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Rhode Island Installment Loans for Bad Credit

Rhode Island Installment Loans for Bad Credit

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Start a simple online application for bad credit Installment Loans in Rhode Island and get the money today!

Unsecured Installment Loans in Pennsylvania suit any needs you have. You can use the money for consolidating debts, paying unexpected bills, medical and dental service, etc. Get $1,000 up to $5,000 following 3 easy steps: apply online, get instant decision and the money will be deposited into your bank account in 1 -2 business days. Can't get approved by banks or credit unions in Pennsylvania? Not a problem! Direct lenders provide high approval rates and accept even subprime borrowers with bad credit. Don't worry about repayment as it's done in scheduled fixed installments within 3-36 months. You have the chance to compare various offers to find the cheapest one.

Need quick cash? Apply online for Installment Loans from the Best Direct Lenders and get up to $5,000 instant financing the same day even with bad credit.

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Why Choose Compacom for Installment Loans in Rhode island

If you've come across urgent financial needs and the next pay day is far away, Compacom will help you get instant cash today with fast and easy Online Payday Loans from the best Rhode island direct lender. More than 63 386 trust us and they have clear-cut reasons.
Quick and Easy
Apply for a fast payday loan online right now and pay the money back with your next paycheck.
No Hard Credit Check
Get guaranteed instant approval decision without hard inquiry no matter what your credit is.
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Get connected with the best legit direct lenders. OLA certified. Trusted by thousands of US borrowers.

How Rhode island Installment Loans Online Work - 3 Easy Steps to Instant Cash

Complete a simple application form online in minutes at the best Rhode island lender's website.
If you qualify, you'll be approved fast same day. Check your rates and sign a loan agreement.
Get your Installment Loans fast with a direct deposit to your bank account.
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Are Installment Loans Legal in Rhode Island?

Loan Rates and Fees, Laws and Regulations in Rhode Island.

We've done a thorough research of the main lending details and presented them in the table to make it more clear and convenient for you:

Law statuslegal
MIN Loan Amount$1,000
MAX Loan Amount$5,000
MIN. Loan Term90 days
MAX. Loan Term36 month
MIN APR6.63%
Collateral or guarantorNone, unsecured
Credit score requirementsAvailable for Bad Credit
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Apply for Online Installment Loans and get instant decision from top lending organizations

TOP RATED COMPANIES

Rates last updated April 22nd, 2024
5
(1 vote)
E-Skills Loans
Available for Bad Credit
4.537037037037
(810 votes)
Funded Justice
6,63%
Min APR

The minimal percentage allowed that actually represents annual cost of your loan. The APR is based on several things

None, Unsecured
Collateral

Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.

$1,000
Min Loan Amount

It’s the minimal amount of cash advance you can apply for. It’s not always stated

Available for Bad Credit
4.7931873479319
(822 votes)
Smart Pig
6,63%
Min APR

The minimal percentage allowed that actually represents annual cost of your loan. The APR is based on several things

None, Unsecured
Collateral

Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.

$1,000
Min Loan Amount

It’s the minimal amount of cash advance you can apply for. It’s not always stated

Available for Bad Credit
4.1394025604552
(1K+ votes)
Indylend
$5000
MAX Loan Amount

It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000 for Payday Loans, $1000 - $5000 for Installment loans, and up to $15,000 for Personal loans. But it may vary depending on the lender and his requirements.

4.99%
MIN APR

The percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.

None, Unsecured
Collateral, or Co-signer

Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.

Available for Bad Credit
4.5059328968903
(4K+ votes)
LEND YOU
$5,000
MAX Loan Amount

It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000 for Payday Loans, $1000 - $5000 for Installment loans, and up to $15,000 for Personal loans. But it may vary depending on the lender and his requirements.

6.63%
MIN APR

The minimal percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.

None, Unsecured
Collateral or Guarantor

Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.

Available for Bad Credit

Rhode Island Installment Loans Near Me

Get a quick cash loan near your location

We are soon expanding to the following cities of Rhode island. For instant cash advance at these locations you can use our online application form

Rhode Island Installment Loans: What Are They?

A type of loan known as an installment loan is repaid over a defined length of time through a predetermined number of periodic payments, or "installments." The principal (the original amount borrowed) and interest are often both included in the payments.

Unlike revolving credit like credit cards, which allow for ongoing borrowing and variable payments, installment loans are for a specific dollar amount and are paid back over a set schedule. Once an installment loan is paid off, you can't add to the loan without applying for a new one.

How Installment Loans Work in Rhode Island

When you take out an installment loan, the lender will provide you with a lump sum of money. You then pay the money back, along with interest and potentially other fees, over a set period of time.

The exact terms of an installment loan can vary. Here are some of the main components:

  1. Principal: This is the amount of money you borrow. The principal can range from a few hundred dollars for a small personal loan in Rhode Island, to hundreds of thousands or even millions of dollars for a mortgage.
  2. Interest Rate: The interest rate is the amount the lender charges for the use of its money. Rates can vary widely based on the type of loan, the borrower's creditworthiness, and the current market conditions.
  3. Term: The term is the amount of time you have to pay back the loan. Some installment loans, like car loans and home mortgages, have long terms that can last for years or even decades. Other loans may have terms of only a few months.
  4. Payment Schedule: This is the frequency with which you make payments. Most installment loans have monthly payments, but some might have bi-weekly or weekly payments.

Your payments will always be the same amount, making budgeting for them simple. Initially, a bigger portion of your payment will go toward interest; but, as time passes and you pay down the principal sum, an increasing percentage of your payment will go toward doing so.

Applying for Installment Loans in Rhode Island

You must be eligible to borrow an installment loan in Rhode Island, and you must have the required paperwork on hand. Additionally, you have the choice of applying in person or online.

While specific criteria may vary from one lender to another, generally, you would need to meet the following requirements:

  1. Age: You must be at least 18 years old.
  2. Residency: You need to be a resident of Rhode Island. Some lenders might require proof of residency.
  3. Income: You must have a steady source of income. This can be from employment, self-employment, or even regular benefits like Social Security or disability.
  4. Credit Score: Lenders typically check your credit score. While some lenders offer loans to individuals with poor credit, better credit scores generally provide access to better interest rates.
  5. Debt-to-Income Ratio: This is a measure of your monthly debt payments compared to your monthly income. Lenders may use this to assess your ability to manage payments.

Required Documents and Information

When applying for an installment loan, you will typically need to provide the following:

  1. Proof of Identity: This could be a state ID, driver’s license, or passport.
  2. Proof of Income: Pay stubs, tax returns, or bank statements can serve as proof of income.
  3. Proof of Residency: A utility bill, lease, or a copy of your mortgage can serve as proof of your Rhode Island residency.
  4. Social Security Number: Lenders will need your Social Security Number to check your credit score.
  5. Bank Account Information: If you're approved for a loan, you'll likely receive the funds via direct deposit.

Online vs. In-person Applications for an Installment Loan in Rhode Island

You can apply for an installment loan in Rhode Island either online or in-person.

  • Online Applications: Many lenders offer online applications that you can complete on your own time, from the comfort of your home. This process usually involves filling out an online form and uploading necessary documents. It can be convenient and fast, and you're typically informed about your approval status shortly after applying.
  • In-Person Applications: Alternatively, you can apply in person at a bank or lending institution. This might be a good option if you need assistance with the application process or have questions you want to ask in person. This process might take a bit longer than the online application, especially if the lender is busy.

Regardless of the method you choose, it's important to compare loan offers from different lenders to ensure you get the best rates and terms.

Benefits and Risks of Installment Loans in RI

Advantages of Installment Loans

Potential Pitfalls and Risks of Installment Loans

Predictable Monthly Payments: With most installment loans, you know exactly how much you'll pay each month, making it easier to budget.

High Interest Rates: Depending on your credit score and the lender, installment loans can sometimes come with high interest rates.

Improves Credit Score: Regular, on-time payments can help build your credit score over time.

Penalties for Missed Payments: If you miss payments or default on the loan, it can significantly damage your credit score.

Fast and Easy Access to Funds: Depending on the lender, you might be able to get an installment loan within a few hours or days, which is beneficial in emergencies.

Fees and Penalties: Some installment loans come with origination fees, late payment fees, and prepayment penalties that can add to the overall cost of borrowing.

Flexible Terms: Installment loans can have varying terms, from a few months to many years, which can be customized to your needs.

Long Term Financial Commitment: Long-term installment loans can make you commit a portion of your future income for several years.

Can be Used for Various Purposes: Installment loans can be used for any purpose, including paying for large purchases, consolidating debt, or handling emergencies.

Potential for Over-borrowing: Since installment loans are easy to obtain, there's a risk of borrowing more than you can afford to pay back.

No Credit Check Installment Loans in Rhode Island

"No credit check" installment loans are typically short-term loans given to individuals who might not have the best credit history or score. These loans don't require a traditional credit check, making them appealing to borrowers with bad credit. However, they often come with high interest rates and fees.

These types of loans can come with very high interest rates and fees, which can make them difficult to pay off. You should ensure you understand the full cost of the loan, including the annual percentage rate (APR), any fees, and what happens if you miss a payment.

Given the potential costs associated with "no credit check" installment loans, it's worth considering alternatives. Credit unions often offer payday alternative loans (PALs) in Rhode Island to members, which have lower interest rates and more favorable terms. You might also consider a secured loan, which requires you to provide collateral but generally has a lower interest rate. Lastly, credit counseling or debt management plans can help you handle debt without needing to take on more loans.

Cash Advance and other Money Offers in Rhode island

Up to $1,000 instant cash advance for a short term of 14 - 30 days. Same-day financing once approved. Bad credit is considered too.
$5,000 - $35,000 quick loans for any personal needs. Available for any credit score and don't require any collateral.
Fast Title Loans secured by your vehicle title as collateral. No inspection. No credit checks. Instant cash for bad credit same day.

FAQ

 
How do I know if an installment loan lender is legitimate?
 
Can a retired person get an installment loan in Rhode Island?
 
Can I get an installment loan with a part-time job in Rhode Island?
 
Can I pay off my installment loan with a credit card in Rhode Island?

Installment Loans Hub

In the Installment Loans Hub, we've collected all the useful guides and resources on Installment Loans. Our experts conducted thorough research to give you the answer to any possible question on the topic.

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