Rhode Island
Rhode Island Regulators Reject Payday Loan Store Application
According to The Providence Journal, state regulators this week denied an application from a national chain, Check 'n Go, to open a store in the Olneyville neighborhood.
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Payday Loans in Rhode Island
Payday Loan Laws in Rhode Island (2026)
Yes — for now. Rhode Island is the only New England state that still allows payday loans (“deferred deposit” transactions): up to $500 with a 10% fee, a 13-day minimum term, and one deferral — about a 260% APR. But a 36% APR cap signed in July 2025 takes effect January 1, 2027, which will end the high-cost product.
| Status | Legal — but a 36% APR cap takes effect Jan 1, 2027 |
|---|---|
| Maximum loan | $500 |
| Maximum fee | 10% of the amount advanced |
| Typical APR | ≈260% on a 13-day loan |
| Minimum term | 13 days |
| Rollovers | One deferral allowed |
| Coming change | 36% APR cap effective January 1, 2027 |
| Regulator | Department of Business Regulation (DBR) |
| Law | R.I. Gen. Laws 19-14.4 (Check Cashing / Deferred Deposit) |
What a payday loan costs in Rhode Island
Rhode Island caps the fee at 10% of the amount advanced, so a $500 loan costs $50. Over the 13-day minimum term that's about a 260% APR. A 36% cap will replace this in 2027.
| Amount borrowed | Fee (10%) | Total repaid |
|---|---|---|
| $100 | $10 | $110 |
| $300 | $30 | $330 |
| $500 | $50 | $550 |
Your rights as a borrower in Rhode Island
- Rhode Island has long been the only New England state allowing payday loans — up to $500 with a 10% fee.
- On the 13-day minimum term, that 10% fee works out to roughly a 260% APR.
- A loan may be deferred only once.
- A 36% APR cap, signed in July 2025, takes effect January 1, 2027 — after which the high-cost payday loan will effectively end.
Problem with a lender? File a complaint
Payday (deferred deposit) lenders in Rhode Island are licensed by the Department of Business Regulation. To report a violation or an illegal lender, use the online complaint form.
Alternatives to a payday loan
Before borrowing, compare a credit-union payday-alternative loan, an employer paycheck advance, or a payment plan with the biller. See our guide to payday loans and alternatives.
Your debt rights in Rhode Island
A lender can garnish wages in Rhode Island only after it sues and wins a court judgment, and federal law then caps how much can be taken. Rhode Island does not run a statewide payday-loan database, so limits on how many loans you can hold are harder to track from lender to lender. Your rights when you cannot repay are set by a mix of federal and state law — these guides explain how they work:
- Can a payday lender sue you?
- Can payday loans garnish your wages?
- Do payday loans affect your credit?
- Payday loan statute of limitations
- How many payday loans can you have?
- How to get out of payday loan debt
Disclaimer: general information, not legal or financial advice. Laws change — verify the current rules with the Rhode Island Department of Business Regulation (DBR) before borrowing. Last reviewed 2026.
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Frequently asked
Are payday loans legal in Rhode Island?
Yes, for now. They are legal under R.I. Gen. Laws 19-14.4, but a 36% APR cap takes effect January 1, 2027, which will end the high-cost product.
How much can you borrow with a payday loan in Rhode Island?
Up to $500, with a 10% fee and a 13-day minimum term.
What is the most a Rhode Island payday lender can charge?
10% of the amount advanced — about a 260% APR on the 13-day minimum term.
Is Rhode Island capping payday loans?
Yes. A 36% APR cap was signed in July 2025 and takes effect January 1, 2027.
Latest Rhode Island coverage
Professor Shuns Idea of Military Payday Loans
Alan L. Feld is the Maurice Poch Research Professor at the Boston University School of Law. Let's just say he isn't a major supporter of military payday loans.