Loans in Rhode Island

Payday loans and personal loans in Rhode Island - Read about the loan laws in Rhode Island and find the Best Rhode Island online loans here!

How much would you like to borrow?

Compare Rhode Island Loans

Borrow $1,000 with a period of 6 Months.
Edit Search
Amount: $1,000 | Period: 6 Months
Search Options
We found 13 loans

Edit Search

More Filters Reset
Choose your state

Chosen 321 times

Chosen 321 times

Loan Amount

$1,000

APR:

4.99% - 1,386.00%

Total Payment

$1,014.60

for 6 months

Monthly payback

$169.10

for 6 months

Open right now

Customer type:

All

Borrow up to

$35,000

Estimated Payback

26/03/2022

Weekend Payout

Age

18

0 Reviews

Interest & Costs

Flexibility & Terms

Website & Functionality

Support & Service

recommended

Chosen 71,993 times

recommended

Chosen 71,993 times

Loan Amount

$1,000

APR:

5.99% - 35.99%

Total Payment

$1,017.54

for 6 months

Monthly payback

$169.59

for 6 months

Open right now
Most chosen

Customer type:

All

Borrow up to

$5,000

Estimated Payback

26/03/2022

Weekend Payout

Age

18

25 Reviews

Interest & Costs

Flexibility & Terms

Website & Functionality

Support & Service

recommended

Chosen 22,274 times

recommended

Chosen 22,274 times

Loan Amount

$1,000

APR:

5.99% - 35.99%

Total Payment

$1,017.54

for 6 months

Monthly payback

$169.59

for 6 months

Open right now
Best reviews

Customer type:

All

Borrow up to

$35,000

Estimated Payback

26/03/2022

Weekend Payout

Age

18

9 Reviews

Interest & Costs

Flexibility & Terms

Website & Functionality

Support & Service

Important

Please note that loan amounts, interest rates and other loan terms may vary according to your state and credit profile.

Show all 13 offers
$1,000
Compare Offers
Rhode Island Loans

What You Should Know about Loans in Rhode Island?

The law regulating check cashers has established that payday loans are legal in Rhode Island. Find out more about how these regulations affect your borrowing ability.

How is Rhode Island Different from Other States?

Rhode Island is different from other states in that instead of limiting how long you are allowed to have a loan, they limit how short it should be. The minimum period is 15 days.

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.

Rhode Island Rates and Fees

loans in Rhode IslandHere 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 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 $15 per $100 loan. Rhode Island cash advances APR are capped at 390%.

Complaints and Queries

The Rhode Island Department of Business Regulation is the place to direct your queries and complaints. Laws on criminal action and collection fees and not specified.

AuthorFinancer.com

Insightful articles, Industry news, Independent price comparisons

Share on

We use cookies to give you the most relevant experience. By using our site, you accept all cookies and our privacy policy. To find out more about what cookies we use you can go to privacy overview