Payday Loan Consolidation in Oregon

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A Complete Guide to Payday Loan Consolidation in Oregon

Borrowers in Oregon should take solace in the fact that their state has strict payday loan regulations to prevent lenders from taking advantage of them. For more than a decade, Oregon has had measures in place that limit the interest rates and fees that lenders can charge. While the practice is still legal in the state, very few payday lenders remain. Borrowers who are facing financial trouble due to payday loans in Oregon, fear not, payday loan consolidation can help get you back on your feet. 

Payday loan laws in Oregon

For years now, Oregon has had robust consumer protections when it comes to payday loans. Back in 2007, the state introduced a 36% annual percentage rate (APR) cap, dealing a major blow to lenders. In 2015, Oregon voided payday loan agreements made prior to that date by unlicensed lenders, further cementing the state's reputation as one tough on payday lenders. In order to legally operate in the state, lenders must be licensed. This is strictly enforced. If a lender violates state laws, they are barred from ever offering their services in Oregon again. 

Few lenders remain in the state due to these measures, though those that do have a $50,000 limit on payday loans. This total is so high because in Oregon, small loans are not always separately classified from more typical car or house loans. Loan terms last between 31 and 60 days in the state with two rollovers allowed. There is a cooling-off period where a consumer cannot apply for another loan until 60 days after the previous loan was fully paid off. Additional fees include a $10 origination fee per $100 borrowed as well as a $20 NSF (non-sufficient funds) fee. 

What will happen if you can’t repay a payday loan in Oregon

Citizens who are unable to repay their payday loan in Oregon will not face criminal charges or jail time. That said, lenders can still bring borrowers to civil court to try and retrieve their money. Lenders can also contact borrowers via phone and mail, though they cannot threaten or harass borrowers. If you think a lender has overstepped what they’re legally allowed to do, contact the Oregon Department of Consumer and Business Services to file a complaint

What is the statute of limitations on payday loans in Oregon?

The statute of limitations in Oregon is six years. This means lenders have six years to try and collect the debt via the courts if the borrower is unable to pay back their loan.

How to consolidate your payday loans in Oregon

While Oregon residents shouldn’t have to face anything too crazy when it comes to payday loans, payday loan consolidation is still something that could come in handy if debt starts to build up. This method groups a borrower’s total outstanding loans in a single loan with a reduced, flat interest rate. Not only does this make repayment more manageable, but because borrowers will be working with a third-party company, borrowers won’t have to worry about being harassed by creditors any longer. The third party you’ll work with will pay off your original debt in exchange for this more manageable payment plan. 

Another option borrowers can consider is to take out a separate loan that borrowers would use to pay down all their other loans. Using this strategy, borrowers will be able to get all their loans on one plate with a single interest rate. This does come with some negatives, however, as yet another loan could have a higher monthly payment, plus it would be subject to additional fees and if you miss payments, you'll face penalties that could drive up the amount you owe. This also comes with the risk of taking on new debt when the credit cards are paid off. You'll need to be determined to change your financial habits in order to make this work. If you can do that, it it likely the least expensive option to solve your debt problems.

Borrowers can also consider a debt management plan (DMP) to pay off their payday loans. A DMP rolls all of a borrower’s loans together into a single debt to pay off, with a lower interest rate. This is similar to the payday relief option mention above, except in this case the borrower doesn't work with a third party. The borrower simply consolidates their original loans, usually with the help of a nonprofit credit counseling agency, and works to pay them back with one monthly payment.

By the numbers: Payday lenders in Oregon

  • Max loan term: 60 days
  • Average loan amount: $500
  • Maximum loan amount: $50,000
  • APR Cap: Yes, 36%
  • Number of payday lenders in Oregon: 12
  • Average 14-day payday loan APR: 36%
  • Collection fees: A $10 origination fee per $100 borrowed as well as a $20 NSF fee
  • The poverty rate in Oregon: 11.4%



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How can I get help paying my payday loan in Oregon

Payday loan debt can be one of the most stressful financial situations borrowers can find themselves in. thankfully, Oregon is one of the most consumer-friendly states in the nation when it comes to payday loan policy. While the chances of falling into payday loan debt are severely limited, borrowers who find themselves in such a scenario should consider payday loan consolidation in order to get back toward financial stability. 

Oregon Department of Consumer & Business Services

P.O. Box 14480, Salem, OR 97309

350 Winter St NE, Salem, OR 97301

Phone number: 503-378-4100

Additional state resources to utilize: 

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