Oregon state payday loan laws are set up to help the borrower but do not go far enough to really do much good. They are still loaded with traps that one must be aware of.
This state limits the length of payday loans to 60 days and limits the amount allowed to borrow to 25% of the borrowers net monthly income.
This can still lead to large payday loans that can be very hard to pay off. This state also allows two roll overs per loan which can lead to huge charges in interest and fees.
The state of Oregon has no limits on interest rates allowed, and these companies can charge loan origination fees, dishonored check charges, insufficient funds charges, and they are allowed to pursue legal action and reimbursement of legal fees.
This can all lead to some serious payday loan debt should one default on one of these loans.
Oregon does not allow a second payday loan to be taken out within 7 days of the expiration of a previous payday loan. The chance of having more than one payday loan at a time in Oregon is still very real, as many online payday loan companies do not follow these rules.
North Carolina’s payday loan laws are set up for maximum profits for the loan companies.
The loans have no limits on how many loans you can take out at one time, or how long you may take the loans out for, or even how often you can roll them over.
This state has
passed specific legislature authorizing payday loans and allowing interest rates among the highest in the United States.
For example, a $300.00 payday loan taken out for two weeks will give the borrower $255.00 cash and the lender will pocket a $45.00 fee.
If the borrower pays the loan back in two weeks the APR works out to be 458%. This is if the borrower pays the total loan off on the first due date. Most payday loans are rolled over between 4 to 5 times before being retired in full, leading to incredible fees and interest rates.
And guess what, as stated above, there are no limits to how many times you may roll over a payday loan in North Carolina.
The New Jersey payday loan laws are a payday loan companies dream state.
The have no regulations in place to govern these companies and this can mean big trouble for the borrowers.
What this means to the payday borrower is not time frame on loan limits which can lead to rollover, which are also unlimited. All the fees (unlimited) and interest rates ( also unlimited) apply to each rollover.
Considering the average borrower rolls over a payday loan 4 to 5 times before retiring it, this can lead to financial heartache.
Interest rates will be set in New Jersey at whatever amount the lender and borrower agree upon and put into the contract. Another red flag with these companies in this state.
If you choose to use these services in New Hampshire we can not point out enough times to take out only one payday loan at a time, (they allow more) and pay the loan off in full the first time it comes due. Do not let yourself get caught in the payday loan trap!