An unlicensed online payday or title lender may charge extremely high fees and interest rates.​

Payday loans are also known as a “cash advance” or “check loan” because the loan is typically paid off at the next payday. The legal limits on payday loans include:

  • A one-time 10 percent loan origination fee, up to a maximum of $30 for a new loan

  • Interest rates are limited to 36 percent annually. The maximum APR (interest and fees) is 153.77 percent. 

  • No more than two renewals, or roll overs, are allowed on an existing loan. After two renewals, you must pay the loan amount and interest in full.

  • The payday or title loan must be for at least 31 days and not longer than 60 days.

​Here is the most you should pay for a payday or title loan.
​Loan Amount​
​​Origination Fee and Interest ​Total Loan Cost
​$100 ​$13.06 ​$113.06
​$200 ​$26.12 ​226.1​2
​$300 ​$39.17 ​$339.17

Payday or title lenders must give you a written loan agreement clearly explaining the fees, percentage rate, payment due dates, and what happens if you are late with your payments or you default.

All payday or title lenders, including those online, must be licensed by the State of Oregon.

*The annual percentage rate (APR) – the total of all interest and fees calculated on an annual basis – will be 153.77 percent if the lender charges the maximum interest rate (36 percent) and the maximum origination fees allowed.​

Seeking a payday loan

Before you search for or agree to a loan, make sure the lender is licensed in Oregon​. Many people look for payday lenders online, but be careful. There are only a few legal online payday lenders.