Many unexpected emergencies can hound us at the worst times. We can require several hundred dollars to pay for hospitalization, or buy groceries, or get on the first flight home – sometimes on days when he has next to no cash. You might have thought about getting a pay day loan, or a short-term loan payable by the next pay day, and often subjected to heavy interest rates. If you are seeking pay day loans in Oregon, then you have to understand the advantages and disadvantages associated with pay day loans before you secure any of these loans at all.
If you need to secure pay day loans in Oregon, you can get them from pay day lenders and companies that are licensed to operate in Oregon. Getting pay day loans in Oregon, or in any state in general, will work something like this: you will hand over a personal check to the pay day lender, and write it as payable to the pay day lender. You will then receive cash, from which lender’s taxes and fees are deducted. Such taxes and fees will differ from one lender to another, and they can be exceptionally high, especially since taxes and fees for pay day loans Oregon are not regulated or limited by the state.
You can also get pay day loans in Oregon through your company by authorizing it to withdraw money automatically from your savings account, equivalent to the money that you borrowed from the company. This is usually more advantageous for the person seeking the pay day loan, as it will usually not involve high fees or taxes. However, only a few companies lend money in such a manner, especially since many companies need assurance that they will be paid back immediately, and that the person trying to secure the pay day loan has enough money in his or her bank account.
The greater problem, however, of securing pay day loans in Oregon is actually paying them back. Again, it is possible that your next paycheck can go to another more pressing issue than paying off a loan. You will need to inquire at your lender about renewal fees, or loan repayment by installments. In the latter option, you and your lender can spread out your payments through several months, wherein you will be required to pay the loan in increments at a specific date every month.
This method of rolling over a loan will usually entail several fees. According to Oregon laws, you can have up to three renewals of your pay day loan; after this, a pay day loan lender should wait until about a day after before giving you another pay day loan. Beware, however: if you do not have enough money to pay your lender, and if your personal check bounces because of insufficient funds in your bank account, you will be charged more fees for the bounced check. The lender may also take legal action as he or she collects the loan from you, a process that will cost you even more money.
The fee for securing pay day loans in Oregon will vary from fifteen to twenty for every one hundred dollars that you borrow. In order to find the best price for your pay day loans, you will need to go to as many lenders as you can in order to find the best loan that will not only meet your needs, but be convenient enough for you to secure. Remember, moreover, that you will need to pay this fee every time you renew the loan, so be cautious about how much money you are going to borrow.
If you do not have a credit history, or if your credit history is not good, then a pay day loan can be good for you. There are still other borrowing options that you might want to try out, so study them before going into pay day loans. These include borrowing from friends or family, asking for cash advances, or negotiating payments for your bills.
If you are interested in securing pay day loans Oregon, you have to understand all the advantages and disadvantages associated with acquiring pay day loans. In general, if you have a stable job and can pay back all the money that you borrowed in the shortest time, then a pay day loan can work for you. However, if you do not have a stable financial situation, then you will need to look for other options in borrowing. Your financial strength will determine the feasibility of a pay day loan so know yourself first before doing anything.