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Rhode Island Payday Loans

2019 Rhode Island Lender Rankings

We have reviewed 8 Rhode Island payday loan lenders.

Our review of payday loans considers three areas: reputation, cost, and features. Reputation considers state licensing and Better Business Bureau scores. Cost is based on terms, fees, and rates. Features include things like credit reporting or fee transparency.

A listing in this table is not an endorsement. This table includes all lenders we have reviewed who offer loans to Rhode Island residents.

Filter by state:
RI Lender Description Rating
Cash Central

eligible credit type ⓘ

Visit Cash Central to determine actual product eligibility. This is a general estimate and actual eligibility will vary. Credit Types are defined below.

Credit Type FICO® Score
All All Scores
Fair 620+
Good 680+
Great 720+
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all
fair
good
great
  • Loans: $100 - $5,000
  • APR: 180% - 740%
  • State Licensed Lender
Cash Advance Now

eligible credit type ⓘ

Visit Cash Advance Now to determine actual product eligibility. This is a general estimate and actual eligibility will vary. Credit Types are defined below.

Credit Type FICO® Score
All All Scores
Fair 620+
Good 680+
Great 720+
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all
fair
good
great
  • Loans: $300 to $1,500
  • APR: 725%
  • Tribe Based Lender
Big Valley Financial

eligible credit type ⓘ

Visit Big Valley Financial to determine actual product eligibility. This is a general estimate and actual eligibility will vary. Credit Types are defined below.

Credit Type FICO® Score
All All Scores
Fair 620+
Good 680+
Great 720+
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all
fair
good
great
  • Loans: $300 to $500
  • APR: 780%
  • Tribe Based Lender
Tremont Lending

eligible credit type ⓘ

Visit Tremont Lending to determine actual product eligibility. This is a general estimate and actual eligibility will vary. Credit Types are defined below.

Credit Type FICO® Score
All All Scores
Fair 620+
Good 680+
Great 720+
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all
fair
good
great
  • Loans: $100 to $750
  • APR: 495%
  • Tribe Based Lender
MyPaydayLoan

eligible credit type ⓘ

Visit MyPaydayLoan to determine actual product eligibility. This is a general estimate and actual eligibility will vary. Credit Types are defined below.

Credit Type FICO® Score
All All Scores
Fair 620+
Good 680+
Great 720+
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all
fair
good
great
  • Loans: $100 to $500
  • APR: 782%
  • Unlicensed Lender -- Costa Rica
NationalPayday

eligible credit type ⓘ

Visit NationalPayday to determine actual product eligibility. This is a general estimate and actual eligibility will vary. Credit Types are defined below.

Credit Type FICO® Score
All All Scores
Fair 620+
Good 680+
Great 720+
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all
fair
good
great
  • Loans: $200 to $1,500
  • APR: 782%
  • Unlicensed Lender -- Costa Rica
East Side Lenders

eligible credit type ⓘ

Visit East Side Lenders to determine actual product eligibility. This is a general estimate and actual eligibility will vary. Credit Types are defined below.

Credit Type FICO® Score
All All Scores
Fair 620+
Good 680+
Great 720+
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all
fair
good
great
  • Loans: $300 to $1,000
  • APR: 550% to 780%
  • Unlicensed Lender
Cash in a Wink

eligible credit type ⓘ

Visit Cash in a Wink to determine actual product eligibility. This is a general estimate and actual eligibility will vary. Credit Types are defined below.

Credit Type FICO® Score
All All Scores
Fair 620+
Good 680+
Great 720+
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all
fair
good
great
  • Loans: $100, to $1,000
  • APR: 456% to 2,281%
  • Unlicensed Lender

* Based on our analysis these lenders offer loans to Rhode Island residents. We aim to keep our information accurate but check each lender's website for up-to-date information.

Rhode Island Payday Loans Details

Rhode Island residents can choose from Rhode Island licensed, out-of-state licensed, tribal-based and foreign-based lenders for their payday loans.

The Payday Hound strongly prefers licensed payday lenders as the Rhode Island Department of Business Regulation evaluates, regulates, and monitors the payday loans made by these lenders. See Rhode Island Payday Loan Laws for more details on Rhode Island laws and regulations or Payday Loans for more general information.

Unlicensed payday lenders include tribe-based lenders, lenders licensed in other states, and foreign-based lenders. Tribal and out-of-state licensed payday lenders operate under the interpretation that they can export their tribe or state laws into Rhode Island and are required to adhere to federal lending laws but not Rhode Island regulations. Federal laws may be less restrictive and less frequently enforced. The final group of lenders is foreign-based payday loan lenders. They export their countries' laws into Rhode Island and are highly unregulated. See How to Choose A Payday Loan for more details.

The above is our understanding of how payday lending works in Rhode Island, but we are not a law firm. Please contact the Rhode Island Department of Business Regulation for more information.

What Are Payday Loans

Rhode Island payday loans are short-term employment-based loans. They do not require collateral and are typically available to people with all types of credit. Funds can be deposited into your checking account overnight. Full payment is due your next pay period. Fees range from around $9 to $45 per $100 borrowed. For example, if $300 is borrowed, then $327 to $435 will be automatically deducted from your account on your next pay period. If the full deduction is made, the loan is paid in full and you are done. If you are unable to pay in full some lenders allow loan renewals usually at the same rate. You will pay fees on the unpaid fees from the previous period. Now, at your next payday (the second payday since you took the loan) $356 to $631 will be automatically deducted from your account. The fees add up fast. Please be careful with these loans. If you think you will be unable to pay the loan off in one or two pay periods it might make sense to consider Rhode Island installment loans

Licensed Versus Unlicensed Lenders

We prefer Rhode Island lenders licensed in your state because they are typically more closely regulated and monitored. State-licensed lenders generally must apply, register, and remain compliant in every state in which they operate. As a result, state-licensed lenders are typically larger more permanent companies.

Unlicensed payday loans operate in Rhode Island by exporting laws from their state or tribe into Rhode Island. Tribes are formally recognized American Indian Tribes and generally treated as separate federal entities that operate under their own laws. We have seen an increase in the number of tribal-based lenders. The Payday Hound believes in transparent markets, fair regulations, and consumer choice. To the extent, the existence of tribal lenders increase consumer choice we like this. The creation of the self-regulating Native American Financial Services Association (NAFSA) is also a good thing. We hope to see continued transparency and enforcement to create safer choices for borrowers. For more information see Rhode Island Payday Loan Laws.

The above is our understanding of how payday lending works in Rhode Island, but we are not a law firm. Please contact the Rhode Island Department of Business Regulation for more information.

The Payday Hound reviews Rhode Island payday lenders and ranks them according to our Sniff Test, costs, and features. Being included on our list is not an endorsement or certification.