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Considering applying for a payday loan in Rhode Island? Here’s what you need to know before you sign up for the cash.

If you’re tight on cash and need a small dollar loan, you may be considering a payday loan, also known as a short term loan and cash advance. Finding reliable payday lenders in Rhode Island is easy, provided you know what to look for and where. This guide takes you through all you need to know.

Check into Cash Payday Loan

Check into Cash Loans

Check into Cash allows you to directly apply for a payday loan and have your cash when you need it.

  • Min. Loan Amount: $50
  • Loan Term: Varies by state
  • Turnaround Time: 1–2 business days
  • Total Costs: Varies depending on the amount and your state of residency.
  • Must be 18+
  • No security needed
  • Confidential and secure!

    Are payday loans legal in Rhode Island?

    Yes, payday loans are legal in Rhode Island. Statutes Title 19 Chapter 19.14.4-1 et seq. set the rules for payday lenders in Rhode Island. Payday lenders in this state have to provide borrowers written agreements that contain the total amount of all applicable fees and charges, expressed both in US dollars and as an annual percentage rate (APR).

    The maximum you can borrow through a cash payday loan in Rhode Island is $500. A lender can offer you a maximum of one rollover by charging an additional fee. You can get no more than three payday loans from a single lender, but the aggregate of the loans must not exceed $500.

    Consider these lenders for a short term loan in Rhode Island

    Check the websites of any providers you’re interested in to confirm they operate in your state of residence.

    Rates last updated September 25th, 2017
    Name Product Max. Loan Amount Term of Loan Turnaround Time Costs
    LendUp Payday Loans
    7–30 days
    Generally receive the money the next business day
    Depends on your state, loan product, loan amount and the term of the loan.
    CashNetUSA Loan
    Varies by state
    Varies by state
    1 business day
    Varies by state of residency.
    ACE Cash Express Payday Loans
    Varies by state
    Varies by state
    Generally receive the money the next business day
    Varies depending upon the state where you reside.
    Check City Payday Loan
    Depends on state of residency
    Varies by state
    Next day
    Depends on state of residency.
    Check into Cash Payday Loan
    Varies by state
    1–2 business days
    Varies depending on the amount and your state of residency.

    Compare up to 4 providers

    How a Rhode Island payday loan might help you

    • Numerous options. When you begin your hunt for a payday loan, you get to choose from online lenders as well as ones that operate from storefronts. If you’d like to save on time, you also have the option of working with a loan matching service for free.
    • Quick and easy process. Whether you apply at a store or online, the process should take no more than a five to 10 minutes. If you submit an application at a storefront, you can get the money as soon as the lender approves your application and you accept the loan terms. If you apply online, there’s a good chance the money will get you your bank account by the business day following your approval.
    • Bad credit is alright. Applying for conventional personal loans in RI requires that you have good creditworthiness. With payday loans, you can apply even with a poor credit score, provided you can demonstrate an ability to repay the loan.
    • Use money for different purposes. There are no real restrictions on how you can use proceeds from payday loans in RI, so long as it’s used for legitimate purposes. You can use this money to repair your car, pay bills, get a gift or simply get by after a temporary setback.

    How much do Rhode Island payday loans cost?

    The basic fee structure that the law requires payday lenders in Rhode Island to follow looks like this:

    • Maximum finance rate and fees. The maximum a lender can charge as deferred deposit transaction fees is 10% of the amount advanced. Hence the maximum finance charge for a 14-day $100 loan is $10. The maximum APR of a 14-day $100 loan is 260%.
    • Collection fees. Rhode Island payday lending laws don’t specify collection fees. Any applicable collection fees should be mentioned in the loan contract.
    • Rollover fees. The law permits one rollover of a payday loan, for which a lender can charge a fee as disclosed in the loan contract.

    Here’s how to apply for a Rhode Island payday loan

    Applying for a payday loan in Rhode Island is easy. You can do so online or by visiting a store-front. In both cases, you have to meet these eligibility criteria:

    • You should be at least 18 years of age
    • You should be an American citizen or a permanent resident of the US
    • You should have a regular source of income

    To complete your application successfully, prepare to submit some basic information:

    • Your name, date of birth, social security number and a valid form of ID such as your driver’s license or passport
    • Your residential address, email address and phone number
    • Details about your employment and income
    • If you’re applying online, details of your existing checking account

    Important information about payday loans

    While payday loans can be beneficial for some, they aren’t always the best option for everyone. Follow the link for more information on payday loan alternatives.

    8 alternatives to payday loans

    Have any more questions about Rhode Island payday loans?

    The minimum loan term is 13 days. State laws don’t specify any maximum loan term.

    You should get in touch with the Rhode Island Department of Business Regulation.

    Yes, but only if the returned check is forged, altered, stolen, represents proceeds of illegal activity or has been obtained through illegal or fraudulent means.

    Where else are payday loans available?

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