Know your loans

A personal loan can help cover immediate or unexpected expenses, such as an auto or large home appliance repair. Once you make the decision to apply for a loan, you agree to pay back the amount you borrowed (the principal), plus the interest and fees. 

The four common types of loans are installment, payday, title, and pawn loans. In Oregon, lenders of these loans are limited in the interest rate and fees they can charge, and, in some cases, the loan’s length of time. 

Your loan agreement

Before you agree to borrow money, make sure you understand the terms, including monthly payment amounts (if applicable), payment due dates, and late fees. Your lender should provide a written agreement showing the loan amount, fees, and annual percentage rate (APR). Do not sign the agreement if you do not see or do not understand this information. Once you get your loan, pay close attention to payment due dates to ensure you pay on time.

Paying off your loan

Making late payments, or skipping them, results in late fees (adding to your loan cost). In a title loan, it means your automobile can be repossessed. It also can negatively affect your credit score, a formula that lenders use to determine a potential borrower’s creditworthiness. A lower credit score, also known as a FICO score, may cause you to pay higher credit card interest rates or insurance premiums.

Illegal loans

If you believe you have a loan by an unlicensed lender operating in Oregon, you can file a complaint.

​​​​​​​​​​​

Che​ck a license​

Whether you are considering an exciting new investment, getting ready to buy insurance, or applying for a payday or title loan, always be sure to check to make sure the individual or company you are working with is licensed.

Check a license now.​

Licensed payday and title lenders​

Complaint or questions? 

Insuran​ce​​

888-877-4894 (toll-free)
Email cp.ins@oregon.gov 

Financial services​

866-814-9710 (toll-free)
Email DCBS.DFCSMAIL@oregon.gov​

​​