A title loan is a loan that uses the value of your automobile to secure the
loan, also known as collateral. You must provide the lender with your automobile
title and the lender holds it until the loan is paid. The limits of these loans
- Must be for at least 31 days and cannot exceed 60 days. If it exceeds 60
days, it is considered an installment loan.
- A one-time origination fee of $10 per $100 of the loan amount, or $30, whichever
Online title lenders
There are currently no licensed online title lenders in Oregon. Before you
agree to a title loan, make sure the company is licensed
There are numerous title lenders promising quick cash, sometimes in less than
24 hours. If the lender is not licensed in Oregon, you may pay excessive interest
rates and fees. What is worse, if you are late making your payment or
skip a payment, your car could be repossessed. Do not send your title to a lender
who is not licensed in Oregon and beware of any title loan lender who does any
of the following:
- Require your personal bank account information, or your Social Security
number just to see fees, interest rates, or what your loan payments may be.
- Charge more than 36 percent interest per year.
- Exceed the maximum APR (interest and fees) is 153.77 percent.
- Charge a one-time origination fee that is more than 10 percent of the loan
amount with a maximum of $30.
- Offer a loan for less than 31 days, and offer to renew the same loan
more than twice.
- Ask for an upfront fee and requests the payment be made with a prepaid card,
debit or credit card, wire transfer, or money order.
- Do not explain the fees and interest rates.
- Will not provide a written loan agreement for you to read, agree to and
- Immediately take steps to repossess your automobile if you are late or skip
You have a right to file a complaint
against your lender.
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
Trade Commission: 1-877-382-4357 (toll-free)
Consumer Financial Protection
Bureau: 1-855-411-2372 (toll-free)