Payday Loans in East Providence, Rhode Island

Payday Loans in East Providence, Rhode Island

Payday loans are a type of short-term, unsecured loan that is widely available to people who need small amounts of cash quickly. In Rhode Island, payday loans are legal and regulated by the Department of Business Regulation, so it’s important to understand the laws and regulations before taking out a loan.

In East Providence, payday loans are offered by a few select lenders who operate both in-store and online. The fees, terms, and conditions of these loans vary depending on the lender, so it’s important to compare options before making a decision.

How Payday Loans Work

Payday loans are intended to help borrowers cover unexpected expenses or bridge the gap between paychecks. With a payday loan, the borrower gets a lump sum of money that is due back when their next paycheck is received. Borrowers are typically required to provide proof of income and a postdated check or debit authorization to the lender to secure the loan.

Interest rates for payday loans in Rhode Island are capped at 15% for loans up to $250, 13% for loans between $250 and $500, and 10% for loans over $500. There is also a $20 origination fee for loans up to $50, and a $40 fee for loans up to $250. Loans over $250 are capped at a $40 origination fee.

What to Consider Before Taking out a Payday Loan in East Providence

Payday loans can be a helpful tool in a financial pinch, but they can also trap borrowers in a cycle of debt if not used responsibly. Before taking out a payday loan in East Providence, consider the following:

Do you have a plan to pay back the loan? Payday loans need to be paid back in full when the borrower’s next paycheck arrives, so it’s important to have a plan to make that happen. Without a plan, borrowers can quickly get in over their head and be stuck with high fees and interest.

Are there other options? Before taking out a payday loan, consider whether there are other options for funding the gap, such as borrowing from family or friends, using a credit card, or getting a loan from a credit union.

Have you done your research? Different lenders may offer different rates and terms, so it’s important to compare options before deciding on a payday loan.

Where to Get a Payday Loan in East Providence

Payday loans are typically offered by in-store lenders, although some may offer the option to apply online. In East Providence, there are a few select stores that offer payday loans, such as Check n’ Go, Money Mart, and Rapid Cash.

Frequently Asked Questions

Are payday loans legal in Rhode Island?
Yes, payday loans are legal in Rhode Island. However, they are regulated by the Department of Business Regulation, so it’s important to understand the laws and regulations before taking out a payday loan.

What information do I need to provide in order to get a payday loan?
In order to get a payday loan, you will typically need to provide proof of income, a valid ID, and a postdated check or debit authorization from your bank account.

What fees and interest rates are associated with payday loans?
The fees and interest rates associated with payday loans in Rhode Island vary depending on the lender. Generally, interest rates are capped at 15% for loans up to $250, 13% for loans between $250 and $500, and 10% for loans over $500. There is also a $20 origination fee for loans up to $50, and a $40 fee for loans up to $250.

Apply Now

If you need a payday loan in East Providence, Rhode Island, the team at TheGuaranteedLoans can help. We are not a lender, but we can connect you with lenders who offer payday loans and other financial solutions. To get started, all you need to do is fill out our online application and we’ll take it from there.