Rhode Island Payday Loans
If you’re short on cash and need a small loan, you may be thinking about a payday loan. Finding reliable payday lenders in Rhode Island can be easy as long as you know what to look for and what laws lenders should be following. This guide will tell you everything you need to know before committing to Rhode Island payday loans.
Are Payday Loans legal in Rhode Island?
Rhode Island Statutes Ann. 19-14.4-1 et seq. govern payday lending. Under these statutes, payday lenders are required to obtain a license before extending loans. The amount a person can borrow is also limited.
- Maximum loan amount: $500
- Loan term: 13 days or more
- Financing fees: 10% of the loan amount
- APR: A 14-day $100 loan has an APR of 260%
- Collection fees: None specified
You are allowed to have three outstanding loans at any time of $500 each and are permitted one rollover per loan.
Rhode Island Payday Loan Alternatives
Alternatives for payday loans depend on the kind of conditions you are willing to enter. For example, if you want to avoid interest rates, selling an asset or borrowing from friends may be the most viable option. Your employer may also be open to a cash advance on your next salary. If interest rates are not a problem, pawning off an asset or using your credit card would work just as well. Bank loans should be avoided if you only have temporary cash flow problems as they usually deal with large loans.
What do I need to apply for a Payday Loan in Rhode Island?
All we need from you is a couple of personal details, such as your social security number, your name, and your address, while you need to indicate how much you wish to borrow. After you provide us with the required details, we will contact you once we approve the information to confirm all the terms and conditions of the contract.
A small cash advance can be a useful and convenient asset when coping with emergency situations. But remember that this type of loans can’t cure serious financial troubles. Getting too many loans from a few companies at the same time is not the best decision, as you risk damaging your financial stability.