Rhode Island Payday Loan Laws

Strict rules and regulations are an integral part of the payday loans that can be taken from Rhode Island. This is one of the strictest places in which you would be able to get payday loans, and such loans would be extremely efficient for any purpose.

• Maximum APR – 390 percent
• Maximum Finance Fees – $15 per $100 dollars
• Maximum Financing Interest – 15 percent
• Maximum Quantity of Loans at One Time – One
• Maximum Payday Loan – $ 500
• Loan Term Limit – 13 Days
• Loan Term Maximum – 30 Days
• Total Number of Extensions: 3 times
• Loan Default Collections Actions Permitted: Non-criminal (exception for NSF checks)

Taking into account the different forms of utilities as well as the different documents that you would have to present before you get the payday loans, you would certainly find that there are a lot of flaws within the rules of Rhode Island payday loans. Most of the lenders exploit such laws and ensure that they would not need to pay any sort of tax on the amount of money that they would be getting. Hence, they end up charging a lot and ensuring that you would not have any other choice but to take the payday loan from them.

The above noted malpractice is something that should be taken care of by the Rhode Island Constitution, and the rules need to be more stringent in order to ensure that no lender can dictate terms, but rather having to go for terms that have been dictated by the Constitution of the State of Rhode Island. There are also a lot of other legalities that have got a lot of loopholes like the amount of interest that is to be levied on a particular payday loan.

In most cases, you would find that the lender has been imposing interest rates from their own will, ensuring that they would be able to gain a lot of money for a very small principal amount. In most cases would find that the people living in Rhode Island have been subjected to payday loans in which the interest rate would be about double the standard rate. Hence, this is one aspect that should be taken care of by the Rhode Island payday loans, and only then would there be a normalcy into the different kinds of payday loans that a person may take due to emergency.

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