Rhode Island Payday Loan Laws
Rhode Island payday loans are regulated under the state’s 2001 legislation overseeing interest rates, lending terms, payment plans, and payday loan amounts as well as the licensing of payday lenders.
Rhode Island payday loan laws dictate a minimum lending period of 13 days for all small cash loans. Lenders may provide payday loans up to $500 and charge no more than $10 per $100 borrowed. Rhode Island has some of the lowest payday loan fees in the country, keeping instant loans affordable for the customers who need them.
Consumers may only extend their payday loan once with the same lender. Payment must begin after that, whether the customer pays in full or with an installment plan. After the payday loan is paid off, Rhode Island mandates a one-day cooling off period before that customer can borrow a new payday loan from any lender.
Rhode Island residents can borrow payday loans online or in person. Plenty of out-of-state lenders are also licensed to offer loans in the state of Rhode Island. Before completing an online application however, make sure your lender is authorized to offer cash loans in Rhode Island. You can check with the Better Business Bureau and your state’s financial reglation board to make sure your lender is licensed and legitimate.
It’s also important to compare prices between lenders. Not all lenders charge the same interest, and you can find a more affordable loan by shopping around for the best price. Get recommendations from other customers and read reviews online to find the best lender for your financial needs.
Don’t borrow a payday loan without considering your other options first. Borrowing money from any lender is a big commitment, so make sure you know what your other financial options are when you need emergency cash.
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