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.

Fast Cash Pawn & Checkcashers
824 Newport Av
Pawtucket, RI 02861
Thomasville of Rhode Island Design Center
6 James P Murphy Ind Highway
West Warwick, RI 02893
(401) 826-5670
Check 'n Go
1375 Mineral Spring Avenue
North Providence, RI 02904
(401) 353-0541
Advance America
1744 Mineral Spring Avenue
North Providence, RI 02904
(401) 354-5870
Advance America
751 Mineral Spring Avenue
Pawtucket, RI 02860
(401) 725-2310
Advance America
325 Armistice Boulevard
Pawtucket, RI 02861
(401) 725-0387
Express Credit Checks
West Warwick, RI 02893
Check 'n Go
2000 Diamond Hill Road
Woonsocket, RI 02895
(401) 762-0482
Advance America
1700 Diamond Hill Road
Woonsocket, RI 02895
(401) 766-5128
Advance America
291 Providence Street
West Warwick, RI 02893
(401) 821-0789



Rhode Island Loan Statistics

Pay Schedule
Average Loan Average Age Weekly Bi-Weekly Monthly Twice Per Month Home Owner Renter
2012$5854441%29%24%6%15%85%
2011$5764032%37%24%7%12%88%
2010$5993941%37%17%5%25%75%