Money troubles got you down? No need to agonize over how you’ll make it to the next payday.
There are loan products to assist borrowers from all financial backgrounds. If you’re worried about being denied due to credit woes, payday loans are an option. But they’re not the only way to get your hands on fast cash.
Read on to learn more about how they work in Oregon and some alternatives that are more beneficial to your financial health.
Options For Payday Loans in Oregon
Choose from a brick-and-mortar or online lender to get a payday loan in Oregon. Same day and next business day funding is available, depending on which option you select. When you apply, the lender will request your banking information and use it to withdraw what they are owed on the due date.
Payday lenders must follow the standards set forth by the Oregon Department of Consumer and Business Services.
Requirements
You may qualify for a payday loan in Oregon if you:
Are at least 21 years of age with a valid Social Security number
Have a government-issued driver’s license or photo identification card
Can provide a verifiable source of income
Have a checking account that’s in your name
Have a physical address, email address and working phone number
Credit Affects
Payday lenders in Oregon offer no credit check loans. This means you can get approved, even if your credit is in shambles. But here’s the catch: the lender will charge an excessive amount of interest to hedge against the risk of loss if you default on the loan.
Max Loan Amount and Terms
Payday loans in Oregon cannot exceed $50,000. This statistic might seem shockingly high, however, the amount you qualify for is limited to 25% of your monthly net income if your annual earnings are $60,000 or less.
So, if your salary is $50,000 and your net take-home pay for the month is $3,125, the maximum loan amount is $781.25. But if you earn $75,000 per year, the lender may extend a loan that’s greater than 25% of your monthly net income.
The repayment period must span between 31 and 60 days, regardless of the loan amount. Also, know that the lender can assess the following interest rate and fees:
36% APR for interest, which equates to 154% for a 31-day loan
$10 per $100 for the loan origination fee (capped at $30 total)
You can have several loans outstanding at once, but a cooling-off period of 7 days is mandatory between loan applications.
Penalties
What if you can’t repay what you owe, and the loan payment is returned by your bank? Lenders can charge you an insufficient funds fee of up to $20. Your bank may also assess a fee.
You can prevent this from happening by requesting a loan renewal that gives you more time to pay. State law permits 2 rollovers per loan, but you will pay additional fees to exercise this option.
If you’re still unable to pay in full, the account is subject to collection action and may be reported to the credit bureaus.
Payday Loan Alternatives in Oregon
Payday loans are a quick way to get fast cash, but they should only be used as a last resort.
You may be better off visiting the local pawnshop to sell or get a loan on your valuables. Or you can reach out to a friend or family member to ask for a loan.
But what if these options aren’t feasible for you?
Don’t fret. MoneyLion has you covered with a few alternatives that also help you get over the hump without being saddled down by interest and fees.
Instacash
Instacash from MoneyLion offers interest-free cash advances of up to $250. There are no credit checks, and you can apply in minutes through the MoneyLion mobile app. All you have to do is create an online profile and link your checking account to unlock your offer.
You can request an Instacash cash advance from the available credit 24/7. Funds are deposited into your account and available for use in minutes.
Credit Builder Loan
MoneyLion also offers Credit Builder Loans for individuals who need a little more money in their pocket and want to improve their credit health. You can qualify for an installment loan of up to $1,000 and get funded in minutes.
Some receive the entire loan amount, while others will receive a portion up front and the rest later. If you don’t get all the cash in hand right away, the rest is held in an interest-earning Credit Reserve account. When you pay off the loan, the money is yours to keep.
During the repayment period, loan payments are automatically deducted from your bank account. This activity is reported to the 3 credit bureaus – Equifax, Experian and TransUnion – and helps boost your score if you manage other debt responsibly.
A Credit Plus membership with MoneyLion is $19.99 per month. Beyond the credit builder loan, you’ll enjoy optional managed investing, checking account, and the Instacash feature.
Apply for a Credit Builder Loan
Get Approved for a Loan in Oregon!
It’s not hard to find a payday lender in Oregon that can get you fast cash. But there are safer ways to borrow what you need. Consider an Instacash cash advance if you want a small, fee-free loan. A credit builder loan may be a better fit if you need a little more money in your pocket and want to start rebuilding your credit.
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Disclosures
Credit Builder Plus membership ($19.99/mo) unlocks eligibility for Credit Builder Plus loans and other exclusive services. This optional offer is not a Pathward product or service. A soft credit pull will be conducted which has no impact to your credit score. Credit Builder Plus loans have an annual percentage rate (APR) ranging from 5.99% APR to 29.99% APR, are made by either exempt or state-licensed subsidiaries of MoneyLion Inc., and require a loan payment in addition to the membership payment. The Credit Builder Plus loan may, at lender’s discretion, require a portion of the loan proceeds to be deposited into a reserve account maintained by ML Wealth LLC and held by Drivewealth LLC, member SIPC and FINRA. The funds in this account will be placed into money market and/or cash sweep vehicles, and may generate interest at prevailing market rates. You will not be able to access the portion of your loan proceeds held in the credit reserve account until you have paid off your loan. If you default on your loan, your credit reserve account may be liquidated by the lender to partially or fully satisfy your outstanding indebtedness. May not be available in all states. Credit Reserve Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclaimers relating to the MoneyLion Credit Reserve Account, see Investment Account FAQs and FORM ADV.
Instacash® is an optional service offered by MoneyLion. Your available Instacash Advance limit will be displayed to you in the MoneyLion mobile app and may change from time to time. Your limit will be based on your direct deposits, account transaction history, and other factors, as determined by MoneyLion. Expedited delivery requires Turbo Fee. See Instacash Terms and Conditions for more information and eligibility requirements.
MoneyLion does not provide, nor does it guarantee, any third-party product, service, information, or recommendation. The third parties providing these products or services are solely responsible for them, as well as all other content on their websites. MoneyLion is not liable for any third party's failure with regard to those advertised products, services, and benefits. These advertised products and services may not be FDIC insured or bank-guaranteed, and may be subject to a different privacy policy than MoneyLion’s. You should check individual offers, products, and services to become familiar with any applicable restrictions or conditions that may apply. MoneyLion may receive compensation from third parties for referring you to the third party, their products or to their website.
Instacash is a 0% APR cash advance service provided by MoneyLion. Your available Instacash advance limit will be displayed to you in the MoneyLion mobile app and may change from time to time. Your limit will be based on your direct deposits, account transaction history, and other factors as determined by MoneyLion. This service has no mandatory fees. You may leave an optional tip and pay an optional Turbo Fee for expedited funds delivery. For a $40 Instacash advance with a Turbo Fee of $4.99, your repayment amount will be $44.99. Generally, your scheduled repayment date will be your next direct deposit date. An Instacash advance is a non-recourse product; you will not be eligible to request a new advance until your outstanding balance is paid. See Membership Agreement and help.moneylion.com for additional terms, conditions and eligibility requirements.
Credit score improvement is not guaranteed. Credit scores are independently determined by credit bureaus, and on-time payment history is only one of many factors that such bureaus consider. Your credit score may be negatively impacted by other financial decisions you make, or by activities or services you engage in with other financial services organizations. MoneyLion is not a Credit Services Organization.
Credit score improvement is not guaranteed. A soft credit pull will be conducted that has no impact to your credit score. Credit scores are independently determined by credit bureaus. Data was sourced from credit score data from over 147,500 Credit Builder Plus members with an active loan between January 1, 2020, and March 15, 2023. Credit score improvement is not guaranteed. Credit scores are independently determined by credit bureaus. MoneyLion is not a Credit Services Organization. Credit Builder Plus is an optional service offered by MoneyLion.
This material is for informational purposes only and should not be construed as financial, legal, or tax advice. You should consult your own financial, legal, and tax advisors before engaging in any transaction. Information, including hypothetical projections of finances, may not take into account taxes, commissions, or other factors which may significantly affect potential outcomes. This material should not be considered an offer or recommendation to buy or sell a security. While information and sources are believed to be accurate, MoneyLion does not guarantee the accuracy or completeness of any information or source provided herein and is under no obligation to update this information. For more information about MoneyLion, please visit https://www.moneylion.com/terms-and-conditions/.