Rhode Island at a glance
- Personal loansAllowed 36% APR (top tier)
- Installment loansAllowed 36% APR (top tier)
- Emergency loansAllowed 36% APR (top tier)
- Payday loansAllowed No numeric cap
- Title loansNot allowed
Loan options in Rhode Island
Every loan type we cover is listed, including the ones Rhode Island law does not allow, so you can see why and what else can work.
- Personal loansAllowedA lump sum you repay in fixed monthly payments. See what your state allows and what a loan can cost.
- Installment loansAllowedFixed payments over months, not weeks. See your state's rate limits and a worked cost example.
- Emergency loansAllowedMoney for an urgent bill, usually a smaller installment loan. Check your state's limits before you borrow.
- Payday loansAllowedA short loan usually due in one payment on your next payday. Allowed in fewer states, so read the fee limits first.
- Title loansNot allowedA loan secured by your car title. Allowed in fewer states, and your car is at risk if you cannot repay.
Other ways to borrow
- Credit union payday alternative loans: small loans from federal credit unions with an APR capped at 28% under NCUA rules. (12 CFR 701.21)
- 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.
- Payment plans: many utilities, hospitals and lenders offer hardship plans if you ask before you miss a payment.
What a loan can cost in Rhode Island
Worked examples at an illustrative rate, never above Rhode Island's rate cap for that loan amount where the law sets one. They are examples, 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 places to turn in Rhode Island, each linked to its official source and dated when we last 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 here, and file a complaint if something goes wrong.
Check a lender's license File a complaint
dbr.ri.gov Checked September 23, 2026
211
Call 211 or visit your local 211 site to reach help with rent, utilities, food and other urgent bills.
unitedwayri.org Checked September 23, 2026
Legal aid
Free civil legal help for people with low incomes, including debt collection, repossession and eviction problems. Income limits vary.
rils.org Checked September 23, 2026
Nonprofit credit counseling
Nonprofit counselors can help you build a budget or set up a debt management plan. Look for an NFCC or FCAA member agency.
nfcc.org Checked September 23, 2026
Federal complaints
Submit a complaint 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.
- Nonprofit credit counseling. A counselor accredited by the National Foundation for Credit Counseling can help you build a budget or a debt management plan.
- 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.
- Local assistance. Call 211, or visit 211.org, for emergency help with rent, utilities and food in Rhode Island.
The rules lenders follow in Rhode Island
These rules protect you as a borrower and explain the labels above. Each one links to the source we took it from. 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 under R.I. Gen. Laws Chapter 19-14.2, Dept. of Business... | R.I. Gen. Laws Section 19-14.2-8 |
| Title loans[2] | Not allowed | Not allowed | Not set by statute | Not set by statute | None found | See sources |
| Payday loans[3][4][2] | Allowed | No numeric cap | 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
- None found; 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 but no flat APR cap was found in the section read. IMPORTANT: 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.
Money snapshot for Rhode Island
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 numeric cap.
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.
Can I get a loan in Rhode Island with a 500 credit score?
Lenders look at more than your score, such as income and existing debts, and each sets its own rules. BadCreditMD cannot tell you whether a lender will approve you.
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. Census Bureau, Population Division. Vintage 2024 National and State Population Estimates. 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
Illustrative range for installment loans in Rhode Island: APRs from 5.99% to 35.99%, where the state APR cap is 36% at most and lower on larger loans. This range is not a quote; each lender sets its own rates. Your APR depends on your credit, income, state and the lender.
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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.