Rhode
Island is a state
in the New England
region of the United
States. Rhode Island
has legalized the
payday lending.
Rhode Island Payday
Loans are available
to residents. The
fees for payday
loans are not limited
in Rhode Island.
Generally, lenders
charge between $15
and $20 per $100.
It is legal for
every payday lender
to disclose all
the fees and APR
to the customer
before taking the
loan. When you apply
for payday loans,
lenders must give
you a written statement
that clearly explains
what happens if
you default or are
late with your payments.
Borrower
cannot take more
than $500
loan and cannot
have more than three
outstanding payday
loans
at one time. It
is also mandatory
for the Lender to
display in listing
all the Interest
rate and APR as
well as a list of
acceptable valid
identifications.
Rhode Island Payday
Loans provide loan
for a minimum period
of 13 days but maximum
period is not defined.
