Rhode Island Payday Loans

RhodeIslandFlagRhode Island residents are free to obtain payday loans whenever they suffer through slight cash flow problems. To aid residents with their short term borrowings, the state has set up laws and regulations to ensure the fairness of the transaction between lender and borrower.

If you’re considering getting a payday loan yourself, We provide  you with complete information to protect you against untrustworthy lenders. For regulations in other states, please visit the main web page.

Payday Loan Process in Rhode Island

It only takes one week or less to obtain a payday loan through RI. Basically, borrowers need to supply the requirement documentations and wait for an approval. Many lenders also make allowances for borrowers with a bad credit history. Here are the basic requirements for each transaction.

  • Borrower must be of legal age
  • Resident of Rhode Island
  • Employed at time of loan
  • Meets minimum salary requirements ($800 to $1000)
  • Own a bank account, savings or checking

Welfare checks are often accepted in lieu of employment. The same goes for retired seniors. Minimum monthly income is still required by lenders although they are adjusted depending on the specific situation of the borrowed.

Rhode Island Payday Loan Laws and Regulations

All payday loan transactions must correspond with the following limitations as set by the Rhode Island authorities:

  • Maximum Loan Amount: $500
  • Loan Term: Minimum of 13 Days
  • Finance Charge for $100 Loan in 14 Days: $10
  • APR for $100 loan in 14 Days: 260%
  • Maximum Finance Rate and Fees: 10%
  • Maximum Number of Outstanding Loans at a Time: 3, No more Than $500
  • Rollovers: One

The policies regarding cooling off period and repayment plans are unspecified and should be cleared with the lender prior to signing the documents. Collection fees and collection limits are also vague and may be left to the discretion of the parties.

Rhode Island Consumer Protection

Any problems with payday loans should be directed to the Rhode Island Department of Business Regulation. The organization can be contacted through a number of ways including visiting their office address.

  • Address: Division of Banking, 233 Richmond Street, Suite 231 Providence RI 02903
  • Phone: (401) 222-2405
  • Fax: (401) 222-5628
  • Look For: Dennis F. Ziroli, Associrate Director & Supt.
  • Web: http://www.riag.state.ri.us/civil/consumer/

Protecting yourself against seedy lenders involve reading up on the different regulations that affect your transaction. The regulatory organization is always open for any questions or problems with the process. They can also be contacted online through email.

Rhode Island Payday Loan Alternatives

Alternatives for payday loans depend on the kind of conditions you are willing to enter. For example, if you want to avoid interest rates, selling an asset or borrowing from friends may be the most viable option. Your employer may also be open to a cash advance on your next salary. If interest rates are not a problem, pawning off an asset or using your credit card would work just as well. Bank loans should be avoided if you only have temporary cash flow problems as they usually deal with large loans.

Map of  Rhode Island


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