Rhode Island Short-term Loan Terms and Rules in 2025

Common Capital is a Help Organization dedicated to providing the public with comprehensive, accurate, and accessible online information about payday loans in Rhode Island.

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Short-term Loans Terms in Rhode Island

Legal Status Legal
Maximum Loan Amount $500
Finance Charges 10% of the amount advanced
Interest Rate (APR) 261%
Minimum Loan Term 13 days
Maximum Loan Term Not Specified

Short-term Loan Calculator

$250 Your Loan + $6.73 Your Fee =
$256.73 Total Cost

This loan calculator is provided as an estimator only. The details of your loan will depend on several factors including, but not limited to: loan amount, term, annual percentage rate (APR), fees, the state you live in, and the lender’s conditions. These details vary lender to lender and are subject to change at any time. The details of your loan will be provided to you by your lender.

Top Licensed Short-term Loan Lenders in Rhode Island

Discover our carefully curated selection of the top licensed payday loan lenders in Rhode Island, thoughtfully chosen to provide secure and rapid financial solutions for your immediate requirements.

Lender
User Ratings
Branches
Cities
Category
Advance America
User Raiting:
4.94
Branches: 9
Cities: 9
Category: Financial institution
Check `n Go
User Raiting:
4.20
Branches: 2
Cities: 2
Category: Loan agency

Rhode Island Short-term Loan Regulations

In Rhode Island, payday loans are regulated under the Rhode Island Deferred Deposit Transactions Law. This law sets the legal framework for payday lending in the state. Under these regulations, payday lenders can offer loans with a maximum amount of $500. The loan term must be at least 13 days, with no specified maximum term. Additionally, the law caps the finance charges that can be levied on payday loans at 10% of the loan amount, which equates to an APR of approximately 260% for a two-week loan.

Furthermore, payday lenders in Rhode Island must comply with federal regulations, including the Truth in Lending Act, which mandates that lenders disclose the terms of the loan, including the finance charge and the annual percentage rate (APR). The Fair Debt Collection Practices Act also applies, governing how debts are collected and prohibiting abusive, deceptive, and unfair collection practices. These federal laws, along with Rhode Island's state regulations, provide a framework to protect consumers in the payday lending market.

What Are the Alternatives for Short-term Loans in Rhode Island?

When searching for alternatives to payday loans, residents have several options to consider. These include installment loans, which offer structured repayment plans, and personal loans, providing flexibility and potentially lower interest rates. Exploring these alternatives can help borrowers manage their finances more effectively and avoid the high costs associated with payday lending

Guaranteed Installment Loans

In Rhode Island, guaranteed installment loans provide a structured repayment plan, ideal for those needing predictable monthly payments. Unlike payday loans, these loans require a credit check and proof of income, offering longer terms and potentially lower interest rates. They are suitable for Rhode Islanders looking to manage larger expenses or consolidate debts more effectively.

Fast Title Loans

Fast title loans in Rhode Island offer immediate funding using a vehicle as collateral. Different from cash advances, they require ownership of a car but can offer larger loan amounts based on the vehicle's value. This option is a quick solution for urgent cash needs without the stringent credit checks of traditional loans.

Emergency Loan without a Bank Account

For Rhode Island residents without traditional banking, an emergency loan without a bank account offers a crucial alternative. These loans differ from short-term loans as they don't always require a checking account for approval, ideal for those facing unexpected expenses but lacking standard banking services.

Debt Consolidation Loan

A debt consolidation loan in Rhode Island is designed to combine multiple debts into a single loan. Unlike payday lending, it offers longer repayment terms and potentially lower interest rates, making it an excellent strategy for Rhode Islanders looking to streamline their finances and reduce overall debt costs.

Instant Personal Loans

Instant personal loans provide quick financial relief in Rhode Island, often with same-day approval. Unlike payday loans, they may require a credit check but offer more flexibility in loan amounts and repayment terms, making them an ideal solution for immediate personal financial needs.

Cash Loans with No Credit

In Rhode Island, cash loans with no credit cater to individuals without a strong credit history. Unlike payday loans, these loans don't always require a credit check, making them accessible to a broader range of people in need of immediate cash but with limited credit options.

Bad Credit Loans

Bad credit loans in Rhode Island offer individuals with poor credit scores a chance to borrow, despite past financial challenges. Different from short-term loans, these loans may have more favorable terms and focus on the borrower's ability to repay, providing a valuable opportunity for those aiming to rebuild their credit history.

Quick P2P Loans

Quick P2P (peer-to-peer) loans in Rhode Island connect borrowers directly with individual lenders, bypassing traditional financial institutions. These loans differ from payday loans by offering potentially lower interest rates and more flexible terms, appealing to those in Rhode Island seeking alternative lending options outside of conventional banking systems.

How to Get a Short-term Loan with Bad Credit?

Easy Steps to Get Payday Loans With Bad Credit in Rhode Island

For residents of Rhode Island dealing with financial challenges and less-than-ideal credit scores, payday loans can offer a convenient solution. The application process is straightforward, involving minimal paperwork. Locate a reputable payday lender in Rhode Island and complete their application, providing personal and financial information. Approval primarily depends on your income and repayment ability rather than your credit score. Once approved, you can access the funds within hours, promptly addressing your financial emergencies.

Requirements to Get Paycheck Loans With Low Credit Score in the Ocean State

Rhode Island payday loans are accessible even for those with a low credit score. Qualification typically entails Rhode Island residency, a stable source of income, a valid ID, and an active checking account. These criteria are more lenient than those for traditional loans, making payday loans a practical choice for many Rhode Islanders facing unexpected expenses. Nevertheless, it's crucial to use payday loans responsibly and ensure timely repayment to avoid additional fees and financial stress.

Basic Information about Rhode Island State

Metrics
Value
State Capital
Providence
Population
Approximately 1.1 million (as of 2021)
Location
Rhode Island is the smallest state in the United States and is located in the New England region, known for its coastal areas, historic towns, and maritime heritage.
Largest City by Population
Providence
Biggest National Parks
Rhode Island does not have any national parks, but it has several state parks and historic sites.

Submit a Complaint Against a Lender in Rhode Island

If you need to submit a complaint against a payday lender in Rhode Island, the primary regulatory body is the Rhode Island Department of Business Regulation's Division of Banking. They ensure compliance with state laws governing payday loans. You can reach them at:

  • Rhode Island Department of Business Regulation, Division of Banking, 1511 Pontiac Avenue, Building 68-2, Cranston, RI 02920
  • (401) 462-9503
Submit a Complaint

FAQ

Are Payday Loans Legal in Rhode Island?

Yes, payday loans are legal in Rhode Island, but they are subject to regulations to protect consumers. The Rhode Island Department of Business Regulation oversees and enforces these regulations to ensure fair lending practices.

Can Payday Loan Debt Be Forgiven?

Payday loan debt can be challenging to manage, and complete forgiveness is not common. However, borrowers facing difficulties can explore options like debt consolidation or repayment plans to make the process more manageable. Communication with the lender is essential if you're struggling to repay the loan.

Can You Get a Payday Loan Without a Bank Account?

In most cases, obtaining a payday loan in Rhode Island requires having a bank account. Lenders typically use bank accounts for loan disbursement and repayment. While some alternative financial services may offer payday-like loans without a bank account, they often come with higher fees and risks.

Are Payday Loans Fixed or Variable?

Payday loans in Rhode Island typically involve fixed fees, meaning the cost of borrowing remains consistent throughout the loan term. However, the annual percentage rate (APR) can vary depending on the loan amount and term. It's crucial to review the loan terms and understand the total cost before borrowing.

Is a Payday Loan Secured or Unsecured in Rhode Island?

Payday loans in Rhode Island are unsecured loans, meaning they do not require collateral. Approval for a payday loan is primarily based on the borrower's income and employment status. Unlike secured loans, such as auto title loans, payday loans do not put assets at risk.

How Long Do Payday Loans Stay in the System?

Information about payday loans can remain in the financial system for several years. Late payments or defaults on payday loans may be reported to credit bureaus, impacting your credit score and making it more challenging to secure new loans in the future. Timely repayment is crucial to avoid long-term consequences.