What people use personal loans for
A personal loan is a lump sum repaid in fixed monthly payments, often for a larger cost such as a car repair, a move or medical bills; the examples below stay within Oregon limits.
What personal loans can cost
These examples show how cost adds up. They are illustrative, not a quote. Your lender sets the actual rate and terms.
Representative example
- Amount borrowed
- $3,000
- Annual percentage rate (APR)
- 29.99%
- Repayment
- 12 monthly payments
- Payment
- $292.45
- Finance charge
- $509.40
- Total of payments
- $3,509.40
Example: a $3,000 installment loan at 29.99% APR repaid in 12 monthly payments of $292.45 costs $3,509.40 in total, including a finance charge of $509.40. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
Representative example
- Amount borrowed
- $1,000
- Annual percentage rate (APR)
- 29.99%
- Repayment
- 12 monthly payments
- Payment
- $97.48
- Finance charge
- $169.76
- Total of payments
- $1,169.76
Example: a $1,000 installment loan at 29.99% APR repaid in 12 monthly payments of $97.48 costs $1,169.76 in total, including a finance charge of $169.76. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
Representative example
- Amount borrowed
- $500
- Annual percentage rate (APR)
- 29.99%
- Repayment
- 12 monthly payments
- Payment
- $48.74
- Finance charge
- $84.88
- Total of payments
- $584.88
Example: a $500 installment loan at 29.99% APR repaid in 12 monthly payments of $48.74 costs $584.88 in total, including a finance charge of $84.88. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
What Oregon law allows
| Product | Status | APR cap | Amount | Term | License | Law |
|---|---|---|---|---|---|---|
| Installment and personal loans[1][2][3] | Allowed | 36% APR | Not set by statute | Not set by statute | Consumer Finance license | ORS 725.340; ORS 725.045 |
| Verified against the statute and regulator on September 23, 2026. Laws change; confirm with the regulator before you borrow. | ||||||
Bars place each APR cap on a 0 to 400% scale; the pin marks the cap. A striped bar means the statute sets no numeric cap.
The rules in full
Installment and personal loans
- Rate cap
- Consumer finance licensee may charge a finance charge not exceeding the greater of 36% APR or 30 percentage points above the discount window primary credit rate as set annually by the Director effective each January 1, plus other reasonable and bona fide fees/expenses (e.g. amounts exempted under 15 U.S.C. 1605(d)-(e)), prepayment and late fees, and collection expenses.
- Fees
- For precomputed loans repayable in 62 months or less with equal monthly installments: default charge up to 5% of the unpaid installment or $5, whichever is less; deferral charge at the applicable APR; prepayment rebate of unearned interest computed after allowing the licensee to retain the lesser of 10% of the amount financed or $75 (see ORS 725.340 for full formula).
- License
- Consumer Finance license (ORS chapter 725), issued by the Division of Financial Regulation; making these loans without a license is prohibited under ORS 725.045.
Full detail for every loan type: Oregon lending laws.
Help in Oregon
Rent and jobs in Oregon
Typical rent and the jobless rate, to weigh before a loan payment.
Other options in Oregon
Cheaper options to try first
Worth checking whatever your credit: these can cost less than a high-rate loan.
- Credit union payday alternative loans (PALs), capped at 28% APR under NCUA rules (12 CFR 701.21).
- Nonprofit credit counseling through the National Foundation for Credit Counseling.
- A payment plan from the company you owe, if you ask before you miss a payment.
- 211 for help with rent, utilities and food: call 211 or visit 211.org.
More cheaper options in Oregon.
Other loan types allowed in Oregon
- Installment loans in Oregon
- Emergency loans in Oregon
- Title loans in Oregon High-cost loan
- Payday loans in Oregon High-cost loan
Personal loans in nearby states
- WashingtonAllowed 25% APR
- IdahoAllowedNo rate limit in state law No rate limit
- NevadaAllowedNo rate limit in state law No rate limit
- CaliforniaAllowed 36% APR
- UtahAllowedNo rate limit in state law No rate limit
Sources
- Public.Law. ORS 725.340. Retrieved September 23, 2026.
- dfr.oregon.gov/help/complaints-licenses/pages/file-complaint.aspx. Retrieved September 23, 2026.
- dfr.oregon.gov. Oregon Division of Financial Regulation (DFR), Dept. of Consumer and Business Services. Retrieved September 23, 2026.
- National Low Income Housing Coalition. Out of Reach 2026: Oregon. Retrieved September 23, 2026.
- U.S. Bureau of Labor Statistics. Local Area Unemployment Statistics (LAUS), All States, Seasonally Adjusted. Retrieved September 23, 2026.
Important disclosures
APRs vary by lender and state in Oregon. Each lender sets its own rates and terms and must show you the APR before you sign.
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