Oregon Law Helps Protect Against Illegal Payday Loans

November 4, 2015 · by pcriadmin · PCRI

Struggling with Payday or Title Loans? You might not have to pay them back!

money_headEffective June 18, 2015, Oregon Senate Bill 278 voids payday loans, title loans, or consumer finance loans of $50,000 or less, if at the time the loan is made, the person making the loan does not have a required license. Borrowers are not obligated to pay back loans from lenders without required licenses. Any collection activities on these loans are illegal.

As of November 5, 2015, there are only 14 store lenders and 8 online lenders with Oregon licenses.

Think you might be a victim of illegal lending?

Step 1: Confirm the illegal status of your lender online or call 866-814-9710.

Step 2: File a complaint. Call 866-814-9710 or visit Oregon’s online complaint website. Complaints may also be filed in Spanish.

Step 3: Repair your credit. The PCRI Financial Education Specialist can help you file disputes and contact the Oregon Department of Consumer and Business Services. Call 503-288-2923 x 131 or email Amy Dang for an appointment.

Need money for an emergency? Avoid illegal lenders. Contact the PCRI Financial Education Specialist for referrals to a reputable lender who works with borrowers with no or low credit.

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