division of Financial Regulation.

Licensed consumer finance lenders under ORS Chapter 725 may charge a finance charge expressed as an APR of no more than 36% - the cap is set annually by the Director of the Department of Consumer and Business Services based on the discount window rate. Interest accrues on the declining balance, so you pay interest only on what you still owe.

On a $2,000 loan repaid over 12 months at 36% APR on a declining balance, you'd repay approximately $2,400 total - roughly $400 in interest plus your $2,000 principal; your actual total depends on your repayment pace.

• Refinancing restarts interest on the new amount - compare your remaining balance to the new loan's total of payments before you agree.
• The same $20 returned payment fee cap applies - see payday loan costs above.
• Confirm late fee terms and any origination or administrative fees with your lender before signing; verify allowable amounts with the Oregon Division of Financial Regulation.
• You can prepay in full or in part at any time - interest stops accruing on the amount you pay off. See installment loans in Oregon for repayment details.

If an offer exceeds these limits, verify with the Oregon Division of Financial Regulation.

• Returned payment fee: can't exceed $20 per failed attempt for either product.
• Total of payments: the single most important number - add every line item and compare it to the total shown on your agreement.
• If the offer includes credit insurance or a "protection plan," ask whether it's required - it's usually optional and increases your total cost.