Rhode Island Payday Loans
In total, 24 states have enacted laws that specifically allow cash advance lending and lay out the terms for both borrowers and lenders. In Rhode Island, payday lenders must additionally follow the state's criminal usury and small loan regulations. All cash advance companies, like those in Providence, must post a list of all their fees in an obvious spot, along with a listing of acceptable forms of identification. Written loan agreements must list the charges and fees in dollar amounts and as an annual percentage rate. Consumers are not allowed to take out more than three payday cash advances at once and collectively the principal cannot exceed $500.
Maximum Principal
The highest amount a consumer can have out at one time is $500.
Length of Loan
Cash advance loans cannot exceed 14 days.
Rollovers
Consumers are allowed one rollover or extension.
Fees
The maximum amount of fees and finance charges cannot exceed 15 percent of the principal. So a two week loan for $100 has a $15 fee.
APR
The APR for $100 borrowed over a two-week span is 390 percent.
Pawtucket, RI 02861
West Warwick, RI 02893
North Providence, RI 02904
North Providence, RI 02904
Pawtucket, RI 02860
Pawtucket, RI 02861
Woonsocket, RI 02895
Woonsocket, RI 02895
West Warwick, RI 02893
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Bristol | Central Falls | Cranston | East Providence | Greenville | Kingston | Newport | North Providence | Pascoag | Pawtucket | Providence | Warwick | West Warwick | Westerly | WoonsocketRhode Island Loan Statistics
| Pay Schedule | ||||||||
| Average Loan | Average Age | Weekly | Bi-Weekly | Monthly | Twice Per Month | Home Owner | Renter | |
|---|---|---|---|---|---|---|---|---|
| 2012 | $585 | 44 | 41% | 29% | 24% | 6% | 15% | 85% |
| 2011 | $576 | 40 | 32% | 37% | 24% | 7% | 12% | 88% |
| 2010 | $599 | 39 | 41% | 37% | 17% | 5% | 25% | 75% |
