Oregon Payday loan : What is it? What are the risks?

Payday loan Oregon, OR, allows you to borrow money against a promise to repay it when you receive your next regular pay or income.

In Oregon, you cannot get a payday loan of more than $1,000.

Most lenders do not conduct credit checks before granting a payday loan. As a general rule, they ask the person :

  • to prove he's had a job for three months.;
  • provide them with proof of address, such as a utility bill;
  • provide them with information about their chequing account.

The repayment period for a payday loan is short : it normally varies from 31 to 60 days. The longest delay you can get is 62 days, or about two months.

When a payday lender agrees to lend you money, you must sign a loan agreement. In doing so, you agree to repay the loan, as well as the interest and costs charged by the lender.

Payday lenders in Oregon https://paydayavailable.com/oregon/ apply a much higher rate of interest and charges than banks, credit unions or credit card companies. If you need money for a short period of time, know that it would cost you less to use your credit card.

Until your payday loan is repaid, you cannot get another one.

Typically, payday loans must be repaid in one installment at the end of the term of the loan. But if the loan you are requesting is your third or more in a 63-day period, the lender must propose an extended payment plan.

It is important that you know how payday loans operate before you sign a loan agreement.
For example, you need to know clearly :

  • how much money do you borrow?;
  • how much you have to repay;
  • how many days do you have to reimburse this amount;
  • how to repay this amount;
  • if you can terminate your loan agreement.

Before applying for a Oregon payday loan, consider other options. For example, you could consult a credit advisor at a not-for-profit agency. This could help you develop a debt repayment plan.