Payday loans in Rhode Island
Under R.I., deferred deposit (payday) loans can still be made by licensed check cashers. Gen. Section 19-14.4-5.1 was repealed by the legislature, taking effect January 1, 2027.
- Payday lending
- Allowed
- Max cost
- $10.00 per $100 borrowed
- Top amount
- $500
At that cap, a $100 loan over 14 days can carry $10.00 in fees: $110.00 back in total, close to 261% APR.
Are payday loans legal in Rhode Island?
Yes, the Rhode Island Check Cashing Act currently permits payday loans in Rhode Island. Because a check casher keeps your personal check before depositing it, this law names them deferred deposit loans. You have up to $500 to borrow, may hold three checks maximum, and need 13 days or more to pay back. You will pay no more than 10% of the cash advanced, or $10 for each $100 borrowed. You receive just one rollover, which extends your due date a single time.
Check cashing licenses handle payday lending here until a July 2025 law stops it on January 1, 2027. Unless made legally under a similar law elsewhere, loans here up to $5,000 with rates above state small loan limits are unenforceable. For this reason, verify the lender's license through the Division of Banking within the Rhode Island Department of Business Regulation before you borrow. You may file the division's written complaint form if a lender violates these rules.
- Check cashing licences, not a separate payday licence, govern payday lending here.
- Passed during 2025, the legislation (P.L. 2025, ch. 373) became law in July 2025 and removes the deferred deposit section on January 1, 2027.
- An effective 260% APR could be charged by payday lenders under the old carve-out, per legislative sponsors.
- A flat fee cap of 10% applies to the amount advanced, along with a $500 ceiling and a minimum term of 13 days.
- Customers may roll over once only, and three checks maximum can be out at one time.
Rhode Island payday loan laws
- Law in force
- Deferred deposit provisions of the Rhode Island Check Cashing Act
- Cited as
- ยงยง 19-14.4-4 and 19-14.4-5.1 of the R.I. General Laws
- Fees under the law
- Ten percent (10%) of advanced funds is the highest allowed for deferred deposit transaction fees.
- Most you can borrow
- $500
- How long a loan runs
- 13 days
- Rollovers
- one
- Loans you can hold at once
- $500 total across 3 checks
- Installment lending limits
- small loan lenders: charge 3% monthly on amounts to $300, 2.5% monthly from $300 to $800, and 2% monthly from $800 to $5,000
Also checked against webserver.rilegislature.gov. Full statute text.
Online lenders that list Rhode Island
Nine companies we track say they lend in Rhode Island: 2 online installment lenders, 6 tribal lenders and 1 loan broker.
| Lender | Kind | Posted APR |
|---|---|---|
 NetCredit | Installment | 34.99% to 99.99% |
 OppLoans | Installment | 99% to 195% |
 Viva Payday Loans | Broker | Partner lenders quote 4.99% to 1,386% |
Tribal loans in Rhode Island
Rhode Island refuses to enforce small loans ($5,000 or less) whose rates exceed its small loan limits, wherever they were made, unless a comparable small loan law elsewhere authorized them.
On the immunity claim tribal lenders make, see are tribal loans legal.
Six tribal lenders we track list Rhode Island as a state they lend in. Three of the six publish an APR, from 73.7% to 725%.
| Lender | Posted APR |
|---|---|
 Mobiloans | 73.7% to 405% |
 Spotloan | 99% to 490% |
 BrightLending | 325% to 725% |
 MaxLend | Not published |
 Minto Money | Not published |
| American Web Loan | Not published |
Need cash in Rhode Island? Ask about cheaper routes
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Rhode Island and the states around it
| State | Payday lending | Max cost | Top amount |
|---|---|---|---|
| Rhode Island | Allowed | $10.00 per $100 borrowed | $500 |
| Connecticut | Banned | 36% APR | None allowed |
| Massachusetts | Banned | 23% APR | None allowed |
Rhode Island loans with no credit check
Installment loan rates: small loan lenders: charge 3% monthly on amounts to $300, 2.5% monthly from $300 to $800, and 2% monthly from $800 to $5,000.
See no credit check loans: the checks lenders still run, and the price.
Verify a lender's license in Rhode Island
- Look the lender up on the license list before you hand over any bank details.
- Lenders here answer to the Rhode Island Division of Banking (Department of Business Regulation).
- Had trouble with a lender? Report the lender.
Sources for Rhode Island
- For at least 13 days, check cashers can delay depositing a customer's personal check.; One customer's outstanding checks cannot total over $500.; A single customer may not have more than three checks outstanding at the same time.webserver.rilegislature.gov
- Deferred deposit fees cannot pass 10% of what was advanced.webserver.rilegislature.gov
- Section 19-14.4-5.1 regarding deferred deposits is repealed by Public Law 2025, chapter 373.webserver.rilegislature.gov
- A legislature press release notes the law removes the 260% APR payday loan carve-out starting January 1, 2027.; A press release dated 7/2/2025 confirms the repeal bill was signed into law.rilegislature.gov
- Charging 3% monthly on loans to $300 is allowed for small loan lenders, who may lend up to $5,000.; Monthly caps drop for larger small loans, reaching 2% per month on amounts above $800.webserver.rilegislature.gov
- Wherever issued, loans up to $5,000 over the cap cannot be enforced in Rhode Island (see 19-14.2-1(c), 'No loan ...').webserver.rilegislature.gov
- DBR tells consumers to use NMLS Consumer Access for checking a banking licence.dbr.ri.gov
- You must submit complaints to the Division of Banking in writing using its complaint form.dbr.ri.gov