Personal loans in Rhode Island
Consumer lending in Rhode Island is regulated by the Rhode Island Department of Business Regulation. Below are the sourced rules that affect what a lender can charge you, followed by the cities we cover.
Lending rules in Rhode Island
| Payday lending | Permitted and regulated — maximum loan amount: The face amount of the check shall not exceed $500; maximum loan term: Not less than 13 days. Finance charges: No licensee shall: (1) Charge check-cashing fees in excess of 3% of the face amount of the check, or $5, whichever is greater, if the check is the payment of any kind of state public assistance or federal social security benefit; (2) Charge check-cashing fees for personal checks in excess of 10% of the face amount of the personal check or $5, whichever is greater; or (3) Charge check-cashing fees in excess of 5% of the face amount of the check or $5, whichever is greater, for all other checks. (4) Charge deferred deposit transaction fees in excess of 10% of the amount of funds advancedSource: National Conference of State Legislatures · as of 2023 |
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| Small-loan / installment licensing | Consumer lenders must obtain a state license (Yes). Statutory basis: R.I. Gen. Laws §§ 19-14-1 et seq. Licensing administered through NMLS: Yes.Source: Conference of State Bank Supervisors · as of 2026 |
| Interest rate cap (usury limit) | Usury limit: 12% unless a different rate is expressly stipulated (R.I. Gen. Laws Section 6-26-1 (2020)); if there is an agreement, the max rate is 21% (R.I. Gen. Laws Section 6-26-2 (2020)). Finance rates and fees for licensed lenders: 36% per annum on loans of $300 or less 30% per annum on loans between $300-$800 24% per month on loans exceeding $800. CSBS 50-state survey of consumer finance laws; state-verified usury catalog.Source: Conference of State Bank Supervisors · as of 2026 |
| Consumer lending regulator | Consumer lenders in Rhode Island are licensed and supervised by the Rhode Island Department of Business Regulation.Source: Conference of State Bank Supervisors · as of 2026 |
| Debt collection rules | Third-party debt collectors must comply with the federal Fair Debt Collection Practices Act (FDCPA), 15 U.S.C. § 1692 et seq.; state consumer-protection and debt-collection enforcement is handled by the Rhode Island Office of the Attorney General. The FDCPA expressly authorizes state attorneys general to enforce it (15 U.S.C. § 1692l). Some states also require collection agencies to be licensed.Source: Rhode Island Office of the Attorney General · as of 2026 |
| Military lending protections | The federal Military Lending Act (MLA) caps the Military Annual Percentage Rate (MAPR) at 36% for consumer credit extended to active-duty service members, their spouses and certain dependents, and bars mandatory arbitration and prepayment penalties on covered loans. Federal protection that applies nationwide, including in this state.Source: Consumer Financial Protection Bureau · as of 2024 |
| Complaint / licensing lookup | Check whether a lender holds a state license through NMLS Consumer Access (nmlsconsumeraccess.org) or the Rhode Island Department of Business Regulation; consumers can file complaints with the Rhode Island Department of Business Regulation or the CFPB at consumerfinance.gov/complaint.Source: Nationwide Multistate Licensing System (NMLS) Consumer Access · as of 2026 |
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Cities in Rhode Island
ProvidenceWarwickCranstonPawtucketEast ProvidenceWoonsocketNewportCentral FallsValley FallsNewport EastGreenvilleCumberland HillKingstonPascoagNarragansett PierMelvilleHope ValleyChepachetAshawayHarmonyHarrisvilleBradfordGreene
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