An installment loan is any loan that is longer than 60 days and requires periodic payments. The loan’s length of time most likely depends on the amount; usually, a larger loan has a longer repayment period. Lenders are limited to charging 36 percent annual percentage rate (APR), which includes both fees and interest.
All lenders must provide consumers with a loan document clearly stating the fees and terms of the loan.
Always check to make sure the lender is licensed in Oregon. It is easier to resolve problems with an Oregon-licensed lender than an illegal one. File a complaint if you think you have an illegal loan.
Some lenders are owned by, or associated with, federally recognized Indian tribes, and may explain that they operate under tribal sovereignty. Tribal sovereignty means they are separate from federal or state government and can make loans with higher fees and interest rates than those allowed by state laws. Currently, Oregon tribes are not involved in lending.
To file a complaint against a tribal-run payday lender, contact the following federal agencies:
Federal Trade Commission: 1-877-382-4357 (toll-free)
Consumer Financial Protection Bureau: 1-855-411-2372 (toll-free)