Rhode Island’s Payday Loan Law Today
Elite Payday Loans lends directly to Rhode Island borrowers, and the fastest way to start is the online application, which takes just a few minutes to complete. The loan itself is set by Rhode Island law, not by Elite Payday Loans’ own choice: R.I. Gen. Laws § 19-14.4-4 (Check Cashing, deferred deposit) caps the amount any lender may advance in Rhode Island at $500. That $500 ceiling applies to every payday loan written in the state, so no loan from Elite Payday Loans can exceed it.
Two sections of Rhode Island law currently apply to this product: R.I. Gen. Laws § 19-14.4-5.1 and R.I. Gen. Laws § 19-14.4-4 (Check Cashing, deferred deposit). Of the two, § 19-14.4-4 is the section that sets the $500 cap and the fee rule described below. Full details for this state, including contact information, are on Elite Payday Loans’ Rhode Island page.
How the Fee Is Calculated
Rhode Island sets the payday loan fee in the same statute that sets the $500 cap, R.I. Gen. Laws § 19-14.4-4 (Check Cashing, deferred deposit). Elite Payday Loans does not set that fee on its own; the amount is fixed by state law, and Elite Payday Loans discloses the exact dollar cost of your specific loan before you sign anything.
Because R.I. Gen. Laws § 19-14.4-4 also caps the principal at $500, the total amount Elite Payday Loans can advance you in Rhode Island, and the fee tied to it, is bounded by that same $500 figure. No loan Elite Payday Loans issues in Rhode Island can be written for more than the statute allows.
The 13-Day Minimum Term, Explained
Rhode Island sets 13 days (statutory minimum) as the earliest date a deferred deposit under R.I. Gen. Laws § 19-14.4-5.1 can come due. That number is a floor, not a ceiling: Elite Payday Loans cannot set your repayment date any sooner than 13 days (statutory minimum) after the loan is made.
Rhode Island law does not set a maximum term for this loan, only that 13-day (statutory minimum) floor. Elite Payday Loans can set your term longer than 13 days (statutory minimum), and Rhode Island law places no cap on how much longer that term can run.
For a borrower planning a budget, the practical result is that the earliest possible due date in Rhode Island is fixed by state law at 13 days (statutory minimum) from the date Elite Payday Loans advances the funds. Any additional time your term runs beyond that is Rhode Island law leaving room above its own floor, not a departure from it.
What Changes on January 1, 2027
R.I. Gen. Laws § 19-14.4-5.1 is repealed effective January 1, 2027 (P.L. 2025 ch. 373 § 5; ch. 391 § 5). Elite Payday Loans is stating that date now, well before it takes effect, so Rhode Island borrowers can plan around it rather than discover it after the fact.
The $500 cap and the fee rule described above sit in a different section, R.I. Gen. Laws § 19-14.4-4 (Check Cashing, deferred deposit), which is not part of this repeal. Elite Payday Loans will update this page if Rhode Island replaces § 19-14.4-5.1 once the repeal takes effect in 2027.
Where the Law Is Written
Rhode Island’s payday loan rules are written in R.I. Gen. Laws § 19-14.4-5.1 and R.I. Gen. Laws § 19-14.4-4 (Check Cashing, deferred deposit). You can read the section that currently governs the loan itself, including the $500 cap, directly at Justia’s copy of R.I. Gen. Laws § 19-14.4-4.
Elite Payday Loans keeps a full list of its lending locations, including its Rhode Island stores, for borrowers who prefer finishing in person once they have started online, though most Rhode Island borrowers complete the whole process through the online application. General account and repayment questions that fall outside Rhode Island law itself are answered on Elite Payday Loans’ FAQ page.
