Oregon has no online title loan businesses that are licensed.
Omar Barcena/Flickr
Title loans are a convenient way to borrow money.
But customers should make sure their lender is licensed.
Jake Sunderland, with the Oregon Department of Consumer and Business Services, says there aren’t any online title lenders in Oregon.
“If they’re online and offering a title loan, they’re a fraudulent company and you’re going to put yourself at much higher risk for fraud,” he said.
And why should you care about a license?
“You’re going to be facing higher fees. You’re going to be at risk of repossession for your car. You’re at risk for identity theft," said Sunderland. "There’s a whole host of issues that you open yourself up to when you deal with someone that’s not licensed.”
There are licensed title loan companies that do business at brick-and-mortar outlets.
A list of licensed lenders can be found at the consumer department's website.
