Rhode Island Payday Loans |‌ GadCapital

No payday loans can be approved in Rhode Island for more than $500

Rhode Island set up payday lending regulations in 2001. Thanks to the Check Cashers Act, lenders can legally operate in Rhode Island.

Payday Loan Laws for Rhode Island

R.I. Ann. Ann.

Also called “Deposits Transactions”, the state payday loan is

Anyone who wishes to lend money to Rhode Island residents should obtain a license from Rhode Island Department of Business Regulation.

Customers must have access to the fee schedules and interest rates for Rhode Island payday lender.

Any payday loan in Rhode Island requires a signed contract. The contract should include information about the loan term.

Loan amount in Rhode Island

• Applicants may be eligible for loans up to 500
• Three loans per Rhode Island resident allowed. Not more than $500

Maximum Term for a Payday Loan in Rhode Island

• Although 13 days is the minimum term of Rhode Island loans, it does not mean that it is the maximum.
• One rollover can get you a loan.

Consumer Information

Attention! The borrower does not need to prove they can repay the loan.
The CFPB has modified these rules.

• Lenders can’t harm borrowers.

More information on payday lending in Rhode Island can be found at the Rhode Island Department of Business Regulation

History Get payday loans in Rhode Island

• 2001 Rhode Island added payday lending as a check-cashing provision.
• Payday Loans are restricted to 36% APR according to the 2006 Military Lending Act Lenders cannot lend more than 36% to military personnel
• June 2, 2016: The Consumer Financial Protection Bureau recommends that a Payday Loan Rule be adopted. It will be available in November 2020.
• Congress approved S2173 in 2018 for the first time. Congress also approved S2173 in 2018.
• 2018_S 2233 was also rejected. This bill can still be amended, provided that all disclosures are in writing.

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