Bad Credit Online Magazine - Daily News and Advice on Credit, Debt and Mortgage : Oregon will likely cap payday loans

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January 16, 2006

Oregon will likely cap payday loans

Oregon payday loan bonanza may start cooling off and the local thriving payday loan industry that has enjoyed smashing fees that sometimes amount to over 500 percent in yearly interest, isn't crazy about it. But so aren't the lawmakers who receive too many complains to ignore, from the consumers who were unfortunate enough to get themselves in what seems to be a never-ending cycle of payday loan borrowing and paying back. And paying huge fees along the way.

Oregon payday loan business has grow very rapidly. There were only 184 licensed short-term loan businesses in entire state in 2001, making $107 million in loans which is about $581,000 per store on average. In 2004, there were 323 businesses, making $245 million in loans, about 758,000 per store on average.

Posted in Payday Loans at January 16, 2006 11:42 AM

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