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Online Loans in Rhode Island
Rhode Island payday loans are legal in the state. The law in Rhode Island is somewhat different from other states in that it limits how long you are allowed to have a loan.
The minimum loan term is 13 days and the maximum loan amount for payday loans is $500.
Rhode Island cash advance laws permit one rollover per loan. A lender is allowed to charge a fee for this rollover as disclosed in the contract.
Find out more about how these regulations affect your borrowing ability.
The Advantages of Online Rhode Island Loans
Rhode Island Loan Rates and Fees
Here is a breakdown of the basic fee structure that the law requires of lenders operating in Rhode Island:
- Lenders can charge a 10% interest rate;
- Lenders are prohibited from charging more than 260% of APR for a $100 loan;
- Loans provided to a person per year can be three and they should not exceed $500 each;
- Creditors may charge up to 12% on debt without an agreement and 21% if there is an agreement.
Exceptions to the above last rule include pawnbrokers, licensed lenders and retail finance charges. Sometimes a bank may import a higher rate limit from another state, forcing you to pay more than 21% in interest rates.
Payday lenders stores should have a fee schedule and the interest rate posted publicly at the office. This should make it easier for the customer to see how much they will need to pay.
The lender should also keep a list of identification forms they accept from borrowers when issuing Rhode Island installment loans. A written contract signed by both the borrower and lender is mandatory. The contract should state the fees, the APR and information on the loan term.
Rhode Island Payday Loan Regulations
| Legal Status | Legal |
| Interest Rate (APR) | 261% |
| Max. Loan Amount | $500 |
| Min. Loan Term | 13 days |
| Max. Loan Term | Not specified |
| Number of Rollovers | 1 |
| Finance Charges | 10% of the amount |
| Database Tracking | No |
Rhode Island Loan Terms
There is no maximum loan term, only a minimum of 13 days. Borrowers can extend the loan by simply paying a one-time finance charge.
Borrowers may borrow up to three outstanding loans as allowed by the state.
However, the loan limit is capped at $500 with an interest fee of 10% of the amount borrowed. Rhode Island cash advances APR are capped at 261%.
Get the Loan You Need
An online personal loan can help when you need cash for large purchases or unplanned expenses.
Consumer Information
As of July 2020, lenders are not required to check a borrower’s ability to repay a loan. Lenders may not take any criminal actions against borrowers.
You can direct any complaints or queries about a lender to the Rhode Island Department of Business Regulation.
⚠️ Note: Payday loans can carry high APRs. Make sure you can afford a payday loan to avoid getting into a debt trap.
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Compare Rhode Island Loans at Financer.com
Financer.com helps you compare the best personal loans in Rhode Island and get the best loan rates from leading lenders.
We look for lenders that offer full transparency and have a long track record of successful lending and satisfied customers. We are always improving our comparisons, but are confident in what we can bring to market, and we know you will be as well.
Use our free loan comparison tool to find the right personal loan in Rhode Island and take the guesswork out of doing all the legwork yourself.
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