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Oregon Installment Loans
Payday or cash advance installment loans in Oregon are short term loans provided by licensed lending companies located within the state. The Oregon Installment Loans are provided for a minimum period of 31 days and normally not more than 60 days.
A consumer gets a loan from the lender and authorizes them to automatically withdraw the balance from their account or pay up the debt by giving the lender a cheque to settle the debt once the time is due. The consumer can also pay the loan through cash. Some companies allow their clients to settle their loans using their debit cards.
The state of Oregon limits the amount of fees charged by the lenders on the consumer. The lender can charge up to a maximum of 36% of the total amount of the loan. The lender is also allowed to ask for an original fee of not more than 10% of the amount borrowed only once. This amount must not exceed $30.
The lender is required not to charge any other fee or interest. If the lender renews that loan, the consumer is not entitled to any additional charge including an additional original fee. The total annual interests and fees with maximum interest rates and original fees amount up to 153.77%.
A consumer can be charged other penalties by the lender.
A lender is allowed to charge a borrower $20 for each of the cheques given that bounces. This is for a bad cheque or due to insufficient funds in the account. The lender will be acting within the law if they charge you additional charges imposed by the institution for any of the bounced cheques issued. Any lender should not charge attorney fees or damages because of the bounced checks.
If a consumer is not able to repay the loan in due time, the Oregon law allows them to renew the existing loan not more than two times after the previous loan. This does not mean that the lender is obliged to renew a loan and they can charge interest on renewal but with nothing on the original fees. The borrower can also negotiate with the lender on how they can repay the loan in instalments. One will be required to have such a repayment plan documented so as to avoid any conflict.
According to the law in Oregon, one cannot get a new loan on the day the Installment Loan expires or six days before or after the loan expires. In case the loan is repaid early, a licensed lender cannot grant you a loan until 7 days after the balance is paid have expired. The Federal Truth Lending Act that requires a lender to inform you of the Annual Percentage Rate (APR) protects the consumer from any risks. The Oregon law stipulates that the APR should clearly be displayed in the lenders' offices.
If your application is declined, the Equal Credit Opportunity Act demands that the lender gives you a well-documented notice (the Adverse Action Notice) with reasons as to why they declined your application.
The Oregon law also protects the consumer from online lenders. The law requires any online lender to be registered. You are also required not to provide personal information such as your social security number, employment place or your home address. Indian tribes are treated as sovereign thus making online lenders associated with them not accountable to the Oregon laws.
Moreover, if the loan is repaid before it is due the borrower is entitled to a partial refund of all the interests charged based on the loan agreement. The consumer must ensure that they have a written copy of the loan agreement detailing what has been agreed upon by the parties such as what happens in case of a delay in repayment of the Oregon installment loan.
The Oregon Division of Finance and Corporate Securities provides you with a list of all the licensed organisations offering these services. A borrower can contact this body to present their complaints.
A consumer can also present their complaints to the Consumer Financial Protection Bureau online.
There are also counselling organisations on the list where one can seek financial guidance on how to use the services and other legal alternatives to Installment Loans.
This business is quite tricky and therefore the protection provided by these laws is aimed at protecting the consumer.