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Lately, there’s been a lot of information swarming around about payday loan laws. It seems like just about every other day, some state makes new payday loan laws or outlaws them all together. A friend of mine called and asked me if he could get a payday loan in Oregon. He’d heard various rumors about the regulation there and what it meant to consumers.

To answer the question- Yes, you can legally get a payday advance in Oregon. In fact, there isn’t a current limit on the amount of money you’re allowed to borrow. Generally speaking, most lenders will grant you a loan from $50- $1,000. Lenders are allowed to charge a one-time origination fee not to exceed 10% of the loan amount or $30.  Also, be aware that the minimum loan term is 31 days.

Payday Loan Laws in Oregon

Nowadays, scams are just about everywhere you look- especially on the internet.  As a consumer, it’s important to be aware of the differences between a reputable company and a rip-off.

A legitimate online cash advance lender will have valid security certificates. On the application page itself, look for a link to the certificate. If there isn’t one, try to locate the link on the homepage. And, if you still don’t see one, it’s likely a scam.

Also, check for links to: BBB, McAfee/Norton, Truste, and Thawte. Make sure that these are actual links and not just graphics. (Some companies will put the graphics on their websites to make it appear secure.)

A personal loan company should clearly state their privacy policy on their home page as well as application page. It’s a good idea to read through it. And, if anything sounds even the slightest bit off- call the company and ask questions. It never hurts to ask questions and gather more information. While this may take a few extra minutes, it could save you a lot of time and money later.