Online Payday Loans in Oregon with 0% APR

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. 

Get an Instacash membership!

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. 

Get cash fast, pay no interest

Enjoy Instacash advances up to $250. No credit check, no monthly fee, no interest. Just cash.