Let’s face it; payday lending centers are all over Oregon. You will have trouble finding one if you just jump in your car and check out your nearest mini-malls. The excursion may take you a half an hour or forty five minutes, and a few gallons of gas, which isn’t too bad. But we have a better solution. How about five minutes, and no gallons of gas? It only takes a few minutes to fill out our application, and you can even choose a no fax option. The funds are delivered into your account the next morning. That’s it. You’re done. You didn’t have to go anywhere, and it only took a few minutes to apply. Sound appealing?
Many people have found payday loans to be a helpful solution for situations in which they were suffering from cash flow issues, or simply an unexpected economic pinch. These are the types of situations that payday lending was invented for. If you have more serious, or long term financial problems, a payday loan will help you snowball into more debt rather than help you out of it. But don’t worry, there’s good news. We offer a variety of loan programs that can remedy such situations. Check out our credit cards, personal loans, debt consolidation, and credit counseling, and see which one fits your situation best.
Oregon is one of the few states that has very few regulations for payday lending in their state laws. There are absolutely not limits on the amount of interest a lender may charge a borrower. The only regulation that comes close to limiting interest rate is the law that states a lender may not offer a borrower a loan that exceeds 25% of the borrower’s monthly net income. This figure must include any interest or fees charged. The other law regulating the industry concerns loan terms; the maximum term for a loan is sixty days.
The payday loan industry does well in Oregon. There are at least 453 locations in operation.
According to the United States Department of Labor:
The unemployment rate in Oregon in January 2006 was 6.5, which means that 122,171 people were unemployed in Oregon at that time. In January 2005, the unemployment rate was 7.1. Over the past ten years, the unemployment rate has ranged between 4.9 and 8.2.