Editor's choice: OppLoans Installment Loans
- Easy online application
- Quick approval
- Long repayment terms
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There are plenty of choices for residents of Providence looking for a short-term loan. Before you begin your search, learn about how Rhode Island law affects borrowers and what you’ll need to know about lenders in your area.
Yes, payday loans are legal in Providence and throughout Rhode Island. Lenders have to abide by the Rhode Island Statutes Title 19 Chapter 19.14.4-1 et seq. This limits the amount you can borrow to $500. Minimum terms start at 13 days, though there is no upper limit to how long you can borrow — which means a longer term might make it easier to repay your loan.
Lenders can only charge a financing fee of 10% of the loan amount. This results in a maximum APR of 260% for a 14-day loan. If you borrow the full $500, you’ll owe $550 at the end of your loan term. If you can’t afford to repay your loan on its due date, you are permitted to roll over your loan by paying the fee and extending your loan’s term.
Before you apply, you’ll need to meet a few basic eligibility criteria. In general, you must have a steady source of income, be a US citizen or permanent resident and be at least 18 years old. Some lenders may have more strict requirements, so check yours before you apply.
Once you’ve found a lender, you’ll need to provide some basic information about yourself.
If you want to apply for a payday loan in Providence by visiting a store, here are some of your options:
To take advantage of the convenience of applying for a loan online, check out the online lenders in our comparison table above.
Although Rhode Island caps the financing fee a lender can charge at 10%, payday loans are still an expensive form of credit. If you aren’t careful, you may be stuck with a loan term of just 13 days — which might make repaying your loan quite difficult. Before you borrow, consider some short-term loan alternatives and other services available throughout Rhode Island and in Providence.
Not sure about that quick turnaround but still need a small loan? You have other short-term loan options. Just be sure you can afford the high interest rate and big fees that lenders charge.
You’ll have multiple options when it comes to borrowing a short-term loan in Providence, Rhode Island. Thanks to the cap on financing fees, you won’t have to worry about your loan costing too much — though it can still be quite expensive.
If you’re not sure of your next step, you can read more about payday loans in our guide to be sure you’re making an informed choice.
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