(last updated 01/02/2018)
Rhode Island Payday Loan Laws and Regulations in (RI)
Payday loans and cash advances are legal in Rhode Island. The Rhode Island Department of Business Regulation has been regulating Payday Loans and Cash Advances since 1995. As of 09/16/2014 there were 20 licensed lenders and 46 licensed locations in Rhode Island.
The maximum payday loan allowed in Rhode Island is $500. The maximum payday loan as a percentage of income is not specified. The number of loans that can be open at one time is 3, no more than $500 total. The maximum permissible fees allowed in Rhode Island is $10 for a 14 day $100 loan, a maximum APR of 260%. The cooling off or waiting period for obtaining another loan is not specified days. The number of rollovers that are permitted is 0. The minimum loan term is 13 days. The maximum loan term is no limit.
This information is for informational purposes only. Although care has been taken to accurately describe the laws and regulations in Rhode Island, no guarantees are implied or expressed about its accuracy. This is not legal advice. If you need legal advice, please consult an attorney or the Rhode Island Department of Business Regulation.
The following classes of organizations may be exempt from some, all, or none of the regulations and laws set by the state of Rhode Island. Federally chartered banks, state chartered banks, credit unions and some entities organized under the laws of a sovereign nation (for example) a Native American Tribe or the country of Antigua.