Payday Loans Laws, Rhode Island (RI)

Do you need cash fast? If you badly needed money and you do not want to borrow from friends, relatives because you do not want them to know you are financially tight then I suggest you take out a payday loan especially when presently employed. Payday loans offer people the best way to solve your money problem, easily as the process of applying for this type of loan is very easy.

Payday loans are short term, unsecured loans provided to borrowers with regular work and the loan taken against the next paycheck. The loan also comes with exorbitant rate, a 3 digit APR and with basic requirements. However, the state of Rhode Island has specific laws to regulate lenders as well as protect residents from scrupulous payday lenders.

Rhode Island Loan Terms

In Rhode Island, payday loans have a minimum of 13 days repayment date. So, when you borrow before the 13 days period, the due date will be on the next payday. Take note, there is no maximum loan term as borrowers can extend the loan by simply paying the finance charge one time, according to the laws of the state.

Rhode Island Fees and Loan Amounts

$100 up to $2000

The state of Rhode Island allow up to three outstanding loans, so at a given time borrowers may apply for a loan three times. The loan limit on the other hand capped at $500, with interest fee of $15 per $100 loan approved. For example, if you borrow $200 then the interest is $30, so the loan repayment is $230.

In Rhode Island, lenders allowed to defer deposit of borrower�s personal check, for at least 14 days as long as the check does not exceed $300. The APR or annual interest rate for Rhode Island capped at 390%.

Notice To Borrowers

The Rhode Island payday loan law require lender to post at least a notice that details the fees in plain sight, easily accessible to the customers that come to the shop or visit the website of the local payday lender. Along with the fees, lenders must also post identification documents that they accept when applying for payday loan locally.

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