A guide to Payday Loans in
Rhode Island, USA.
What are the Citation (s) to Payday Loan or Small Loan Laws in Rhode Island?
A: The relevant citation regarding Payday Loans in the Rhode Island State Jurisdiction is
R.I. Stat. Ann. §§ 19-14.4-1 and 19-14.4-4 et seq. as amended by 2005 RI Laws 05-230 (05-H6-3A)
Q: Are Payday Loans legal in Rhode Island?
A: Yes Payday Loans are legal in Rhode Island (Applies to check cashers only)
Q: What is the Maximum Cash Advance Loan Amount in Rhode Island?
A: The maximum Cash Advance or Payday Loan amount is $500.
Q: What is the Payday Loan Term in Rhode Island?
A: The minimum Payday Loan Term in Rhode Island is 13 days.
Q: What is the Maximum Rate and Fee for Cash Advance Loans in Rhode Island?
A: The Maximum fee for Cash Advance Loans in Rhode Island is 15 percent.
Q: What is the Finance charge for 14-day $100 payday loan in Rhode Island State?
A: The Finance charge for 14-day $100 payday loan in Rhode Island is $15.
Q: What is the APR for 14-day $100 payday loan in Rhode Island State?
A: The APR charge for 14-day $100 payday loan in Rhode Island is 390 percent.
Q: Is there a limit on the number of payday loans I can take at one time?
A: Yes, you can take a maximum of three payday loans at one time, but the total amount due must not exceed $500.
Q: How many times can the lender rollover my payday loan in Rhode Island?
A: The lender can rollover (renew, extend) the payday loan only once.
Q: If I cannot repay my payday loan can the lender initiate a criminal action?
A: It is not specified if the lender can initiate a criminal action against the borrower.
Contact the Department Of Financial Institutions
If you have questions about payday loans please contact the Rhode Island Department of Financial Institutions at:
Rhode Island Department of Business Regulation
Address: Division of Banking, 233 Richmond Street, Suite 231 Providence, RI 02903
Phone: (401) 222-2405
Fax: (401) 222-5628
Regulatory Contact: Dennis F. Ziroli,, Assoc. Director & Supt.
Website: http://www.dbr.state.ri.us/banking.html
Where can I find a payday loan store in Rhode Island?
You can find the store nearest to your location by simply clicking on this link
loc: Rhode Island
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