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If you’re short on cash and need a small loan, you may be thinking about a payday loan. Finding reliable payday lenders in Rhode Island can be easy as long as you know what to look for and what laws lenders should be following. This guide will tell you everything you need to know before committing to a payday loan.
Rhode Island Statatutes Ann. 19-14.4-1 et seq. govern payday lending. Under these statutes, payday lenders are required to obtain a license before extending loans. The amount a person can borrow is also limited.
You are allowed to have three outstanding loans at any time of $500 each and are permitted one rollover per loan.
Check the websites of any providers you’re interested in to confirm they operate in Rhode Island.
The application process is relatively easy whether you apply in-store or online. You’ll need a valid form of ID, your Social Security number and bank account details during the process, and you’ll want to be sure you’re willing to give a few pages of personal information to a lender before approval.
Every application is different, but all payday lenders require that you have a regular source of income, are at least 18 years old and are a citizen or permanent resident of the US.
Rhode Island offers programs like the Supplemental Nutrition Assistance Program (SNAP) that can help you get by between paydays. There are other credit options you may want to consider as well.
If you’re thinking about taking out a payday loan to cover an unexpected bill or expense, Rhode Island law has decent regulations to help make this type of credit affordable. Use a payday loan as a short-term solution, and if if need help in the future, consider contacting a credit counselor to help work through your financial troubles.
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