Installment and Personal Loans in Rhode Island: Payday Loan Alternatives
One short form for small loans with fixed monthly payments, offers from licensed lenders, and money sent to your bank account if you are approved. Larger personal loan requests up to $35,000 are also accepted.
Estimate uses 24% APR, the Rhode Island cap for this loan size, repaid over 12 months. Your lender must disclose the exact APR and total cost. Your offer may differ.
Check my offers- Rhode Island lenders must be licensed by the state
- Full cost and APR shown before you sign
- All credit types can apply; lenders may check credit
Installment Loans in Rhode Island, requested online
Rhode Island residents can request small loans of $500 to $5,000 online from any of the 70 Rhode Island cities we cover. Rhode Island repealed its payday loan law in 2025; the change takes effect January 1, 2027, after which small-dollar loans are capped at 36% APR and payday-style loans are no longer offered. At 24% APR, a $1,000 loan repaid over 12 months costs about $94.56 a month, or $134.72 in interest in total.
What Rhode Island law says
- Rhode Island repealed its payday loan law in 2025; the change takes effect January 1, 2027, after which small-dollar loans are capped at 36% APR and payday-style loans are no longer offered.
- Small loans under this law: up to $5,000.
- Rate limit: Licensed small loan lenders may charge up to 3% a month (36% APR) on loans of $300 or less, 2.5% a month (30% APR) on $300 to $800, and 2% a month (24% APR) on $800 to $5,000. For a $1,000 loan the cap is 24% APR. From January 1, 2027 a 36% APR cap applies to small-dollar loans.
- Fees: Certain fees are allowed if disclosed in writing and agreed to by the borrower; other charges are limited to items such as credit insurance and lawful filing fees.
- Lenders must be licensed by the Rhode Island Department of Business Regulation (DBR), Banking Division and must disclose the APR and total cost before you sign.
Good to know
- Rhode Island passed a law in 2025 ending its payday lending exemption; it takes effect January 1, 2027.
- After the change, payday lenders cannot charge more than 36% APR, which ends the typical payday loan that has carried about 261% APR.
- Until January 1, 2027, licensed deferred deposit (payday) loans of up to $500 are still legal, with a minimum 13-day term and one extension.
- Licensed small loan lenders may lend up to $5,000 in total to one borrower.
- Small loan rates are capped at 3% a month on loans up to $300, 2.5% a month on $300 to $800, and 2% a month on $800 to $5,000.
- Lenders making small loans to Rhode Island residents must be licensed by the Department of Business Regulation.
Why request online
How it works
Small-Loan Rules in Rhode Island
| Maximum amount | Up to $500 |
|---|---|
| Loan term | At least 13 days |
| Rate / fee rule | Deferred deposit fee ≤10% of funds advanced |
| Regulatory basis | R.I. Gen. Laws §§19-14.1-1, 19-14.4-1 et seq. |
Key Rules
- Licensed deferred deposit/check-cashing framework
Regulatory reference: the statutes listed in this table and the state regulator. State rules can change; confirm current terms before borrowing.
Largest Rhode Island cities
Questions people ask
Can I get a loan in Rhode Island with bad credit?
Yes, you can apply with any credit history. Lenders look at your income and banking history, not only your credit score, but they may still check your credit and approval is not guaranteed. Compare the APR and total cost before you accept.
Are payday loans legal in Rhode Island?
Rhode Island repealed its payday loan law in 2025; the change takes effect January 1, 2027, after which small-dollar loans are capped at 36% APR and payday-style loans are no longer offered. You can request small loans from licensed lenders instead.
What can I borrow instead of a payday loan in Rhode Island?
Small loans of $500 to $5,000, repaid in fixed monthly payments. Licensed small loan lenders may charge up to 3% a month (36% APR) on loans of $300 or less, 2.5% a month (30% APR) on $300 to $800, and 2% a month (24% APR) on $800 to $5,000. For a $1,000 loan the cap is 24% APR. From January 1, 2027 a 36% APR cap applies to small-dollar loans.
How much does a $1,000 loan cost in Rhode Island?
At 24% APR, a $1,000 loan repaid over 12 months costs about $94.56 a month, or $134.72 in interest in total. Your lender must show the APR and total cost before you sign.
Where can I complain about a lender in Rhode Island?
Contact the Rhode Island Department of Business Regulation (DBR), Banking Division or the CFPB at consumerfinance.gov/complaint.
It takes a few minutes and costs nothing to ask. You decide after you see the full cost.
Check my offersWe pass your request to participating lenders. A request does not guarantee an offer; approval, amount and funding time depend on the provider.
Resources
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