Rhode Island Payday Loan Laws Details
The data provided here is for general informational purposes and should not be used as legal reference. If you have questions regarding Rhode Island payday loan laws contact the Rhode Island Department of Business Regulation.
Payday loans are legal (applies to check cashers only) in Rhode Island (see Rhode Island Payday Loans or Rhode Island Installment Loans to compare fees and requirements for individual lenders).
| Feature | Specification |
|---|---|
| Amount (max) | $500 |
| Rates or Fees (max) | 10% |
| Term Limitations | Min: 13 days |
In Rhode Island, one rollover is permitted. Nothing is mentioned about cooling periods between loans. Rhode Island has no requirements for extended repayment plans.
For example, in Rhode Island the rates and fees on a 14 day, $100 loan are:
| Terms | Amount |
|---|---|
| Loan Amount | $100 |
| Fees | $10 |
| APR | 260% |
Rhode Island also defines regulations around collections. If available, the table below lists the fees lenders are permitted to charge if the loan is not repaid and/or whether a lender can threaten use of or use criminal action if a borrower is unable to repay a loan.
| Feature | Specification |
|---|
A licensee shall not charge, directly or indirectly, a fee or other consideration in excess of 15 percent of the face amount of the check.