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Payday Loan Laws in Rhode Island
Payday loans are small, short-term cash loans. Generally, consumers write a post-dated check for
the desired amount, in addition to an interest fee. The lender will hold onto the check until the
next payday (usually 14 days) and then deposits it. Consumers also have the option to return with
cash to reclaim the check. Or, in some cases, consumers can repay the loan with a signed agreement
which allows the lender to electronically withdraw the funds from their bank account on a
pre-determined date. Payday loans are regulated by state; therefore, it's important to
understand your state laws.
Payday loan laws in Rhode Island include the following:
The maximum amount of money you're allowed to borrow may not exceed $500.
The maximum interest fee is 15% of the total amount of the check.
Lenders can charge a maximum check-cashing fee of 3% of the loan amount or $5, whichever is greater, if the check is the payment of any kind of state public assistance or federal social security benefit.
Lenders can charge a maximum check-cashing fee of 10% of the loan amount or $5, whichever is greater, for personal checks.
Lenders can charge a maximum check-cashing fee of 5% of the loan amount or $5, whichever is greater, for all other types of checks.
The minimum loan term is 13 days.
Example:
(Assuming the loan is paid for with a personal check) A loan for $100 + $15 interest fee + $10 check-cashing fee = $125 total.
There is a maximum of 1 'roll-over' permitted, meaning that a lender can issue you a new loan to repay an existing loan.
Currently, there is no limit on the number of payday loans that you're allowed to withdraw annually.
The Department of Business Regulation licenses payday lenders and the payday loan industry for Rhode Island. Online payday lenders that lend to residents of Rhode Island must be licensed and comply with their loan limits and terms. You can verify the license of a payday lender in Rhode Island by calling 401-222-2405 or online.
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