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Rhode Island Cash Lenders
Rhode Island Payday Loan Laws
Fees: Payday loan lenders in Rhode Island cannot charge check-cashing fees in excess of 10% of the face amount of the check, or $5 whichever is greater.
Posting of charges: Every payday loan store in Rhode Island is required by law to post a notice with a schedule of all fees. This notice must be posted in a place that’s assessable to customers and in plain view. In addition to a posted schedule of fees, payday loan lenders in Rhode Island must display a notice with a list of valid identifications that are accepted.
Deferred deposits: A payday loan lender in Rhode Island can defer the deposit of a personal check written by a customer, as long as the face amount of the check doesn’t exceed $300. The maximum term allowed is 14 days. Written agreement: The written agreement shall have a statement of the total amount of fees charged, expressed in United States currency and as an annual percentage rate (APR). The agreement should state the term limit of 14 days as well.
Multiple loans: Under Rhode Island law, a customer is allowed to have up to three outstanding checks.
Rollovers: The maximum amount of rollovers allowed in Rhode Island is 1.