Oregon is a state in the Pacific Northwest region of the United States. The Oregon State Legislature passed a new law in 2007 that placed a 36% APR (Annual Percentage Rate) on small consumer loans. The Oregon law states that the loan may not be more than 25% of the borrower’s income per month and the loan term may not exceed 60 days. Due to usury laws lenders charge their own rate of interest. Payday loans require a short-term lending license. The law allows a borrower to extend or rollover a cash advance loan three times. Lenders are allowed to charge interest on the renewal, but they may not charge any additional origination fees.

The Federal Truth-in-Lending Act requires lenders to disclose the annual percentage rate (APR). Lenders may not make a new payday loan to you on the day the loan expires or during the six days before and the six days after the date on which a payday loan expires.