Northeast · Allowed
Payday loans in Rhode Island
Storefront payday lending is permitted in Rhode Island. State law caps what lenders can charge — the limits below are the legal ceiling, and honest lenders stay under it.
The limits below are the legal ceiling — any offer above them is being made outside the law.
The rules behind the numbers
Deferred deposit transactions are short-term loans designed for immediate cash needs and should not be used for long-term credit needs.
In practice: borrow $300 for a standard term and the finance charge is $45 — $345 repaid at the end, about 391% APR. Every compliant lender in Rhode Island has to fit inside that schedule.
Statute: R.I. Gen. Laws § 19-14.4-1 et seq.
Regulator: Rhode Island Department of Business Regulation - Banking Division · dbr.ri.gov
Questions people ask here
How much can a payday loan cost in Rhode Island?
State law caps fees at 15% of amount advanced ($15 per $100). On a typical $300 loan that works out to about $45 in finance charges — repaying $345 in total. A lender charging more than the cap is operating illegally.
What happens if I can't repay on time in Rhode Island?
This state's rules on rolling the loan over: forbidden. If you can't pay, ask the lender for an extended payment plan before you renew — and call the state regulator if the plan is refused.
Are online payday lenders legal in Rhode Island?
Only lenders licensed in Rhode Island may make loans to residents at these terms — the license, not the website, decides what's legal. Out-of-state lenders offering terms above the state cap are operating outside the law.
Who regulates payday lenders in Rhode Island?
Complaints about a licensed lender go to the Rhode Island Department of Business Regulation - Banking Division (dbr.ri.gov) — keep the loan agreement and every fee disclosure you were given.
16 storefront lender locations listed statewide in the 2022-02-20 public directory snapshot — each city guide carries its local list.