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.
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.
Attention! The borrower does not need to prove they can repay the loan.
The CFPB has modified these rules.
More information on payday lending in Rhode Island can be found at the Rhode Island Department of Business Regulation
Brycen Schinner works as an editor of personal finance. He holds an English literature degree from the University of Colorado Boulder. In the past as a lead editor at eBay as well as a manager of the writer's team that wrote about eBay's content team across the globe. He also wrote for Yahoo. After joining ZaxLoans.com in 2013, He has covered subjects that range from personal loans and managing debt.