Cash Advance in Rhode Island, USA
We wish to help you!
The reasons why you should choose us:
- The problem of cash lack at the right moment is quite familiar to us, so we want to protect you from this misfortune.
- All that we offer is a free assistance.
- Now you have an ability to get a advance loan much faster and easier than before – just fill out Apply Now form and wait for a couple of minutes.
- You can use the service directly from your apartments! No need to leave your office or home to apply for payday loan in Rhode Island up to $2.500
- After filling out the application, it takes no longer than a few minutes to us to find a reputable lender that can give you a loan on pre-agreed terms and conditions.
- Once proposal will be endorsed, you’ll be redirected to the lender's page to coordinate the loan terms and rates with the lender.
- Also you can learn how to get a bad credit loan.
- State - Rhode Island
- APR for 14-day $100 loan - 260%
- Regulator - Rhode Island Department of Business Regulation
- Address - 1511 Pontiac Ave, Cranston, RI 02920
|MIN Loan Amount||n/a|
|MAX Loan Amount||$500 face amount of check|
|MIN. Loan Term||13 days|
|MAX. Loan Term||n/a|
Payday Loans in RI General Information
Do you live on Rhode Island and look for fast cash to get? The good news is that payday loans in RI are legal despite some slight restrictions and limitations in terms of the maximum amount and the repayment period. The rest is very simple and fast. Local citizens have a flexible financial tool to cope with unexpected budget emergencies. At the same time, there are some other alternatives to get the necessary cash.
In this article, we are to discuss the entire procedure of qualifying for cash advance RI. We will also highlight some of the payday loan alternatives for those who are used to accessing convention credit products. The last but not least, here you will find the list of all baseline requirements necessary to qualify.
How to Access Cash Advance RI
To qualify the loan, a borrower needs to meet general requirements. That may take some time and effort, especially when proving his or her creditworthiness. However, the application process itself is super easy. It can be completed online via a laptop or even a mobile device. Most payday loan providers offer mobile-friendly sites featuring easy application forms that can be filled in on the go. So, the qualification process consists of the following stages:
- Find a lender. This one is probably the most time-consuming phase. The idea is to find a trusted company. On the other hand, with so many lenders online, it will hardly be a challenge.
- Fill in the form. You will find an intuitive application form on each site. All you need is to fill in spaces provided and move step by step until you see the “Qualify” or “Submit” button.
- Prepare Copies. Some companies may ask to submit additional docs to prove that the info you provide is not a fake. The copies might include a driving license or passport. In some cases, you may also need to submit copies of your balance or checking account.
- Waite for approval. After you have sent all the info and docs, wait for the decision upon the request. As a rule, it takes not more than 1 business day. Some lenders approve the request in 10-15 minutes depending on the info volume provided. The more docs to prove the creditworthiness you have, the faster and approval.
- Get Your Cash. The last stage is to get money directly on the account you have indicated during section 2.
Keep in mind that getting a loan is only 50% of success. To get full financial relief, you will also need to pay it back in time to avoid new financial problems, fines, commissions, etc.
Requirements for payday loans in RI
The requirements are as clear as the application process itself. They are pretty basic without strict limitations from the state authorities. To get fast cash, a borrower needs to:
- Be over 18 (make sure you are able to prove your age).
- Be a US-based citizen (prepare a valid copy of your ID).
- Have a high enough monthly wage (there are no strict rules regarding the sum. However, you are more likely to be approved if the salary per month is not lower than $1,000).
- Have a checking, savings or bank account (it is necessary to transfer funds instantly after the approval).
As you may see, nothing is said about bad credit. It means, that people with poor scores are also free to apply and count on approval. This is probably the key feature that lets payday loans in RI stand out from conventional financial services provided in the state.
Are Payday Loans in RI Legal?
Yes, they are. Rhode Island citizens can make the most of different cash advance types. Payday loans are not prohibited here. It means that you can opt for both physical and online lenders. Besides, borrowers should consider several official state limitations and restrictions.
As we have stated earlier, payday loans in RI are legal. However, they can be provided only by companies, which have already obtained the necessary license. For borrowers, it means more trusted companies that may be found in the official list of legal lenders. As for the loan itself, the requirements say the amount to borrow must never exceed $500, while the official repayment term is 13 days. In some cases, it can be prolonged depending on the company.
Please note, there is a financial fee that is about 10% on the initial loan amount. Additional commissions include the APR that is 260% on average considering that you need $100 for a 140day period. The ore you borrow the higher PAR rate. The good news is that there are no collection fees or other hidden costs. At least, they are not specified in the official loan regulations.
Alternatives to Cash Advance RI
If you do not like the idea of repaying over 200% from the initial sum, you may opt for some cheaper alternatives. They include financial support programs for dependent families and people in need. Besides, there are some other loan types that may also work out. Here is what you can do:
- Opt for a conventional institution. It might be a credit union or bank. They generally come with a much lower interest rate although the application process is more complicated and time-consuming. Moreover, your credit score must be flawless.
- Get cash advance with a credit card. It is actually the same as qualifying payday loans. Here we have the same loan term and amount as well as APR. The only difference is that the cash advance itself is provided in the form of a credit card loan.
The simplest way is to borrow from your colleagues, friends or family. At least, you will not be forced to stick to a repayment schedule. Whatever you do, apply for instant money only in case you are 100% sure you are able to give the debt back.