The 5 Best Payday Loan Lenders in Portland, Oregon
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Known as a “City of Roses,” Portland has the perfect weather to grow beautiful roses and is a popular travel destination for those seeking the unusual. From the numerous coffee shops, odd monuments, iconic Powell’s City of Books, idyllic Washington Park, and the amazing Portland Aerial Tram, there is always something to do in the city that strives to “Keep Portland Weird.”
However, what is not so rosy is the burden of debt facing many people in Portland and throughout Oregon. The Oregon State Public Research Group compiled a report on Unhealthy Debt tracking the debt of Oregon residents, and they found that more than half of the residents in counties throughout Oregon carry medical debt.
Debt makes it hard for people to get out of financial ruts, and continuing to acquire debt to handle emergency expenses simply makes the debt issue worse. Instead of accessing credit with its high interest and fees, payday loans are a solution to short-term financial emergencies.
Provided below are 5 of the preferred payday loan lenders in Portland, Oregon. We’ve provided answers to frequently asked payday loan questions to keep you informed on the payday loan process.
Are Payday Loans Legal in Portland, Oregon?
According to US States Loans Law, payday lending is legal in Portland and throughout Oregon. It is important to know and understand the legalities of payday loan lending in Portland and throughout Washington. The following are some general payday loan regulations.
- Loan terms are set at a minimum of 31 days
- The maximum loan term is 60 days
- The maximum loan amount is $50,000 or up to 25% of the borrower’s net monthly income for those with a gross income of less than $60,000 per year
- Rollovers are allowed twice for payday loans
- There are no limitations on the number of payday loans that can be taken out
Because there are no limitations on the number of payday loans that can be taken out at one time in Portland, it is important to only borrow what is needed.
The 5 Best Payday Loan Lenders in Portland, Oregon
The following are the 5 best payday loan lenders in Portland. Please note that due to payday loan qualifications, the provided payday loan companies do not provide guaranteed payday loans.
Our number one pick for payday loans is LendYou. With the motto “Get the loans that you need when you need them,” since 2005, LendYou has proudly helped consumers connect to multiple payday and installment loan lenders via its online platform. This company's loan services are available for individuals in Portland, throughout Oregon, and nationwide.
What makes LendYou unique is that they are an online loan broker, so those interested in payday loan services don't have to go searching for payday loan companies. LendYou does all the work by connecting consumers to payday loan services via one convenient location allowing consumers to easily research payday loan companies before making a decision.
Here are some reasons why LendYou makes the top of our list for payday loans:
- Quick payday loan approvals
- Excellent customer service
- Access to flexible rates and loan amounts
- No need for credit to be considered for a payday loan
- Rate and service transparency for your convenience
Check out our LendYou Complete Review to learn more about LendYou’s payday loan services.
Coming in second place for payday loan services is Max Cash. This company is similar to LendYou in that they are also an online loan broker. They provide both payday and installment loan services by linking consumers to direct loan lenders via their convenient platform. In business for over a decade, MaxCash is proud to have helped more than two million people get access to the cash they need right now.
We prefer Max Cash for payday loans because:
- They provide access to multiple lenders
- Exceptional customer service
- Financial literacy education is available through informative financial articles
Take a look at our Max Cash Payday Loans Full Review & Guide to learn more about their payday loan services.
Since 1997, Rapid Cash aka Speedy Cash has offered a variety of financial services to the general public in several states. They are proud to be one of the first companies to offer online payday loans. What makes Rapid Cash unique is that they offer several different ways to apply for a payday loan. Customers can apply online, at a brick-and-mortar location, or over the phone. If you are interested in getting a payday loan via Rapid Cash, you'll need the following:
- A steady source of income
- A valid government-issued photo ID
- A phone number
- An active bank account
Rapid Cash provides quick payday loan approvals, and payday loan applicants can receive instant cash in person at a local store or via direct deposit to a bank account or a debit card of choice within one business day. Rapid Cash also makes it easy for customers to settle payday loans by offering customers auto-pay for their loan services.
- Address: 12131 SE Powell Blvd, Portland, OR 97266
- Phone: (503) 762-2224
For more than 50 years, Ace Cash Express has continued to be a premier provider of financial services throughout the United States. They are one of the most reputable providers of payday loan services in the United States. Their dedication to providing quality loan services is shown through their A+ rating from the Better Business Bureau so customers can feel comfortable knowing that they are dealing with a reputable leader in the payday loan industry.
Some of the benefits associated with using Ace Cash Express for payday loan services:
- Quick payday loan approvals after review of qualifying information
- Instant availability of cash at a local store or via direct deposit to a bank account overnight
- A 72-hour grace period that allows payday loan applicants to return loan funds without incurring fees
Please note that military professionals could be limited and/or restricted from payday loans via Ace Cash Express due to regulations that prevent military professionals from receiving loan services with a high APR.
- Address: 2722 N Lombard St, Portland, OR 97217
- Phone: (503) 285-2929
Since 1993, Check Into Cash has been a solid, reputable provider of emergency cash options throughout the United States. With over 650 locations, Check Into Cash is committed to providing dependable, short-term loan services that consumers can trust. This company is reputable and trustworthy with an A+ rating from the Better Business Bureau. While Check Into Cash does not offer a brick-and-mortar location in Oregon, the company does offer online payday loan services for Oregon residents for up to $300.
To qualify for an online payday loan in Oregon, applicants must meet the following qualifications:
- Must be at least 21 years old
- Valid social security number
- Government-issued identification
- Active checking account
- Proof of stable income
- Your checking account number
- Apply Online: Check Into Cash-Oregon (Brick and mortar locations are not available in Oregon)
- Phone: 877-262-2274
What Are the Best Payday Lenders in Portland?
Finding the best payday loan provider is important to ensure that you get the type of payday loan that you desire. Portland and all of Oregon are unique when it comes to the payday loan climate. Many payday loan providers choose to not operate in Oregon due to strict payday loan regulations that limit payday loan fees.
One of the best ways to locate a quality payday lender in Portland is to visit the Oregon Division of Financial Affairs or call 1-888-877-4894. By doing so, you will be able to check the license of specific payday lenders to make sure that you are using a company that is licensed in both Portland and Washington.
The Oregon Division of Financial Affairs also offers a complete list of currently licensed payday loan lenders in Oregon. Consumers are urged to do their due diligence to make sure that they are receiving payday loan services from companies that adhere to both city and state payday loan regulations. Our number one recommendation, LendYou, passes the test.
Why Aren’t There Many Payday Loan Lenders in Portland?
Portland as well as the rest of Oregon is not considered payday loan friendly which is why there are so few payday loan lenders in the state. According to DebtHammer.org, while payday lending in Oregon is legal, many payday lenders choose to not operate in Oregon due to restrictive payday loan laws and regulations. The introduction of a 30% APR cap in 2007 made it quite difficult for payday loan lenders to make a profit in Oregon. Likewise, in 2015, Oregon voided previous payday loan agreements issued by unlicensed payday loan companies. The combination of these payday loan regulations while protective of the payday loan borrower is considered quite restrictive for payday loan lenders which is why many payday loan companies choose not to operate in Oregon.
What Are the Requirements for Payday Loan Lending in Portland?
To obtain a payday loan in Portland, there are specific requirements that applicants must meet. Because payday loans do not require a credit check, payday loan lenders require that applicants provide qualifying information in order to be considered for a payday loan. While guaranteed approval for a payday loan is not possible, it is possible to increase your chances of receiving a payday loan. Here are some recommendations to improve your chances of qualifying for a payday loan:
- Complete the payday loan application thoroughly. Missing information can delay the loan application process
- Provide proof of identification
- Provide proof of income
- Have an active banking account that has been open for at least 30 days
The payday loan lender will review the provided qualifying information to determine if a payday loan applicant is eligible for a payday loan. Although Oregon allows applicants to take out payday loans up to $50,000, this rarely happens. The usual approved payday loan amount is $300.
Upon approval for a payday loan, a licensed payday loan lender is required to provide the payday loan applicant with a written loan agreement. Payday loan borrowers have a grace period of one business day to cancel the payday loan without incurring fees.
Having an active checking account is usually mandatory to receive a payday loan in Portland. If you are considering a payday loan but fall short of the bank account qualification, check out our post on the Best Checking Accounts For Bad Credit.
Conclusion and Next Steps
Obtaining the fast cash you need is possible with a payday loan. The provided list of payday loan companies in Portland has been thoroughly vetted to ensure that they meet the regulatory and licensing qualifications set forth by the Oregon Division of Financial Affairs.
To help you get started on your payday loan search, we recommend our preferred payday loan broker LendYou. With almost 20 years of loan service experience, LendYou is ready to connect you with quality payday loan lenders via its easy-to-use platform providing access to multiple payday loan lenders in Portland.
When doing research, Credit Help Info relies on credible and authoritative sites. These research sources are provided so that you can see exactly where we get our information.
About the Author
Chris Morgan is a credit expert and founder of Credit Help Info. He has been featured in Addition Financial, GOBankingRates, MSN Money, Yahoo Finance, and many other publications. He has read hundreds of books and resources on finance and the credit industry. Because he did this, you don’t have to. As a school teacher for over 20 years, Chris enjoys taking complicated material and breaking it down into manageable information that’s easy to understand.