Rhode Island Payday Loan Laws and Regulations

Find out if short-term Payday Loans are legal in Rhode Island and what amounts, interest rates and repayment terms are set by the state's Legislation.

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wyoming payday loans Rates and Terms

Legal Status

Legal Status

The status of a loan type according to the Federal laws and regulations. What concerns Payday Loans some states consider them legal, some – illegal and some restrict them in terms of amounts and interest rates.

Legal
Maximum Loan Term

Maximum Loan Term

It’s the maximum period of time within which you are to allowed to pay off your loan.

30 day(s)
Maximum APR

Maximum APR

The maximum 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.

780.00%
Average APR

Average APR

The average 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.

260.00%
Finance Charges

Finance Charges

All the payments you’re going to be charged for the loan including APR and other fees.

$30 (or 20% per month)
Legal Payday Loans Online for Rhode Island residents

Make yourself safe by studying Rhode Island laws, rules, and regulations concerning Payday Loans and other short-term cash advance. 

Compare top legit Payday Lenders in Rhode Island:

LendYou will help you get the cash you need when you need it. You can apply for Payday Loans, Installment Loans or Personal Loans, etc. Compare the lenders and get matched with the best one.

  • MIN Loan Amount: $100
  • MAX Loan Amount: $35000
  • Terms: Varied
  • Rates and fees: Starting at 4.99% APR
  • Turnaround Time: 1 business day
  • $100 - $1000 Payday Loans
  • $1000 - $5000 Installment Loans
  • $5000 - $35000 Personal Loans
  • 18 years of age or older
  • U.S. citizenship
  • Valid checking or savings account with direct deposit
  • Minimum regular income of $1,000 per month
  • Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
Pros
  • High up to $15,000 loan amounts. 
  • Minimal restrictions on how you can use your loan.
  • No collateral or guarantor.
  • Bad credit is OK. 
Cons
  • It's not a direct lender, so you'll need to clarify rates and terms with the company you are matched with. 

 

Greenlight Cash created an online platform to connect consumers like you with reliable lenders across the country. They partner with a large network of professionals so you get a chance to work with one of them and meet the challenge of improving your financial situation in the most effective way. Once you tap submit, you get one step closer to receiving the funds.

  • Payday Loans
  • Installment Loans
  • Personal Loans
  • be a legal U.S. resident
  • be at least 18 years old
  • have a stable source of income
  • be currently employed
  • have an active bank account
Pros
  • Unrivaled flexibility and accessibility.
  • Predictable monthly payments

  • Quick and simplified borrowing process

  • Any credit is welcome
Cons
  • Not a direct lender.

 

GoGoPaydayLoans offers Payday Loans at affordable rates with convenient repayment terms. 

  • MIN Loan Amount: $100
  • MAX Loan Amount: $1000
  • Terms: Vary by state.
  • Rates and fees: 261% to 782% APR
  • Turnaround Time: 1 business day

$100 - $1000 Payday Loans

  • Active checking account open for 90+ days
  • US citizen or permanent resident
  • Personal and work phone number
  • Valid email address
  • 21+ years old (19+ in Alabama)
  • Social Security number (for Indiana residents only)
Pros
  • You can get even as low as $100.
  • Quick funding on the next business day.
  • Money can be used for any personal needs.
Cons
  • Not available in every state.
  • APR can be more than 153.73% depending on your state.
  • High late payment fees.

 

Indyloan.com offers Personal Loans online at affordable rates with convenient repayment. 

  • MIN Loan Amount: $100
  • MAX Loan Amount: $5000
  • Terms: Vary by state
  • Rates and fees: Varied
  • Turnaround Time: 1 - 2 business day

Personal Loans

  • Active checking account open for 90+ days
  • US citizen or permanent resident
  • Personal and work phone number
  • Valid email address
Pros
  • Quick - no driving, waiting, faxing, paperwork.
  • High approval rate even for bad credit borrowers.
  • Online Payday cash advance with no collateral or co-signer.
  • 24 / 7 online service.
Cons
  • High interest rates.
  • Available not in all the states.
  • Only loans up to $5000 are available.

 

Extralend.com offers Personal Installment Loans online at affordable rates with convenient repayment. 

  • MIN Loan Amount: $100
  • MAX Loan Amount: $3000
  • Terms: 6 months - 2 years
  • Rates and fees: Varied
  • Turnaround Time: 1 - 2 business day

Personal Installment Loans

  • At least 18 years of age
  • US residence
  • A valid telephone number and email address
  • An active bank account in your name
  • Be employed for at least 90 consecutive days with the same employer
  • Meet minimum income guidelines
Pros
  • Quick - no driving, waiting, faxing, paperwork.
  • High approval rate even for bad credit borrowers.
  • Online Payday cash advance with no collateral or co-signer.
  • 24 / 7 online service.
Cons
  • High interest rates.
  • Available not in all the states.
  • Only loans up to $3000 are available.

 

Table of Contents:

Are Payday Loans legal in Rhode Island?

Rhode Island Payday Loan Terms and Amounts

Rhode Island Payday Loans online laws

Rhode Island Payday Loans interest rates, fees and other finance charges

Rhode Island Payday Loans direct lenders regulations

Rhode Island Payday Loans consumer information

Legitimate Payday Loans online with NO credit check in Rhode Island

Does Rhode Island law allow Payday Loans for bad credit borrowers?

Legit Payday Loans in Rhode Island collection practices

Rhode Island Payday Loans news  - latest changes

Rhode Island Payday Loans historical background

Rhode Island Payday Loan alternatives

Are Payday Loans Legal in Rhode Island?

Short-term Payday Loans are Legal in the state of Legal and are mostly regulated through  R.I. Stat. Ann. 19-14.4-1 et seq..

An Act Relating to Small Financial Institutions - Small Loan Lenders.pdf

The Payday Lending legislation covers all the parts of the process concerning:

  • Payday Loan amounts
  • Payday Loan repayment terms
  • Payday Loan online direct lenders
  • Payday Loan stores near you
  • Payday Loan interest rates and other fees
  • Payday Loan collecting practices
  • Payday Loan default penalties
  • The number of outstanding Payday Loans as well as a cooling-off period in-between etc.

Read more: Payday Loans in Rhode Island

The main Payday Loan requirements in Legal are:

  • Rhode Island (US) residence
  • Minimum regular income of $1,000 per month
  • Valid checking or savings account with direct deposit
  • Phone number and e-mail address

For other details read further to find out how many Payday Loans you can borrow, whether rollovers or extensions are allowed, etc.

Rhode Island Payday Loan Terms and Amounts 

Rhode Island residents who are eligible for a Payday Loan can get maximum $500 per contract. The repayment term is minimum 13 day(s).

However, there are no specifications on the purpose of loan usage. Any urgent expenses, unforeseen bills, car repair, home repair, etc. may seem a sound reason to apply for a Payday Loan in Rhode Island.

If a Payday cash advance is not enough, there are always other options to receive the necessary funds in Rhode Island:

  • Unsecured Installment Loans,
  • Bad credit Personal Loans,
  • Title Loans,
  • Check Cashing,
  • Pawn Shops, etc.

Rhode Island Payday Loans online laws 

Payday loans from both storefront and online lenders are legal in the state of Rhode Island. But the companies should operate according to the Rhode Island Department of Business Regulation, 1511 Pontiac Ave, Cranston, RI 02920, (401) 462-9500 regulations.

Reputable online lenders operating in accordance with all relevant state and federal laws can be applied to and compared on our platform using a simple online application form.

You state the necessary amount, fill in your personal information and get suitable offers from legit direct lenders. It takes only a few minutes and doesn't affect your credit score. 

Rhode Island Payday Loans interest rates, fees, and other finance charges 

The main part of payday loan payment is mostly made up of the interest rate, or APR. The maximum APR that may be charged for short-term cash advance in Rhode Island is 260.00%. 

Besides, the total cost of a Payday Loan includes some additional fees. 

The law obligates Idaho Payday Loan lenders to provide you with a written disclosure of all the rates and fees in the understandable language. You should read them carefully and if you agree to acknowledge the notification by signing the contract.

Rhode Island Payday Loans direct lenders regulations 

According to Rhode Island payday loan laws all direct lenders are obliged to register their companies which will allow issuing payday loans contract. It concerns both Online Payday Loans and Payday Loans Near Me.

There're 28 Payday Loan stores in Rhode Island. The state's law controls Payday Loans direct lenders operating both online and in-store.

Payday Lending in Rhode Island.pdf

Rhode Island Payday Loan lenders are prohibited to threaten you for late payments or loan default and conduct any criminal actions against you.

Nevertheless, you should be careful not to come across any scams. Some unfair lenders can operate without license or under a different license and offer too expensive ‘payday loans’ under illegal conditions. Always check that the lender you are going to apply to works under Rhode Island state law.

Rhode Island Payday Loans consumer information 

Besides amounts, rates, and fees, consumers must be also well aware of other details of Payday Loans in Rhode Island. They include the availability and number of rollovers, extensions and repayment plans, a cooling-off period, any default penalties or additional fees, etc. Check out the table below to find the most essential information:

Rollovers or extensions 1 rollover
Cooling-off period None
NSF fee None
Criminal actions Prohibited

Look for more detailed information on the official Rhode Island state regulator website - Rhode Island Department of Business Regulation, 1511 Pontiac Ave, Cranston, RI 02920, (401) 462-9500.

Legitimate Payday Loans Online with NO credit check in Rhode Island 

Looking for a legal Payday Loan with No credit check in Rhode Island? You must understand the meaning of this phrase correctly at first. No credit check implies that a lender will not inquire about your credit history information from or send your borrowing data to any of the three major credit bureaus Equifax, Experian, and TransUnion.

If you don’t want to damage your credit history, Rhode Island law allows you to apply for a Payday Loan with No credit check. But you should understand that a lender needs to check your creditworthiness at least in some way. He can perform a soft credit check when a lender pre-approves you for a loan and this inquiry will not appear on your credit report. Or there’re other ways to prove you can afford the cash advance. Payday Loan lenders use the tracking system to verify your debts, check your income, etc. And generally, they charge higher interest to lessen the risks.

Rhode Island Payday loans online no credit check are one of the easiest options of getting quick cash to cope with emergency financial requirements, especially for the people with poor credit.

Does Rhode Island law allow Payday Loans for bad credit borrowers?

The average credit score in Rhode Island is 704, placing it in the good range. But it doesn't mean that those who have a worse credit can't apply for a Payday Loan in Rhode Island. 

  • First of all, there're a lot of legit direct lenders in Rhode Island providing Payday cash advance to borrowers with both good and bad credit score.
  • Secondly, you can always find a cosigner to increase your chances of being approved for a bad credit Payday Loan.
  • Find out how to improve your credit score and do your best to do it fast. 
  • Or consider taking out a bad credit Installment Loan, or bad credit Personal Loan.

Legit Payday Loans in Rhode Island collection practices 

If you can’t repay the loan amount plus interest on a due date it means you default the loan. When Rhode Island direct lender isn’t able to cash your check after the repayment term is over he may charge you an NSF fee. NSF fee means there are non-sufficient funds on your account. Non-sufficient funds fee in Rhode Island is None.

What concerns collection practices, first of all, you may stay assured that any criminal actions are forbidden in Rhode Island. The laws limit the collection actions lenders can take – When a borrower has failed to repay a Rhode Island payday loan, the laws dictate that lenders are not allowed to take any legal action against that borrower unless the individual has closed his or her checking account prior to repaying the debt in full. This essentially means that borrowers who maintain their checking accounts and who are unable to repay payday loans will be protected from payday loan lenders’ attempts to sue them or garnish their wages.

If you think that your payday lender violates the Rhode Island Payday Loans law, you may file a written complaint with Rhode Island Department of Business Regulation, 1511 Pontiac Ave, Cranston, RI 02920, (401) 462-9500. The supervisor from that office interviews witnesses, reviews the payday lender’s business records and documentation, and determine whether to pursue civil or criminal charges.

Rhode Island Payday Loans news  - latest changes 

PROVIDENCE -- The coalition promoting “payday lending reform” has dropped its $4,000-a-month lobbyist.“Last week, I was informed by the executive committee of the coalition that they were pulling back on...

The Rhode Island Payday Lending Reform Coalition, which includes labor, social welfare organizations, municipalities, church and minority groups, argues the real value is draining away from the state. Coalition co-chair Margaux Morisseau cites an Insight Center for Community Economic Development study showing that the net economic effect for Rhode Island in 2011 was a $1.6 million loss.

“This is absolutely an economic issue,” she says. “This bill has a record number of cosigners. Everyone is at the table. But until the leadership decides this is important, they will do nothing.”

Rhode Island Payday Loans historical background 

The history of Payday Loans in Rhode Island
2001 First Payday loan stores were opened and operated under the check cashing act.
2006 Payday Loans to the military were capped at 36% APR.
June 2, 2016 A Payday Loan Rule was proposed.
2018 It was proposed to introduce a 36% cap small loan cap but with no results.

Rhode Island Payday Loan alternatives 

If you're looking for instant cash advance in Rhode Island but not a Payday Loan, consider other alternative ways to get the necessary funds:

  • Apply for a Rhode Island Installment Loan - $1000 - $5000 cash advance repaid over several months or years in equal installments.
  • Take out a Car Title Loan if you own a vehicle to use as collateral.
  • Sell some of your valuable stuff online or at a pawn-shop.
  • Consider borrowing from a bank or credit union, Providence Federal Credit Union, for example.
  • Qualify for one of Federal or Rhode Island state assistance programs: Rhode Island Low Income Home Assistance Program (LIHEAP), Rhode Island Medical Assistance (Medicaid), Rhode Island RIte Care (SCHIP), Rhode Island School Breakfast and Lunch Program, Rhode Island Special Milk Program and many others depending on your needs.

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