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

Payday Loans in Rhode Island

Rhode Island currently permits licensed deferred-deposit transactions with a $500 check-face ceiling, a minimum 13-day term, a 10%-of-funds-advanced fee cap, and no more than one rollover. This authorization is scheduled to change: §19-14.4-5.1 is repealed effective January 1, 2027.

Rhode Island legal category: Deferred Deposit Transaction · R.I. Gen. Laws Chapter 19-14.4, including §§19-14.4-4 and 19-14.4-5.1 (current through 2026; §19-14.4-5.1 repealed effective January 1, 2027)

Rhode Island payday loans at a glance

Legal status
Permitted Regulated
Legal category
Deferred Deposit Transaction
Maximum amount in this regime
$500
Term
At least 13 days
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 Current guide

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.

$500–$5,000

Installment Loans in Rhode Island

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

See Installment Loans

Amount and term limits

The face amount of a deferred-deposit check may not exceed $500. Aggregate concurrently outstanding checks held by a licensee or affiliate from the same customer also may not exceed $500, with no more than three concurrent checks.

The initial deferred-deposit term must be at least 13 days. The current statute does not provide one universal maximum initial term in §19-14.4-5.1, so none is invented here.

Interest, fees and repayment

Rhode Island caps the transaction fee at 10% of funds advanced; the agreement must disclose fees in dollars and as an APR.

Deferred-deposit transaction fees may not exceed 10% of the amount of funds advanced.

The check is scheduled for deposit on the agreed date. Current law permits no more than one rollover/extension.

Rollovers, refinancing and early payment

Rollover allowed?
Yes
The maximum number of rollovers permitted is one.
Prepayment penalty allowed?
Not reduced to a yes/no rule
No separate universal prepayment-penalty flag is encoded from the cited deferred-deposit sections.

Rhode Island borrower protections

  • A single check and aggregate concurrent checks held by a licensee or affiliate may not exceed $500.
  • No more than three checks may be concurrently outstanding with the licensee or affiliates.
  • The initial term must be at least 13 days.
  • Deferred-deposit fees may not exceed 10% of funds advanced.
  • Only one rollover is permitted.
  • Operational alert: §19-14.4-5.1 is repealed effective January 1, 2027; re-verification is required before then.

Rhode Island loan cost calculator

Why there is no single statutory calculator: The legal maximum is based on check face amount while the fee is based on funds advanced, and a scheduled statutory repeal is approaching. A dedicated calculator is not justified.

How to verify a lender in Rhode Island

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

Check Casher / deferred deposit authority

Verify a lender license

Official sources

  1. R.I. Gen. Laws §19-14.4-5.1 — Deferred deposits · primary
  2. R.I. Gen. Laws §19-14.4-4 — Fees for services · primary
  3. Rhode Island DBR — Consumer advice about payday loans · primary

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