Payday Loans in North Providence, Rhode Island

Payday Loans in North Providence, Rhode Island: What You Need to Know

Rhode Island has a long and complicated history of payday lending regulations, designed to protect consumers from predatory practices. The laws of the state have been revised many times in order to provide comprehensive consumer protections, and today Rhode Island residents have access to safe, regulated payday loans. If you’re looking for a payday loan in North Providence, here’s what you need to know.

What Are Payday Loans?

Payday loans are short-term, unsecured loans that are designed to help people cover emergency or unexpected expenses when their paycheck is still a few days away. Payday loans are often seen as a “last resort” loan, as they are typically a more expensive form of credit than other loan products.

Payday Loans Are Legal in Rhode Island

Payday loans are legal in Rhode Island. The state’s legislation for payday loans is extremely comprehensive, providing strong consumer protection for borrowers. All lenders must be licensed by the state in order to operate, and all loans must comply with the rules and regulations set forth by the state.

Payday Loan Regulations in Rhode Island

Under Rhode Island’s payday loan regulations, all loans must be for a maximum of $500. The maximum loan amount for a first-time borrower is $400, and all loans must be repaid within 30 days. The maximum interest rate that can be charged is 15% of the total loan amount. Additionally, lenders are prohibited from charging any sort of fees or charges beyond the interest rate.

What Is a Title Loan?

In addition to payday loans, Rhode Island also allows residents to take out title loans. Title loans are secured loans that use the borrower’s car title as collateral. Title loans are typically for a much larger amount than payday loans, and the loan amount is determined by the value of the vehicle.

Title Loan Regulations in Rhode Island

Title loans in Rhode Island must be for a minimum of $500 and a maximum of $2,500. The loan must be repaid within 60 days, and the maximum interest rate that can be charged is 10% of the total loan amount. Additionally, fees and charges are prohibited, and lenders are not allowed to add any additional fees for late payments.

How to Apply for a Payday or Title Loan in North Providence

If you are looking for a payday or title loan in North Providence, the best way to apply is to use an online lender. TheGuaranteedLoans is a trusted financial resource that can connect you with a lender in North Providence. All you have to do is fill out the online application and we will match you with a lender that meets your needs.

F.A.Q.

Are payday loans legal in Rhode Island?
Yes, payday loans are legal in Rhode Island. All payday loans must comply with the laws and regulations of the state.

Can I get a title loan in Rhode Island?
Yes, title loans are also legal in Rhode Island. All title loans must be for a minimum of $500 and a maximum of $2,500, and the maximum interest rate that can be charged is 10% of the total loan amount.

What is the best way to apply for a payday or title loan in North Providence?
The best way to apply for a payday or title loan in North Providence is to use an online lender. TheGuaranteedLoans is a trusted financial resource that can connect you with lenders in North Providence. Just fill out the online application and we’ll take care of the rest.

Apply Now

If you are in need of a payday or title loan in North Providence, Rhode Island, let TheGuaranteedLoans help. We are not a lender, but we can connect you with lenders in your area. All you have to do is fill out the online application and we will take care of the rest.