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Interest capped at 36% — but the regulator states the real maximum, fees included, is 153.77% APR. That candour is unusual and worth borrowing when you read any other state’s cap.
Oregon Division of Financial Regulation
Most states quote a rate cap and leave you to work out the real price. Oregon’s regulator states both: interest is limited to 36% annually, and the maximum APR including fees is 153.77%.Oregon · RegulatorOregon Division of Financial Regulation — interest rates are limited to 36 percent annually; the maximum APR (interest and fees) is 153.77 percent
That gap between 36% and 153.77% is the honest picture of what a fee-plus-rate cap produces, and it is the single most useful number Oregon publishes. The Division titles its own consumer page Would you pay $1,000 for a $300 loan?
Two renewals maximum. After two rollovers you must repay the loan and interest in full.
Term between 31 and 60 days — no two-week balloon.
A written agreement setting out fees, the percentage rate, payment due dates, and what happens if you are late or default.
All lenders must be licensed by Oregon, including online lenders.
You can revoke authorisation and instruct your bank to stop the payment, whatever your agreement says and whatever the legal position on the debt.
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Being sued over an old payday loan? A collector can still file, but the time limit is a defence you can raise — and you cannot be jailed for the debt. What can and cannot happen if you don’t pay →