Cash Advance and Payday Loans in Portland, OR
Payday loans are a type of cash advance designed to be repaid with the borrower’s next paycheck. Payday lending is legal in the State of Oregon and can easily be accessed by Portland residents.
Advantages of Taking Out a Payday Loan in Portland
Unlike some traditional loans, these short-term advances can be applied to a variety of costs,
from vehicle repair to medical expenses. In addition, it might be easier to qualify for payday loans than traditional loans.
People turn to short-term loans for many reasons, despite their high-interest rate. The reasons one might get a payday loan in Portland, OR, include the following situations:
- Unable to get a bank loan quick enough
- Unexpected utility bills forcing you to choose which bills to pay
- Credit card debt that’s high and might grow even higher due to automatic raises in interest rates for late payments
- Recovery from weather-related and other disasters, such as floods, wind damage, fire, or vandalism
Payday loans are fast, convenient, and straightforward. Short-term loans work like a cash advance from an employer, except direct lenders make the loans. ACH, or automated clearinghouse, authorizations have become the standard way that borrowers repay their loans. ACH authorizations work for both bank accounts and debit cards. Some borrowers write a postdated check to cover the payday loan and interest charges, which is dated when the loan is due.
These partial guarantees of repayment mean that payday lenders may approve loans for more people. The benefits of short-term loans for Portland residents include:
- The quick and convenient application process
- Easier qualification for people with bad credit, no job, and no bank account
- Fast approvals
- Ability to apply for a loan anytime, anywhere
- Transparency of loan costs and repayment obligations
- Receipt of loan funds more quickly than funds from other loans
How to Get a Cash Advance and Payday Loan in Portland?
Getting a payday loan in Portland is fast and easy with the streamlined application process. Potential borrowers can apply online or in-person at a lender.
The lender handles the verifications and record searches, so applicants may need to supply the following information:
- Proof of identity, age, and current address
- Social Security identifying number
- Bank information or a loadable debit card
- Employer information and estimate of net income on the applicant’s next paycheck
- Information about any alternative income sources, if the applicant chooses to use them
Payday lenders may approve people who are self-employed and those who receive money from alternative sources. These include government benefits, royalties for intellectual property, investment income, child support payments, alimony payments, and trust fund payments. Applicants need to provide documentation of the income, including the amount and date when paid.
Cash Advance and Payday Loan Requirements
Requirements vary by lender. To request a payday loan, you may need to:
- Be 18 years or older
- Have a Social Security number
- Have proof of residence
- Have a stable source of income
- Have a phone number and email address
Meeting these requirements does not guarantee loan approval.
Cost and Regulations of Cash Advance and Payday Loans in Portland, OR
The costs and regulations of payday loans in Portland, OR, are as follows:
- Capped interest rates as well as total dollars spent on a loan
- Repayment terms that range from 31 days to 60 days
- Two allowed rollovers
- Maximum APR of 36%
- $50,000 limit on loan amounts for qualified borrowers
Installment Loans in Portland
An installment loan is a type of short-term loan that is paid back in monthly installments rather than a large one-time payment. Many payday lenders will offer installment loans in addition to traditional payday loans. These loans may be most beneficial for those borrowing large amounts, as they can sometimes come with a year-long repayment period.
Requesting Title Loans in Portland
Portland residents may apply for title loans, also known as car title loans. These loans are guaranteed with vehicular collateral, including cars, trucks, or motorcycles. To apply for a title loan, you must follow the basic steps for applying to a regular payday loan. In addition, you must present the hard copy of the vehicle’s title to the lender. Your chosen title loan lender will then determine the value of your vehicle and offer you a loan amount based on the total value of the vehicle. Vehicles offered as collateral must not have a lien attached to them.
To be eligible for a title loan, Portland residents must have:
- A government-issued photo identification
- Proof of residency
- A home address, email address, and phone number
- Name of employer or company name, or alternative revenue source
- Photos of their vehicle
- The hard copy of a vehicle title
Requirements may vary by lender.
Favorite Portland, OR, Cash Advance and Payday Loan Companies
Portland, OR, residents looking for small-dollar loans have many lenders to choose from. Most lenders have both websites and storefront locations in Portland. Reputable payday lenders include Speedy Cash and ACE Cash Express.
Speedy Cash has several storefront locations in Portland as well as a website where you can apply for a loan. Speedy Cash offers a multitude of loan products including title loans, payday loans, lines of credit, and installment loans. You can apply for most products online or over the phone. To apply for a car title loan, you will likely need to visit a Portland store location.
ACE Cash Express is one of the top-rated nationwide lending companies. They have seven locations in Portland, most of which are accessible by public transport lines. ACE’s Portland locations offer payday loans, installment loans, title loans, prepaid debit cards, and check cashing. You can apply for payday loans, installment loans, and prepaid debit cards online, or visit their store for a title loan and more.
No matter which lender you borrow from, it is wise to check the Nationwide Multistate Licensing System’s website to ensure they are licensed to operate in the state of Oregon.