Loans in Rhode Island

Financer.com helps you compare online loan rates in Rhode Island. Compare different loan options in Rhode Island and read more about the payday loan laws in the state.

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The Best Rhode Island Loans for January 2023

Borrow $1,000 for a period of 6 Months.
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Amount: $1,000 | Period: 6 Months
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We found 13 loans

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Chosen 2,153 times

Chosen 2,153 times

Loan amount

$1,000

APR:

4.99% - 35.99%

Total Payment

$1,014.75

for 6 months

Monthly payback

$169.13

for 6 months

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Customer Type

All

Borrow up to

$50,000

Estimated Payback

27/07/2023

Weekend Payout

Age

18

0 Reviews

Interest & Costs

Flexibility & Terms

Website & Functionality

Support & Service

recommended

Chosen 83,440 times

recommended

Chosen 83,440 times

Loan amount

$1,000

APR:

5.99% - 35.99%

Total Payment

$1,017.57

for 6 months

Monthly payback

$169.60

for 6 months

Open right now
Most chosen

Customer Type

All

Borrow up to

$10,000

Estimated Payback

27/07/2023

Weekend Payout

Age

18

35 Reviews

Interest & Costs

Flexibility & Terms

Website & Functionality

Support & Service

recommended

Chosen 28,040 times

recommended

Chosen 28,040 times

Loan amount

$1,000

APR:

5.99% - 35.99%

Total Payment

$1,017.57

for 6 months

Monthly payback

$169.60

for 6 months

Best reviews

Customer Type

All

Borrow up to

$35,000

Estimated Payback

27/07/2023

Weekend Payout

Age

18

15 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.

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$1,000
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How to Compare Loans in Rhode Island

How to Compare Loans in Rhode Island
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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.

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The Advantages of Online Rhode Island Loans

Online Personal Loans Are Convenient
Online Personal Loans Are Convenient
Get Funds As Soon As The Same Day
Get Funds As Soon As The Same Day
Apply Anywhere, Anytime
Apply Anywhere, Anytime
Less Paperwork Required
Less Paperwork Required

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 StatusLegal
Interest Rate (APR)261%
Max. Loan Amount$500
Min. Loan Term13 days
Max. Loan TermNot specified
Number of Rollovers1
Finance Charges10% of the amount
Database TrackingNo
Updated July 29 2022

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.
Holiday
Holiday
Wedding
Wedding
Home Renovations
Home Renovations
Bills
Bills
Shopping
Shopping
Education
Education

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.

Why Compare Personal Loans at Financer.com

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Completely Free Comparison
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Read Genuine Customer Reviews
Find the Cheapest Payday Loans in Rhode Island
Find the Cheapest Payday Loans in Rhode Island
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What Customers Say About Us

4.61 based on 314 reviews

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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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