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Posts Tagged ‘payday loan laws’

Arizona’s Proposition 200

In 2008, Arizona residents voted on Proposition 200. Proposition 200 essentially allowed payday lenders to continue to operate business as usual. The proposition was rejected and new laws will go into effect July 1, 2010.

All licensed payday lenders in the state are allowed to continue business until the 1^st of July- at which time their current license will expire.

Until July, 1 2010:

A payday loan must be a minimum of $50, but not to exceed $500.

The loan term must be a minimum of 5 days; most do not exceed 60 days.

The interest rate is capped at 15% per face value of the check.

For example: A cash advance for $300 has an interest fee of $45.

You can verify the license of a payday lender in Arizona by calling 602-771-2800 or online.

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