Fast Online Payday Loan [ PROVIDENCE ]
Possible types of loans:
- $100, $200, $300, $400, $500, $600, $700, $800, $900, 1000 dollars are emergency payday loans in Providence Rhode Island USA, which are issued for a period of 1, 2, 3 or 4 weeks (until your next salaries).
- $1500, $2000, $2500, $3000, $3500, $4000, $4500, $5000 – Providence, RI installment loans that can be taken out for terms of up to 2 years (most often 1, 6, 9, 12 or 3 months).
To get fast online cash advances (payday or personal loans, short-term loans, fast cash) with instant approval in Providence, RI, USA, use our simple 5-minute application form! The money will be credited to your bank account within 24-48 hours (or faster) after approval.
Cash Advance Near Me :: Providence Rhode Island Direct Lenders (list of offline stores and agencies nearby)
| Company | Address | Phone |
|---|---|---|
| Advance America | 361 Reservoir Ave B-2, Providence, RI 02907 | +1 401-941-0814 |
| Monimen Inc | 778 Cranston St, Providence, RI 02907 | +1 401-781-3271 |
| Empire Loan | 358 Broad St, Providence, RI 02907 | +1 401-273-7050 |
| 1F Cash Advance | 1 Empire St #200, Providence, RI 02903 | +1 401-214-9941 |
| Reliable Jewelry & Loan | 875 Westminster St, Providence, RI 02903 | +1 401-751-7296 |
| Empire Loan | 1271 N Main St, Providence, RI 02906 | +1 401-437-8421 |
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About Instant Loans in Providence Rhode Island
For residents of Providence facing a financial shortfall, a payday loan can appear to be a quick solution. However, it is crucial to understand the specific requirements and terms that govern these high-cost loans in Rhode Island before making a decision. State law provides specific regulations and consumer protections that every borrower should know.
Minimum Requirements for a Payday Loan in Providence, RI
To qualify for a payday loan in Providence, you must meet several basic criteria set by both state law and individual lenders. These requirements are designed to establish your identity, stability, and ability to repay. The core minimum requirements include:
- Age and Residency: You must be at least 18 years old and a legal resident of the United States. Lenders will require proof of your Providence or Rhode Island address.
- Proof of Income: You must have a verifiable source of income. This is the most critical requirement. While traditionally from employment, Rhode Island law allows other regular income sources such as Social Security, disability, pensions, or other government benefits to be considered. You will need to provide recent pay stubs or bank statements as proof.
- Active Bank Account: You must have an active checking account in your name. This account is used to receive the loan funds and, crucially, for the lender to electronically withdraw the repayment on the due date.
- Government-Issued ID: A valid, non-expired government-issued photo identification, such as a driver’s license or state ID card, is required to verify your identity.
- Contact Information: You must provide a working phone number and valid email address.
It is important to note that while these are the standard minimums, individual lenders may have additional requirements.
Terms of Small Short-Term Loans in Providence, Rhode Island, USA
The terms of payday loans in Providence are strictly defined by the Rhode Island Office of the General Treasurer and the Department of Business Regulation. These rules are designed to provide a framework for lending, though the costs remain extremely high.
- Maximum Loan Amount: The smallest amount you can borrow is set by lenders, but state law caps the maximum amount at $500.
- Finance Charges: Rhode Island law permits lenders to charge a maximum finance charge of 10% of the amount advanced. For a $500 loan, this means the maximum fee is $50, making the total repayment $550.
- Loan Term: The minimum loan term is 13 days. The maximum term is not explicitly capped by state statute but is typically aligned with your next pay date, usually within 30 days.
- The True Cost (APR): While a $50 fee might seem manageable, the Annual Percentage Rate (APR) reveals the true cost of borrowing. A $50 fee on a $500 loan over a two-week term equates to an APR of 260%. This exorbitant interest rate is why payday loans are considered a financial product of last resort.
- Right to Rescind: You have the right to cancel the loan at no cost by the end of the next business day by returning the principal amount to the lender.
- No Rollovers: Rhode Island state law strictly prohibits lenders from “rolling over” or extending an existing payday loan. You must completely pay off your existing loan before taking out a new one.
