Rhode Island Cash Advance Laws & Regulations
Rhode Island residents can borrow a payday loan for up to $500 and can have money in their account in as little as one business day. There are some areas of payday lending that the state has currently refrained from regulating, such as maximum loan terms. Residents should consult with their individual lender for specifics in these areas.
Here are some specific Rhode Island regulations, to protect consumers from predatory lending in the payday loan industry:
- Maximum Payday Loan Term
Not specified, minimum is set at 14 days - Maximum Finance Charges and Fees
Interest rate up to 15%, finance charge of $15 for $100 - Maximum Loan Amount
$500 - Number of Rollovers
One - Outstanding Loans Allowed at Once
3, cannot aggregate to more than $500 - Cool-Off Period
N/A
- Payment Plan
N/A - Collection Fees
Not specified - Presentment Limit
Not specified - Private Right of Action
Civil and criminal charges for fraudulent checks - Military Protection
N/A - Penalties
Arbitration, attorney fees, and all loan costs including late fees
As of September 2011, no further legislative mandates governing the cash advance industry in Rhode Island have been passed.
References:
Rhode Island Statute 19-14.1-1 et seq., 19-14.4-1 et seq.
Rhode Island Department of Business Regulation
233 Richmond Street, Suite 231
Providence RI 02903
Phone: (401) 222-2405
Fax: (401) 222-5628
Web: http://www.bank.state.al.us/
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More Information about Rhode Island
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Consumer Notice: A cash advance, also referred to as a payday loan or payday advance, is a small, short-term loan that is intended to cover a borrower's expenses until the following payday. Cash advances are intended for short-term financial relief and do not constitute long-term financial solutions. Consumers facing debt and credit difficulties should seek out debt and credit advisory help. Consumers are encouraged to consult our State Consumer Resource pages to learn more about the risks involved with cash advances, local laws and regulations that may be applicable to cash advances, possible loan alternatives and recent developments in their state.
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