Payday Loans Salem Oregon
Full name: Salem
Year of foundation: 1842
Population (with surroundings): 171,806.
Area: 125 sq.km.
The city of Salem is located in the northwestern part of the country and is the administrative center of the state of Oregon. Its population currently exceeds 170,000. The median household income is $73,609. The poverty rate is 15.54%. The rate of issued payday loans Salem Oregon is 38%. The median rental costs are app. $975 a month. The median house value is $242,800. The median age in Salem is 36 years old. Female rate – 83,869 (49.55%), male – 85,390 (50.45%). Average earnings are $34,678.
What are payday loans in Salem Oregon?
Payday loans in Salem Oregon are small credit means that are issued to clients of payday lending services. Such financial assistance is approved for a short period of time. The interest rate may differ significantly from bank offers, that is, it may be higher. The activities of such organizations are clearly regulated by law.
The loans Salem Oregon is issued on the following terms:
- the contract is similar to a bank loan agreement, but it is signed only with an ID (you will simply take out a loan secured without income, no collection of documents on permanent employment);
- the application for a secured loan is processed within a few minutes (the maximum time can reach one hour, which is extremely rare);
- by taking out urgent loans in Salem Oregon without refusal, you will be able to repay the debt at any time (even ahead of schedule);
- an instant loan to a card or in cash is not subject to additional fees;
- interest is calculated based on the actual number of days of using small lending option.
If we compare the interest rate of payday loans with those loans offered by banking institutions, they look quite intimidating. But if we take into account the fact that payday loans are issued for a week or a month, then the amount of prepayment ceases to seem quite large. At the same time, according to the current legislation, financial organizations that provide short-term loans to customers must provide all information regarding the full amount of prepayment when signing the contract.
What is the peculiarity of payday loans taken out over the Internet?
A small loan is issued on the terms specified in the contract. If the borrower has taken out quick cash advance, the repayment of the debt occurs in accordance with the procedure established by the lender.
The application is processed and reviewed in the same way as when visiting the office of a lending service:
- the borrower fills out a loan application form online;
- the application is processed within 2-30 minutes;
- the microfinance organization gives the answer.
Payday lenders check only ID data for forgery of personal information. They are not interested in the borrower’s credit history.
When should I contact the payday lending services?
Payday lenders come to the rescue when a person needs extra cash urgently, instantly. Usually consumer loans are provided as “payday money” for the purchase of small and large household appliances, furniture, repairs, treatment, vacation or other needs.
You can also contact the MFI if banks for some reason do not issue you a loan. Such reasons may be a bad credit history or an unsatisfactory credit rating.
In order to get money from a payday lender, only an ID is often needed from the documents. And checks on the reliability of the borrower are more superficial than bank conducts, or are not carried out at all. You will need to fill out a simple application where you need to specify your contact details and income.
Who can expect to receive a loan?
Usually, in order to issue payday loans, the MFO puts forward the following requirements to borrowers:
- the presence of US citizenship or temporary residence permit;
- get acquainted with the terms of the loan;
- provide your personal data;
- availability of internet access;
- at the time of registration of the contract, the client should turn 18 years old.
Advantages of payday loans in Salem Oregon over a bank loan
The main advantage of payday loans is that it is easy to get it, but the money is given out at a huge percentage. MFIs explain this by the fact that there is a high probability that the borrower will not repay the loan received.
A short-term loan can even be issued to a person with a bad credit history or without a permanent job.
Also, the advantages include the high speed of issuing a loan. The time for approval of the application is minimized, and you can get the necessary amount via the Internet without visiting a financial institution. Before that, you need to spend a little time filling out the application, after which you will be transferred money to a bank card or any chosen payment system.
MFIs often encourage borrowers who repay debts on time and increase the maximum amount of funds issued to them for the next loan.
Payday loans can be repaid before the due date.
It is possible to prolong the loan in some MFIs. If you miss the deadline for paying the loan, then penalties will be applied to you, which can be quite severe (the interest rate on the loan increases and you will receive threats from collectors). But you can protect yourself from this problem by making a prolongation (extension) of the loan agreement that some MFIs provide to their clients.
Payday loans vs bank loans
Only a bank can issue a loan, and any office with the necessary license can issue a quick loan. MFIs are usually not interested in the borrower’s credit history, his solvency and existing debts. They may well give out money, even if they suspect that they will not see the client again.
Debtors are a separate issue. Bank employees will seek payments by legal means (through the judicial system), and the MFO can transfer the client’s data to collectors. Usually in such cases they are not too concerned about their own reputation.
|Lending type||Bank loan||Payday loan|
|Amount||It is individual in each bank. According to the law, there are practically no restrictions, banks take out from different loan amounts.||$100-$5,000|
|Term||from 3 months to several years||Customers must return the money in a few weeks, more often from 1 to 5|
|Rates||Approximately 10-20% per annum||1-2% per day and up to 700% and over annually|
|Documents||A significant package of documents. Bank managers also study credit history and income||ID|
|Application||It usually takes a few days.||Instant/online|