Are you living in Dayton, Oregon and considering a payday loan to help you cover unexpected expenses or bills? It’s important to understand the regulations and requirements surrounding payday loans in Oregon before making any decisions.
What Are Payday Loans?
Also known as cash advances, payday loans are short-term loans typically due on the borrower’s next payday. These loans provide quick access to cash, but often come with high interest rates and fees.
In Oregon, payday loans are legal and regulated under state law. The maximum loan amount allowed is $50,000, and lenders are permitted to charge up to 36% interest. Additionally, lenders may charge a one-time loan origination fee of up to 10% of the loan amount, up to a maximum of $30.
Requirements for Payday Loans in Dayton, Oregon
Before applying for a payday loan in Dayton, it’s important to understand the qualifications and requirements.
- Borrowers must be at least 18 years old
- Borrowers must have a valid government-issued ID
- Borrowers must provide proof of income and employment
- Borrowers must have an active checking account
While payday loans can be helpful in certain situations, they can also have serious consequences if not repaid on time. Failure to repay a payday loan can result in additional fees, interest, and even legal action.
Applying for a Payday Loan in Dayton, Oregon
If you decide that a payday loan is the right option for your financial situation, TheGuaranteedLoans can help connect you with potential lenders. As a connector service, we do not lend money but can facilitate your connection with lenders who may be able to provide you with a loan.
To apply for a payday loan through TheGuaranteedLoans, simply complete our online application. You’ll need to provide basic information, including your name, contact information, employment and income details, and bank account information.
After submitting your application, our system will match you with potential lenders who may be able to provide you with a loan. If you are connected with a lender, they will provide you with the loan terms and conditions, as well as any fees or interest rates.
Interesting Facts and Statistics about Payday Loans in Dayton, Oregon
- According to a 2015 study by the Center for Responsible Lending, the average payday loan borrower in Oregon takes out 5 loans per year, with an average loan amount of $378 and an average APR of 503%.
- Payday loan usage is highest among low-income borrowers and communities of color in Oregon.
- The Oregon Department of Consumer and Business Services reported that in 2019, there were over 400 licensed payday lenders operating in the state.
Conclusion
Payday loans can be a helpful tool in certain financial situations, but it’s important to understand the regulations and requirements in your state before making any decisions. If you’re considering a payday loan in Dayton, Oregon, take the time to research your options and make an informed decision.
Apply Now
Ready to apply for a payday loan in Dayton, Oregon? Visit our application page now to get started. Remember, TheGuaranteedLoans is a connector service, and not a direct lender. We’ll help connect you with potential lenders who may be able to provide you with a loan that meets your needs.