Loan Options in Rhode Island

Rhode Island allows both payday loans and installment loans. Each product falls under a different licensing law enforced by the Rhode Island Department of Business Regulation (DBR), Banking Division. Payday lending is governed by the Check Casher and Payday Lender Act (R.I. Gen. Laws § 19-14.2), while longer-term small loans follow the Small Loan Lenders Act (R.I. Gen. Laws § 19-14).

The two products have different fee structures, maximum loan amounts, and repayment rules. Check the Rhode Island payday loans page for short-term borrowing or the Rhode Island installment loans page if you need more time to repay. For a direct cost comparison, visit the Rhode Island rates & fees page. If you'd rather avoid high-cost borrowing, start with alternatives available in Rhode Island.

• Lender licensing required. Any company offering payday or small loans in Rhode Island must hold a license from the DBR. You can verify a lender's license before sharing personal information through the DBR licensee search tool.
• Payday loan fee cap. Rhode Island law limits the finance charge a payday lender can assess per transaction under § 19-14.2. If a lender quotes a fee that seems unusually high, check the exact caps on the rates & fees page.
• Prohibition on certain collection practices. Threatening criminal prosecution for an unpaid payday loan is not permitted under Rhode Island or federal law. If a lender or collector uses threats or harassment, file a complaint with the DBR or the CFPB.
• Right to a written agreement. Lenders must provide clear, written loan terms including the total amount due, the finance charge, and the due date before you sign. If a lender won't put the full cost in writing, walk away.

Before sharing personal or financial information with any lender, review the LendUp scams & safety guide and confirm the lender's license through the DBR licensee search.