The state of Rhode Island has payday loan regulations that are comparable to most other states. The most you can borrow is $500 and this is expected to be paid back on your next immediate payday. Payday loan companies can only charge up to 15% of the total loan amount which is a fairly low rate compared to some states and this allows borrowers to pay their loans off successfully.
Rhode Island does allow one rollover should you be unable to pay your loan back in the specified time frame given by the lender and this can help save you from being hit by fees from your bank.
Rhode Island Pay Day Loan Laws
Maximum Loan Amount: $500.00
Maximum Fees Per Loan: 15% of the loan
Annual Percentage Rate: 260%
Minimum Payoff Time: 13 days
Extensions Allowed: one rollover is allowed by state law
Top 5 Rhode Island Pay Day Loan Companies
778 Warwick Avenue
Warwick, RI 02888
www.123cashloans.com
Eligibility for a cash advance from 123 Cash Payday Loans requires the borrower to have held his job for at least six months. You must also have been at your present residence for at least six months. You will need your personal check for collateral. Your loan will be due on your next regular pay date.
846-848 Newport Avenue
Pawtucket, RI 02861
www.pawnri.com
FastCash is a combination pay day cash advance lender, check cashing service, and pawn shop. A borrower must have been employed at his current job for not less than six months. You will need to supply your phone bill, pay stubs, and bank statement. The company has a 260.71% rate on pay day loans.
31 Audubon Avenue
Providence, RI 02908
www.sonic-payday.com
This company offers pay day cash advances to people with $800. or more in monthly income. They are not a direct provider of cash advance loans. In most cases, it takes less than twenty-four hours from submitting an application to receiving loan funds. They can process pay day loans up to the state’s limit of $500.
846-848 Newport Ave
Pawtucket, RI
(401) 722-1113
pawnri.com
Fast Cash Pawn & Check Holders is probably best known as a pawn shop that specializes in electronics and other high end merchandise. This company also cashes checks and offers short-term payday loan alternatives for those who can’t get a small loan from a traditional lending institution. This company is extremely customer focused and is willing to work with those on a fixed income.
238 E. Main Rd., Ste. 5
Middletown, RI
(401) 841-9610
advanceamerica.net
Advance America has a widespread network of stores and an easy to use website to help you get money in situations where you really need it. This company knows problems can come at any time and if you don’t have savings or other resources, it’s good to have a backup. This company wants to be your first choice for backup funds and offers very competitive rates in Rhode Island.