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A payday loan might be an option if you’re a resident of Rhode Island and need money quickly

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.

Our top pick: OppLoans Installment Loans

  • Min. Loan Amount: $500
  • Max. Loan Amount: $5,000
  • Turnaround Time: 1 business day
  • Loan Term: 9 to 36 months
  • Requirements: Direct deposit, meet minimum income requirements
  • Easy online application
  • Quick approval
  • Fast funding
  • Long repayment terms

Our top pick: OppLoans Installment Loans

Comes with the option to change your due date so you won’t fall behind on repayments.

  • Min. Loan Amount: $500
  • Max. Loan Amount: $5,000
  • Turnaround Time: 1 business day
  • Loan Term: 9 to 36 months
  • Requirements: Direct deposit, meet minimum income requirements
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What are the laws regarding payday loans in Rhode Island?

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.

  • Maximum loan amount: $500
  • Loan term: 13 days or more
  • Financing fees: 10% of loan amount
  • APR: A 14-day $100 loan has an APR of 260%
  • Collection fees: None specified

You are allowed to have three outstanding loans at any time of $500 each and are permitted one rollover per loan.

Where can I get a payday loan?

Check the websites of any providers you’re interested in to confirm they operate in Rhode Island.

Updated June 25th, 2019
Name Product Filter Values Max. Loan Amount Turnaround Time Requirements
$5,000
1 business day
Direct deposit, meet minimum income requirements
Comes with the option to change your due date so you won’t fall behind on repayments.
$2,600
1 to 2 business days
Active checking account, regular source of income, email address
Get access to tools to help you plan a career move, make some extra cash or search for a better-paying job.
$35,000
As soon as the next business day
Regular source of income, verifiable bank account, US citizen, ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
$50,000
1 business day
Must be employed and receive regular income, earn at least $800 a month, have a checking account and be an 18+ years old legal US citizen.
Get a flexible installment loan with fast funding through one easy online application form.
$15,000
1 business day
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
$10,000
As early as 1 business day
$1,000+ monthly income after taxes, valid checking account
Explore its online education center to get tips on budgeting, how to prioritize your bills and more.
Varies by state
1 business day
Regular source of income, bank account, US citizen or permanent resident, ages 18+
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Compare up to 4 providers

What do I need to apply for a payday loan 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.

Should I consider anything else before taking out a payday loan?

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.

  • Get a loan from a local bank or credit union. Depending on your credit, you may be able to get a small loan from a traditional source. These come with lower interest rates and better terms than a payday loan, so be sure to check before you take out a loan you may have a hard time repaying.
  • Credit card cash advance. If you have a credit card, you may be able to borrow against your line of credit. While this has a similarly high interest as a payday loan, the repayment terms are longer.
  • Ask friends or family for help. When all else fails, asking a friend or family for help could be what you need to afford a bill or expense. They may be more willing to lend to you than you think, you just have to remember to pay it back to avoid hurt feelings or strained relationships.

You can also check out our page on payday loan alternatives

Bottom line

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.

Have any more questions about Rhode Island payday loans?

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2 Responses

  1. Default Gravatar
    KarenMarch 2, 2019

    How can I get a personal loan without a bank account? I am also receiving disability benefits.

    • Avatarfinder Customer Care
      JoshuaMarch 5, 2019Staff

      Hi Karen,

      Thanks for getting in touch with Finder. I hope all is well with you. :)

      Since you are on disability benefits, the lender could have stricter eligibility requirements for you. For this reason, you might want to open a bank account first to increase your chance of getting approved.

      For the meantime, you can also check our guide here. On that page, you will see a list of personal loans you may be able to apply for while on pension. There’s a table that you can use to compare your options based on minimum credit score, maximum loan amount, and APR. After comparing, click on the “Go to site” green button to initiate your application or learn more.

      Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision. Moreover, check the eligibility requirements as well and consider whether the product is right for you.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

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