- Payday loans in Madras follow Oregon law (ORS chapter 725A).
- Borrowing $300 at the state maximum costs About $39 on a 31-day loan ($30 origination fee plus 36% interest).
- The nearest larger city is Redmond, about 28 miles away.
Madras at a glance
| Madras | |
|---|---|
| Population (2024 Census estimate) | 7,764 |
| Change since 2020 | +3.7% (growing) |
| County | Jefferson County |
| Size rank among 211 Oregon places we cover | 66th |
| Nearest larger city | Redmond (about 28 miles) |
| Credit unions headquartered in town (NCUA) | None |
| Other towns within 25 miles | 2 (about 2,698 residents) |
| Typical payday APR statewide (CRL 2023) | 140% |
Payday lending in Madras follows Oregon state law. Lenders that serve Madras, in a store or online, must be licensed by the Oregon Division of Financial Regulation.
Credit unions near Madras
NCUA data (June 2026) shows no credit union headquartered in Madras or Jefferson County. Many credit unions have branches in other towns or accept members online. Use the NCUA’s Credit Union Locator to find one near you.
Only federal credit unions can offer payday alternative loans (PALs), capped at 28% APR; state-chartered credit unions often have their own small-loan products. Membership rules apply, and only main offices are listed here; find branches near you with the NCUA Credit Union Locator. See how PALs work.
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Payday loan rules that apply in Madras
The main Oregon rules for a payday loan in Madras: minimum term: 31 days; interest: 36% a year; origination fee: $10 per $100, up to $30 on a new loan. See the full Oregon payday loan rules.
What a $300 loan costs in Madras
The Center for Responsible Lending put the typical APR on a $400 payday loan in Oregon at 140% (June 2023). For $300 at the state maximum, expect About $39 on a 31-day loan ($30 origination fee plus 36% interest). Check any offer with our payday loan calculator.
Other help in Jefferson County before you borrow
- Call or text 211 for help with rent, utilities and food in Jefferson County.
- Ask a federal credit union about a PAL: $200–$2,000 at no more than 28% APR (how PALs work).
- Check your bank app for a small-dollar loan or early pay (bank options).
- Try a cash advance app if you have direct deposit (apps compared).
Towns near Madras
The nearest larger city is Redmond, about 28 miles away. See all 211 Oregon cities.
Need cash before payday?Send one free request to our lender network. We are not a lender; offers and rates come from lenders.
Request a loanFrequently asked questions
Are payday loans legal in Madras?
Yes. Payday loans are legal in Madras under Oregon state law, and lenders must be licensed by the Oregon Division of Financial Regulation.
How much does a payday loan cost in Madras?
At Oregon’s maximum fee, borrowing $300 costs About $39 on a 31-day loan ($30 origination fee plus 36% interest). The typical statewide APR was 140% in 2023.
Where is the nearest credit union to Madras?
NCUA data shows no credit union headquartered in Madras or its county. Use the NCUA credit union locator to find branches and online credit unions.
Sources
- U.S. Census Bureau — City and town population totals, Vintage 2024
- U.S. Census Bureau — 2024 Gazetteer files (place locations)
- NCUA — Credit union call report data, June 2026 (FOICU)
- Oregon DFR — Payday loans
- Center for Responsible Lending — Red Alert Rates: APRs on $400 single-payment payday loans (June 2023)
- CDFI Fund — NCUA payday alternative loans summary