The roof of Sarah’s house fell in last night, and she has to fix it. She has nowhere else to sleep; her only close friend is out of town. Sarah has no money, is not expecting her paycheck until two weeks later, and has a bad credit score. So, she can’t pay out of pocket, nor can she take a bank loan. With no other option, Sarah sleeps in her old car for two weeks.
But Sarah lives in Rhode Island, and there was one option she hadn’t considered. She could have gotten a Rhode Island payday loan online, also called a cash advance, albeit with high interest, but Sarah would have slept in a warm bed. This is why there are payday lenders in Rhode Island.
Best Payday Loans in Rhode Island
Some of the best companies that offer payday loans in Rhode Island are listed below. If Sarah had known some of these places, she might have been able to avoid sleeping in her car.
PayDaySay 
PayDaySay is an app that can get people in Rhode Island payday loans online. Their headquarters are located at 8 The Green, Suite #5876, Dover, DE 19901. Their job is to connect you with lenders quickly and efficiently. They operate 24/7 and do not require any paperwork for the process to be complete.
| Loan Amount | $100 – $5000 but $500 maximum in Rhode Island |
| Rates | 400% |
| Limits | $5000 |
| Loan terms | Determined by lender |
| Online Payday Loans | Available |
| Good credit score | Preferably good |
For credibility with the lender, they advise that you keep a good credit score and pay back your loan on time. This is a great app to visit to find lots of financial options and keep your financial data safe.
Advance America 
This payday lender was established in 1997. This makes it one of the earliest companies to be in this business. Advance America now has over 1400 stores in America. You can find their storefronts in Rhode Island at Cranston, Providence, Woonsocket, Pawtucket, Warren, and Warwick.
| Loan Amount | Up to $1000 but $500 maximum for Rhode Island |
| Rates | 231% – 495% |
| General Limits | $1000 |
| Loan terms | 2 – 4 weeks |
| Online Payday Loans | Not available but you can apply online |
| Good credit score | Not required |
For Advance America stores in RI, there apply the same requirements that apply for cash advances in the state. This means there are no additional requirements to get an advance from this company. They run their business fairly and are quite creditable. Advance America is a really good option.
Check ‘n Go 
This company was founded in 1994 when it opened its first store in Kentucky. Check ‘n Go offers payday loans in over twenty-five states, including Rhode Island, in the United States. They have several stores in Providence, Middletown, Warwick, Woonsocket, North Providence, and Johnston. Their APR is well within the average RI rate.
| Loan Amount | $50 – $1500 but $500 maximum for Rhode Island |
| Rates | 214% – 661.80% (within average RI rate) |
| Limit | $1500 |
| Loan terms | Between 10 – 35 days |
| Online Payday Loans | Not available but you can apply online |
| Good credit score | Not required |
At Check ‘n Go, all you need is to be a Rhode Island resident, be on a steady income, have a government-issued ID and be above 18 years of age. This company is worth a visit if you urgently need cash.
Cash Central 
Cash Central is one of the best online payday lenders, and fortunately, it operates in Rhode Island too. Although it only operates online, it is licensed and regulated by the Idaho Department of Finance. So, you can be assured of its safety and credibility.
| Loan Amount | $100 – $800 |
| Rates | 486% |
| Limits | $800 depending on qualifications |
| Loan terms | 14 – 30 days |
| Payday Loans Online | Available (in fact, only available online) |
| Good credit score | Not required |
The fact that Cash Central does not have any storefront in Rhode Island means it operates out of state. This means that it is not bound by the laws or the rates. This translates to a higher loan amount limit but also higher interest fees. It is only advisable if you necessarily have to make the transaction online because it becomes very expensive in the long run.
CashNetUSA
This is another payday loan lender that can give people in Rhode Island online loans. CashNetUSA was only established in 2004 but is already regarded as one of the best payday loan companies in the United States with the best rates. The company is licensed by the State of Nevada Department of Business and Industry.
| Loan Amount | $100 – $1500 but $500 for Rhode Island |
| Rates | 208% – 520% |
| Limits | $1500 |
| Loan terms | 14 – 35 days |
| Payday Loans Online | Available |
| Good credit score | Not required |
CashNetUSA has storefronts in America but not in Little Rhode. As no laws bind payday loans online Rhode Island state, they can work under a different set of rules than traditional RI stores. This is the perfect place to go if you need a higher amount than your state allows. They also offer their customers free educational tools and courses on the subject of finance.
Are Payday Loans Legal in Rhode Island?
Yes, payday loans are legal in Rhode Island; they have been since 2001. All RI payday loan lenders have to be licensed by the Rhode Island Department of Business Regulation to operate within the state. The maximum loan amount limit is $500, and the minimum loan term is 13 days.
Lenders are not allowed to charge above ten percent of the loan amount as the interest rate. According to the law regulating payday loans in RI, you are allowed only one rollover and can only have three outstanding checks in a year. These rules are firmly backed up by R.I. Gen. Laws 19-14.4-5.1 under chapter 14.4 of Rhode Island laws in the Department of Business Regulation.
Why might you need Rhode Island Payday Loans?
Even though the interest rates and APR (annual percentage interest rate) on cash advances are higher than those of other options, people in the Ocean State still keep getting them.
Why? This is usually because other options are no longer available to them. Cash advances are taken mostly in emergency cases: an urgent payment that is due before the paycheck, necessities that you can’t afford at the moment, etc. For people like Sarah, who have bad credit scores and have no cash at hand, a payday loan is very often the last hope.
However, you should try to ensure that this is your last hope because the total loan will end up costing way more than the original amount if you cannot pay on time. A payday loan is only worth it if it is a true emergency and can be paid back on time.
Terms for Payday Loans in Rhode Island
In many states in the US that allow cash advances, there are certain requirements you have to meet. So, what are the criteria you have to meet to get a payday loan in Rhode Island? First is that you need to be eighteen years old or above.
For this, you need to provide appropriate evidence that you are of legal age; it could be in the form of any valid ID. You also need to present a certificate of employment and a recent payslip that shows that your income is not less than $1000. Lastly, you give other details like email address, contact number, and checking account details.
Loan Amounts
These are the amounts of cash you can borrow from a payday lender at a time. These amounts vary from state to state. In the Ocean State, the maximum amount you can borrow from a payday lender is $500. In some states, the amounts go as high as $1500 to $5000.
This is good for people who require a higher amount of money, but it also increases the chances of more debt. Although the maximum amount is $500, the average taken out is $100. There is no minimum amount for a payday loan in RI.
You are only allowed to have three outstanding checks of $500 maximum in a year. This is not advisable, however, because it only sinks you deeper into debt. It is best to borrow well below $500 if possible and pay it back as soon as you can.
Loan Term
This refers to the number of days or weeks within which you are expected to repay the loan. The minimum loan term in Rhode Island is thirteen days; according to the law, it must not be less than this.
There is no maximum term for repayment in RI. Even though there is no cap on the number of days within which you have to pay back your loan, it is not advisable to extend it. If you roll it over, you have to pay additional charges.
If there are chances you won’t be able to pay back on time, it is best to not even consider a payday loan. If, after taking it, you find that you cannot pay within two weeks, you can rollover. However, try as much as you can to pay back after the next weeks, or you will keep accumulating debt.
Loan Rates
The average annual percentage interest rate (APR) on payday loans in Rhode Island is 260%. How is this calculated? For every $100 you take out, you are required to pay $10 in financial advances.
This means the interest rate is 10%. To calculate the annual percentage interest rate, you divide the interest by the amount you borrowed, then multiply it by 365 (days). You then divide this by the number of days it will take you to repay and multiply by 100.
If Sarah takes out $100 and pays it back in two weeks, this is how she will calculate her APR;
10/100= 0.1*365= 36.5/14= 2.607*100= 260.7%
Therefore, her APR is approximately 261%.
Pros and Cons of Payday Loans in Rhode Island
As with every other thing, there are good and bad sides when it comes to payday loans. They are best for quick short-term payments; it is not what you need for a long-term loan.
If you have a good credit score or have a family that is ready to help, then it is also not your go-to. It is best for emergencies that could have been handled later with a paycheck. In that case, a cash advance is covering temporarily for it. In more specific words, here are a few pros and cons:
Pros:
- Fast payment
- Does not require a good credit score
- Easy to process
Cons:
- High-interest rate
- Can easily accumulate to form bigger debt
What Will Rhode Island Payday Loan Cost?
Total loan cost refers to the total amount that a cash advance will cost you over a year. This refers to the addition of the amount you borrowed plus all the additional charges. If you borrow $375 to be paid in two weeks, let us calculate the interest that will be accrued on that in two weeks.
Ten percent of $375 is $37.5. This means that when you are paying in the next two weeks, you pay a total of $412, that is, if you can pay it in two weeks. If you have to roll over, you have to pay the interest for the first two weeks. Two weeks later, you have to pay the original amount plus the new additional charges.
For the $375 loan, for instance, you pay the $37.5 interest after the first two weeks if you have to roll over. Two weeks later, you pay $412. This is why it is inadvisable to roll over. This is also why RI allows only one rollover.
Rhode Island Payday Loans If The Credit Rating is Poor
You can still take out a payday loan in Little Rhode even if your credit rating is poor. Of course, it is better and easier to take out a loan with a good credit score at a bank, a credit union, or anywhere else.
But what if your credit rating is poor? This is one of the reasons why payday loans exist in the first place. If other options like the bank did not care about your credit score, lending companies would not have so many people at their doors.
These companies focus mostly on your income. They want to know whether it is steady and if it is enough to cover your total cost. This is why they request your recent payslip and certificate of employment.
What are Alternatives to Rhode Island Payday Loans?
According to Pew Charitable Trust, Rhode Island payday loan has the 22nd highest average interest rate in the whole of the United States. It also states that borrowers take out eight loans each year on average.
They roll over one loan, pay it, then take out another. This means that it is very easy to get caught in the borrowing cycle. This is not something you want to risk unless you have no other option. Before you take out a cash advance, make sure that you have exhausted all other cheaper alternatives. Here are some of these alternatives:
- Family and Friends: If you have a surprise expense that you have to take care of and there is no money in your checking account, try reaching out to those around you. You never know who may be able to help, and chances are they won’t request an interest rate from you.
- Capital Good Fund: This is a non-profit organization in RI that helps people in financial trouble.
- Bank (if you have a good credit score).
- Car Title Loan.
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