Payday Loans by City in Rhode Island
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Elite Payday Loans is a direct payday lender serving Rhode Island residents, including Providence, Cranston, and Warwick. Apply online in minutes for a payday loan up to $500, with a decision the same business day.
Rhode Island payday loans at a glance: Payday loans are legal in Rhode Island and regulated by the Department of Business Regulation under R.I. Gen. Laws § 19-14.4. Lenders must disclose the full APR and due date before you sign.
Rules current as of July 2026.
Governing law: R.I. Gen. Laws § 19-14.4
Rhode Island allows payday loans with a maximum check amount of $500 and a minimum term of 13 days, under R.I. Gen. Laws § 19-14.4-5.1. Fees are capped at 10% of the amount advanced. Rhode Island does not set an APR ceiling, so your annual percentage rate depends on the fee and how long you hold the loan; the lender must disclose it in writing before you sign. Lenders must be licensed by the state, and the statute does not specify a maximum loan term.
| Loan Amount | Term | APR (est.) | Fee / Interest | Total Due |
|---|---|---|---|---|
| $100 | 14 days | 391% | $15 | $115 |
| $300 | 14 days | 391% | $45 | $345 |
| $500 | 14 days | 391% | $75 | $575 |
Payday loans in Rhode Island are limited to a $500 check amount, with fees capped at 10% of the amount advanced, or $10 per $100. The lender must show you the exact fee and APR in writing before you sign. Ensure the lender is licensed by the Rhode Island Department of Business Regulation.
Rhode Island residents should verify lender licensing and read the written agreement closely: it must state the total fee in dollars and as an APR before you sign. Note that Rhode Island's deferred deposit law, R.I. Gen. Laws § 19-14.4-5.1, is scheduled to be repealed effective January 1, 2027.
Consumers should ensure lenders are licensed through the Rhode Island Department of Business Regulation. Complaints can be directed to the department for resolution. The statute does not explicitly address rollovers or cooling-off periods.
Complaint Agency: Rhode Island Department of Business Regulation ((401) 462-9500) (File a complaint)
Verify Lender License: https://dbr.ri.gov/about-dbr/lookup-license
Rollover policy for Rhode Island: unknown. Before rolling over or renewing a payday loan, contact your lender to understand any additional fees and your total repayment obligation.
| Federal Protection | What It Means | Who It Covers |
|---|---|---|
| CFPB Payday Rule | The CFPB issued a regulation adopting a two-strikes-and-you’re-out rule for covered lenders. Under that rule, after two tries to withdraw money from a borrower’s account have failed, covered lenders can’t try again unless the borrower specifically authorizes another attempt. | All states |
| Military Lending Act (MLA) | 36% MAPR cap. The Military Lending Act (MLA) limits the amount a creditor may charge, including interest, fees, and charges imposed for credit insurance, debt cancellation and suspension, and other credit-related ancillary products sold in connection with the transaction. The total charge, as expressed through an annualized rate referred to as the Military Annual Percentage Rate (MAPR), may not exceed 36 percent. | Active-duty service members |
| Electronic Fund Transfer Act (EFTA) | A lender cannot require you to repay by automatic bank (ACH) debit as a condition of getting the loan. You may choose another way to pay. | All states |
CFPB rule source: https://www.consumerfinance.gov/payday-rule/
Yes. Payday lending is legal in Rhode Island, regulated under R.I. Gen. Laws § 19-14.4. Licensed lenders must follow the state's limits on loan amounts, terms, and fees, and disclose the full APR and due date before you sign. Confirm a lender is state-licensed before you borrow.
No. Rhode Island does not set an APR ceiling for payday loans. Instead, R.I. Gen. Laws § 19-14.4-5.1 caps the check amount at $500 and sets a minimum term of 13 days, and fees are limited to 10% of the amount advanced. Because the term is short, that fee still works out to a high APR. Your lender must state the exact fee in dollars and as an APR in the written agreement before you sign.
In Rhode Island, the maximum payday loan amount is $500 under R.I. Gen. Laws § 19-14.4. Some lenders approve less than the state maximum based on your income and their own limits. Borrow only what you can repay by the due date, since fees apply to the full amount.
Explore the full Elite Payday Loans suite of short-term lending options: Payday Loans, Cash Advance Loans, Bad Credit Loans, Same Day Loans, or find a location near you in our Rhode Island Locations Directory.
Have a general question about how payday loans work, what you need to apply, or how funding works? Our Payday Loan FAQ answers the questions that apply everywhere, while this page covers the rules specific to Rhode Island.
428 Smith St, Providence, RI 02908 | (401) 812-3776
All loans provided by Elite Payday Loans are subject to approval through our standard underwriting process. Rates, fees, repayment terms, and product availability are determined by the applicant's state of residence and individual financial profile. Not all applicants will be approved, and approved loan amounts may fall below the maximum advertised. Applicable terms and conditions apply to every loan product. Our lending products are designed for short-term financial needs and should not serve as a replacement for a long-term financial strategy. Borrowers who are experiencing ongoing financial difficulty should consider consulting a licensed credit counselor. Applications submitted online may require verification of submitted information before funds are released, which could add up to two business days to the disbursement timeline.
Submitting an application to Elite Payday Loans will not affect your FICO® Score. As part of our review, we may obtain information from a non-traditional consumer reporting agency. An inquiry of this type may appear on your record with that agency; however, it will not influence your FICO® Score.
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