Oregon Installment Loans

Are Payday Loans Legal in Oregon?

Yes, payday loans are legal in Oregon, but the state has strict rules to keep costs low and prevent borrowers from getting trapped in debt. Unlike other states where payday loans have to be repaid in just two weeks, Oregon requires them to be structured as small installment loans with longer repayment periods.

In Oregon, payday lenders can't require full repayment in just 14 days. Instead, loans must last at least 60 days (about two months) and be paid back in at least two installments. This gives you more time and flexibility to repay the loan without the pressure of a short deadline.

Who Can Get an Installment Loan in Oregon?

In Oregon most adults (18 or older) with a steady income can qualify for an installment loan.

Requirements to Qualify

1. Age & Residency: You must be at least 18 years old and an Oregon resident (lenders might ask for a utility bill or ID to prove it).

2. Income: You'll need proof of steady income from a job, benefits (like Social Security), gig work, or self-employment. Pay stubs, bank statements, or tax returns work.

3. Bank Account: An active checking account is required to deposit the loan and set up payments.

Some lenders in Oregon may have additional requirements and terms.

Can I Get an Installment Loan in Oregon with Bad Credit?

Yes, you can still get an installment loan in Oregon even if you have bad credit. Many lenders focus more on your income and ability to repay rather than your credit score, so as long as you have a steady source of income and meet the basic requirements, you may qualify.

LendUp's Tip: Keep in mind that interest rates may be higher for borrowers with lower credit scores.

Can I Get an Installment Loan on the Same Day in Oregon?

Yes, it's possible to get an installment loan in Oregon on the same day you apply, especially if you use an online lender and have your paperwork ready. The online application takes about 5-10 minutes and the reviewal is almost immediate.

Once approved, the money is usually sent to your bank account within 1-2 business days. However, if you apply early in the day (before noon) and use a lender that offers instant funding, you might see the cash the same day.

For example, applying at 9 a.m. could mean funds arrive by 5 p.m.

Are There Guaranteed Loans With No Credit Check in Oregon?

No, there's no such thing as a truly “guaranteed” loan with no credit check in Oregon or anywhere else. Most legitimate lenders, even those that offer loans to people with bad credit, will check your credit or financial history in some way. Some lenders advertise “no credit check” loans, but these are often risky. Also, predatory lenders or online scams often target people desperate for “guaranteed” loans.

What is the Cost of Installment Loans in Oregon?

Below is an example of estimated costs for installment loans in Oregon based on a 36% APR.

Oregon Installment Loan Cost Examples

Below are estimated monthly payments and total repayment amounts for different loan amounts at a 36% APR.

Loan Amount	APR	Duration	Monthly Payment	Total Repayment
$500	36% APR	6 Months	$98.33 per month	$590.00 Total
$1,000	36% APR	9 Months	$141.11 per month	$1,270.00 Total
$1,500	36% APR	12 Months	$170.00 per month	$2,040.00 Total
$2,000	36% APR	18 Months	$171.11 per month	$3,080.00 Total
$2,500	36% APR	24 Months	$179.17 per month	$4,300.00 Total

Oregon Installment Loan Regulations (Updated 02.2025)

Legal Status	Legal
Regulating Law	Oregon Revised Statutes (ORS) Chapter 725A
Maximum Loan Amount	No set limit (varies by lender)
Minimum Loan Term	At least 60 days
Maximum Loan Term	Up to 36 months (varies by lender)
APR Cap	36% APR cap + origination fee (varies by loan amount)
Fees Allowed	Up to $30 origination fee + possible late fees
Repayment Structure	Must be repaid in at least two installments
Rollovers	Not allowed
Prepayment Penalty	None (borrowers can repay early without extra fees)
License Requirement for Lenders	Lenders must be licensed by the Oregon Division of Financial Regulation
Collection Restrictions	No criminal charges for non-payment

Why Use LendUp for Installment Loans in Oregon?

LendUp makes getting an installment loan in Oregon fast, simple, and accessible for borrowers with all types of credit. Instead of searching for lenders one by one, LendUp's loan-matching service connects you with multiple lenders at once, giving you more options and a better chance of approval even if you have bad credit.

Whether you need a small loan for an emergency or a larger installment loan with structured payments, LendUp helps you find the right loan quickly and easily.