Permitted Regulated Verified 2026-09-07 · ver. 0.2.3 How we verify these rules

Installment Loans in Rhode Island

Rhode Island permits licensed small loans up to $5,000, with monthly interest-rate bands of 3%, 2.5%, or 2% depending on loan size and amount-based maximum terms of 25 or 60 months.

Rhode Island legal category: Small Loan · R.I. Gen. Laws Chapter 19-14.2 — Small Loan Lenders

Rhode Island installment loans at a glance

Legal status
Permitted Regulated
Legal category
Small Loan
Maximum amount in this regime
$5,000
Term
For a small loan of $1,000 or less, scheduled principal repayment may not extend beyond 25 months. For a loan above $1,000 through $5,000, scheduled principal repayment may not extend beyond 60 months.
Regulator
Rhode Island Department of Business Regulation — Banking Division
Verified
2026-09-07

Choose a loan type by amount

PLS Cash Advance currently presents request amounts from $200 to $5,000. The ranges below are navigation guidance between our state loan guides — not statutory limits, eligibility rules, or a promise of approval.

$200–$500

Payday Loans in Rhode Island

Editorial payday route under the current 2026 regime. The $500 limit is check face amount, and this regime is scheduled for repeal effective January 1, 2027.

See Payday Loans

$500–$5,000 Current guide

Installment Loans in Rhode Island

Editorial installment route within Rhode Island’s $5,000 Small Loan Lender ceiling.

Amount and term limits

A Rhode Island small loan lender may lend up to $5,000 in the aggregate to one borrower.

For a small loan of $1,000 or less, scheduled principal repayment may not extend beyond 25 months. For a loan above $1,000 through $5,000, scheduled principal repayment may not extend beyond 60 months.

Interest, fees and repayment

Rhode Island uses monthly rate bands rather than one flat APR for its Small Loan Lender framework.

Maximum monthly interest rate on unpaid principal: 3% for loans through $300; 2.5% for loans over $300 through $800; 2% for loans over $800 through $5,000.

Small loans are repaid according to the written schedule within the statutory maximum term applicable to the amount.

Rollovers, refinancing and early payment

Rollover allowed?
Not reduced to a yes/no rule
Renewal/refinancing is governed by the small-loan chapter and agreement; the one-rollover deferred-deposit rule does not define this product.
Prepayment penalty allowed?
Not reduced to a yes/no rule
No universal prepayment-penalty flag is encoded from the cited sections for every Rhode Island small loan.

Rhode Island borrower protections

  • Aggregate small-loan principal to one borrower may not exceed $5,000 under Chapter 19-14.2.
  • Monthly interest-rate ceilings decrease by amount band.
  • Maximum scheduled term is 25 months through $1,000 and 60 months above $1,000 through $5,000.
  • Small Loan Lenders are licensed by the Rhode Island Department of Business Regulation.

Rhode Island loan cost calculator

Why there is no single statutory calculator: The legal pricing uses monthly rate bands and maximum terms change at $1,000. A single flat-APR calculator would misrepresent the statute.

How to verify a lender in Rhode Island

Regulator: Rhode Island Department of Business Regulation — Banking Division.

Small Loan Lender license

Verify a lender license

Official sources

  1. R.I. Gen. Laws §19-14.2-8 — Maximum loan and interest rate · primary
  2. R.I. Gen. Laws §19-14.2-11 — Maximum term of small loans · primary
  3. Rhode Island Department of Business Regulation — Banking · primary

Last regulatory verification: 2026-09-07. Laws can change; verify current terms and lender status before borrowing. Read our research methodology.