Installment Loans in Oakland, Rhode Island – What You Need to Know
For many people in financial distress, installment loans are a reliable source of quick cash. Installment loans in Oakland, Rhode Island, are legal and popular among residents of the state.
If you’re considering taking out an installment loan, you’ll want to have as much information as possible. In this article, we’ll cover the basics of installment loans, the laws in Rhode Island regarding installment loans, and how to find a reliable lender in Oakland.
What are Installment Loans?
Installment loans are a type of personal loan that allows borrowers to receive a lump sum of money that they repay over a set period of time in agreed-upon installments. Installment loans are generally considered to be safer than payday loans because the payments are spread out over time, making it easier for the borrower to manage the cost.
Installment loans can be used for a variety of purposes, such as paying off medical bills, taking care of car repairs, or covering emergency expenses.
Rhode Island Regulations on Installment Loans
Rhode Island businesses that offer installment loans must be licensed by the state. Installment loans in Rhode Island have a maximum interest rate of 36%, which is lower than in some other states. The maximum loan amount is $25,000, and the maximum loan term is 25 months.
It’s important to keep in mind that some lenders may try to skirt around these regulations, so it’s crucial to do your research and only work with trusted lenders that follow the state’s laws regarding installment loans.
Finding a Reliable Lender in Oakland, Rhode Island
If you’re considering taking out an installment loan in Oakland, Rhode Island, it’s important to find a lender that you can trust. One of the best ways to find a reputable lender is to use a connector service like TheGuaranteedLoans.
TheGuaranteedLoans is a reliable connector service that works with a network of lenders in Oakland and throughout Rhode Island. By filling out an application on our website, you’ll be connected with potential lenders who can offer you an installment loan that meets your needs.
Interesting Facts and Statistics About Installment Loans in Oakland, Rhode Island
- Rhode Island residents owe a total of $363 million in short-term loans, including installment loans.
- The average APR for installment loans in Rhode Island is 31%.
- The average installment loan amount in Rhode Island is $1,557.
- 35% of Rhode Islanders have used a high-cost installment loan at some point.
Apply Now with TheGuaranteedLoans
If you need a reliable source of quick cash, TheGuaranteedLoans can help. We work with a network of trusted lenders in Oakland and throughout Rhode Island to help you find an installment loan that meets your needs.
Simply fill out an online application on our website, and we’ll match you with a lender who can offer you an easy and safe installment loan. Remember, TheGuaranteedLoans is a connector service – we’re not a direct lender. We’ll facilitate your connection with potential lenders who can offer you the loan you need.
Conclusion
Installment loans in Oakland, Rhode Island, can be a helpful resource for anyone in need of quick cash. By working with trusted lenders and using connector services like TheGuaranteedLoans, you can find the loan you need while staying in line with state regulations and protecting your financial future.