How to Start a Oregon Car Title Loan Business
Oregon car title loan companies are regulated by Oregon Division of Finance and Corporate Securities:
Toll-free: 866-814-9710
Email: dcbs.dfcsmail@state.or.us
Office Hours: Monday-Friday, 8:00 AM – 5:00 PM Pacific Time
Paying too much for your Oregon title loan? Internet lenders are overcharging residents of Oregon.
Here is the most you should pay for a Oregon payday loan or car title title loan.
|
Loan Amount |
Origination Fee + Interest |
Total Loan Cost |
|
$100 |
$13.06 |
$113.06 |
|
$200 |
$26.12 |
$226.12 |
|
$300 |
$39.17 |
$339.17 |
If your Oregon car title loan cost is higher, your lender is probably unlicensed in Oregon.
In Oregon the legal limits on what can be charged are:
- A one-time 10 percent loan origination fee, up to a maximum $30, for a new loan.
- 36 percent interest.*
- Only two renewals, or “roll overs,” 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.
Payday or title loan lenders must give you a written loan agreement clearly explaining the fees, percentage rate, payment due dates, and what happens if you’re late with your payments or you default.
All payday loan or car 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.