Rhode Island Payday Loans Law

Rhode Island Payday Loans Law

Rhode Island State Information

Legal Status: Legal (Applies to check cashers only)

Loan Terms:

    - Maximum Loan Amount: $500 face amount of check
    - Loan Term: Min: 13 days
    - Maximum Finance Rate and Fees: 10% of funds advanced
    - Finance Charge for 14-day $100 loan: $10
    - APR for 14-day $100 loan: 260%

Debt Limits:

    - Maximum Number of Outstanding Loans at One Time: 3/$500
    - Rollovers Permitted: One (rollover)
    - Cooling-off Period:
    - Repayment Plan:

Collection Limits:

    - Collection Fees: Not Specified
    - Criminal Action: Not Specified

Where to Complain, Get Information:

    - Regulator: Rhode Island Department of Business Regulation
    - Address: 1511 Pontiac Ave, Cranston, RI 02920
    - Phone: (401) 462-9500
    - Fax: (401) 462-9532

These Rhode Island payday loans law are basic information to assist your decision to borrow money. This information may be added or modified or canceled by Rhode Island government without prior notice.