What a loan can cost in Rhode Island
Examples at an illustrative rate, never above Rhode Island's cap for the amount. They are not quotes.
Representative example
- Amount borrowed
- $500
- Annual percentage rate (APR)
- 29.99%
- Repayment
- 12 monthly payments
- Payment
- $48.74
- Finance charge
- $84.88
- Total of payments
- $584.88
Example: a $500 installment loan at 29.99% APR repaid in 12 monthly payments of $48.74 costs $584.88 in total, including a finance charge of $84.88. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
Representative example
- Amount borrowed
- $1,000
- Annual percentage rate (APR)
- 29.99%
- Repayment
- 12 monthly payments
- Payment
- $97.48
- Finance charge
- $169.76
- Total of payments
- $1,169.76
Example: a $1,000 installment loan at 29.99% APR repaid in 12 monthly payments of $97.48 costs $1,169.76 in total, including a finance charge of $169.76. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
Representative example
- Amount borrowed
- $3,000
- Annual percentage rate (APR)
- 26.2%
- Repayment
- 12 monthly payments
- Payment
- $286.88
- Finance charge
- $442.56
- Total of payments
- $3,442.56
Example: a $3,000 installment loan at 26.2% APR repaid in 12 monthly payments of $286.88 costs $3,442.56 in total, including a finance charge of $442.56. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
Resources in Rhode Island
Free and low-cost help in Rhode Island, each with its official link and the date we checked it.
Lending regulator and complaints
Rhode Island Department of Business Regulation (DBR), Division of Banking licenses lenders in Rhode Island.
Check a lender's license File a complaint
dbr.ri.gov Checked September 23, 2026
211
Help with rent, utilities, food and other urgent bills.
unitedwayri.org Checked September 23, 2026
Legal aid
Free civil legal help if your income is low; income limits vary.
rils.org Checked September 23, 2026
Nonprofit credit counseling
Help with a budget or a debt management plan.
nfcc.org Checked September 23, 2026
Federal complaints
Complaints about any lender, to the Consumer Financial Protection Bureau.
Submit a complaint to the CFPB
consumerfinance.gov Checked September 23, 2026 Available in Spanish
More Rhode Island resources appear here as we check each source.
Cheaper options to try first
Worth checking whatever your credit: these can cost less than a high-rate loan.
- Credit union payday alternative loans (PALs). Federal credit unions may offer small loans of up to $2,000 with terms of up to 12 months and an APR no higher than 28%, under NCUA rules (12 CFR 701.21). You usually need to be a member.
- Ask your creditor for a payment plan. Utilities, hospitals and many lenders offer hardship or extended payment plans if you ask before you miss a payment.
- Credit-builder loans: a small loan held in savings while you pay it off, which can help build a payment history.
- Secured credit cards: a card backed by a deposit you make, which can help build credit when you pay on time.
The rules lenders follow in Rhode Island
Each rule links to its source. How we research state rules.
Allowed in Rhode Island: installment and personal loans and payday loans. Not allowed: title loans.
| Product | Status | APR cap | Amount | Term | License | Law |
|---|---|---|---|---|---|---|
| Installment and personal loans[1][2] | Allowed | 36% APR (top tier) | Up to $5,000 | Up to 5 years | Small Loan Lender license | R.I. Gen. Laws Section 19-14.2-8 |
| Title loans[2] | Not allowed | Not allowed | Not set by statute | Not set by statute | No license authorizes vehicle title lending in Rhode Island | See sources |
| Payday loans[3][4][2] | AllowedNo rate limit in state law | No rate limit | Up to $500 | At least 13 days | Licensed check casher under R.I. Gen. Laws Chapter 19-14.4, Dept. of Business Regulation | R.I. Gen. Laws Section 19-14.4-5.1 |
| Verified against the statute and regulator on September 23, 2026. Laws change; confirm with the regulator before you borrow. | ||||||
Bars place each APR cap on a 0 to 400% scale; the pin marks the cap. A striped bar means the statute sets no numeric cap.
Rate, fee and license rules in Rhode Island
Installment and personal loans
- Rate cap
- Small Loan Lenders may charge, on the unpaid principal balance: 3% per month on the portion of the loan up to $300 (about 36% APR), 2.5% per month on the portion over $300 up to $800 (about 30% APR), and 2% per month on the portion over $800 up to $5,000 (about 24% APR).
- Fees
- Rate tiers above function as the fee cap.
- License
- Small Loan Lender license under R.I. Gen. Laws Chapter 19-14.2, Dept. of Business Regulation.
Title loans
- Rate cap
- Not applicable. No Rhode Island statute authorizing motor vehicle title loans was found.
- License
- No license authorizes vehicle title lending in Rhode Island.
Payday loans
- Rate cap
- Currently: licensed check cashers may defer deposit of a personal check (a 'deferred deposit') for a term of no less than 13 days; face amount of the check may not exceed $500; fee/APR disclosure is required. R.I. Gen. Laws Section 19-14.4-5.1, the statute authorizing this deferred-deposit product, is repealed effective January 1, 2027 per 2025 P.L. chapters 373 and 391.
- Fees
- Deferred deposit transaction fees may not exceed 10% of the amount of funds advanced (R.I. Gen. Laws 19-14.4-4); fees must also be disclosed in dollars and as an APR (19-14.4-5.1).
- License
- Licensed check casher under R.I. Gen. Laws Chapter 19-14.4, Dept. of Business Regulation.
Rent and jobs in Rhode Island
Typical rent and the jobless rate, to weigh before a loan payment.
Guides for Rhode Island borrowers
Check your options in Rhode Island
Rhode Island questions
Does Rhode Island law allow payday loans?
Rhode Island law allows payday loans. State law sets no numeric cap on the cost. Source: R.I. Gen. Laws Section 19-14.4-5.1.
What is the most a lender can charge in Rhode Island?
By loan type in Rhode Island: Installment and personal loans: 36% APR (top tier). Title loans: Not allowed. Payday loans: No rate limit.
Where can I file a complaint about a lender in Rhode Island?
You can file a complaint with Rhode Island Department of Business Regulation (DBR), Division of Banking, and you can also submit one to the Consumer Financial Protection Bureau. Both links are under Resources in Rhode Island on this page.
How do I check a lender's license in Rhode Island?
Rhode Island Department of Business Regulation (DBR), Division of Banking licenses lenders in Rhode Island. Use the license link under Resources in Rhode Island on this page to check a lender before you share your information.
Is there free help paying bills in Rhode Island?
Yes. Resources in Rhode Island on this page lists free help, including 211, legal aid and nonprofit credit counseling.
Nearby states
- MassachusettsAllowed 23% APR
- ConnecticutAllowed 36% APR (top tier)
- New HampshireAllowed 36% APR
- VermontAllowed 24% APR (top tier)
- New JerseyAllowed 30% APR
Sources
- webserver.rilegislature.gov. R.I. Gen. Laws Section 19-14.2-8. Retrieved September 23, 2026.
- dbr.ri.gov. Rhode Island Department of Business Regulation (DBR), Division of Banking. Retrieved September 23, 2026.
- webserver.rilegislature.gov. R.I. Gen. Laws Section 19-14.4-5.1. Retrieved September 23, 2026.
- webserver.rilegislature.gov/Statutes/TITLE19/19-14.4/INDEX.htm. Retrieved September 23, 2026.
- National Low Income Housing Coalition. Out of Reach 2026: Rhode Island. Retrieved September 23, 2026.
- U.S. Bureau of Labor Statistics. Local Area Unemployment Statistics (LAUS), All States, Seasonally Adjusted. Retrieved September 23, 2026.
Important disclosures
APRs vary by lender and state in Rhode Island. Each lender sets its own rates and terms and must show you the APR before you sign.
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- Questions about a lender licensed in Rhode Island? Contact the Rhode Island Department of Business Regulation (DBR), Division of Banking or file a state complaint.
- You can submit a complaint about any lender to the Consumer Financial Protection Bureau at consumerfinance.gov/complaint.