Online lenders ignore law

Many online payday lenders disregard Oregon law that puts a cap on interest rates.

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Oregon law puts a cap on interest rates for payday lenders, but many online lenders ignore it – and customers are the ones who suffer.

Such steep interest violates 2006 and 2007 Oregon laws that capped payday loan interest rates as of July 1, 2007. Four-fifths of Oregon’s storefront payday lenders have shut down since then, but on-line lenders continue to lure cash-strapped Oregonians — flouting state law and fleecing customers.

“It’s better to ask a faceless company than ask your friends for money,” says Tim, a 38-year-old Southeast Portland resident who also recently applied for an online payday loan when his birthday loomed and he was tight on cash.

Read the full story at the Portland Tribune.

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