Installment Loans in Rhode Island

Lending rules in Rhode Island

Rules marked "medium confidence" were checked against a published copy of the statute because the official site was unavailable to us. Confirm them with the official text before relying on them.

General rules

• No person shall engage in the business of making or funding loans or acting as a lender or small loan lender without first obtaining a license from the director. Source: R.I. Gen. Laws § 19-14-2(a)(1) · verified Oct 9, 2026 · medium confidence
• No small loan lender shall take any confession of judgment or power of attorney to confess judgment (except for default enforcement on chattel mortgages). Source: R.I. Gen. Laws § 19-14.2-2 · verified Oct 9, 2026 · medium confidence
• No small loan lender shall take any note or security that does not accurately disclose the actual amount, term and interest rate, nor any instrument with blanks to be filled in after execution. Source: R.I. Gen. Laws § 19-14.2-2 · verified Oct 9, 2026 · medium confidence
• No loan document shall contain an acceleration clause under which unpaid balance may be declared due based on the lender deeming himself or herself insecure. Source: R.I. Gen. Laws § 19-14.2-5(1) · verified Oct 9, 2026 · medium confidence
• No loan document shall contain any assignment of or order for the payment of any salary, wages, commission or other compensation for services earned or to be earned. Source: R.I. Gen. Laws § 19-14.2-5(5) · verified Oct 9, 2026 · medium confidence

Payday loans (deferred presentment)

• Deferred deposit transaction fees cannot exceed 10% of the amount of funds advanced. Source: R.I. Gen. Laws § 19-14.4-4(4) · verified Oct 9, 2026 · medium confidence

Installment and consumer finance loans

• Small loan lenders may lend up to $5,000 in the aggregate to one borrower. Source: R.I. Gen. Laws § 19-14.2-8 · verified Oct 9, 2026 · medium confidence
• For small loans up to $300, the maximum interest rate is 3% per month, equivalent to 36% annually. Source: R.I. Gen. Laws § 19-14.2-8(1) · verified Oct 9, 2026 · medium confidence
• For small loans exceeding $300 but not exceeding $800, the maximum interest rate is 2.5% per month, equivalent to 30% annually. Source: R.I. Gen. Laws § 19-14.2-8(2) · verified Oct 9, 2026 · medium confidence
• For small loans exceeding $800 but not exceeding $5,000, the maximum interest rate is 2% per month, equivalent to 24% annually. Source: R.I. Gen. Laws § 19-14.2-8(3) · verified Oct 9, 2026 · medium confidence
• Small loans of $1,000 or less (excluding charges) cannot have a repayment term exceeding 25 months. Source: R.I. Gen. Laws § 19-14.2-11 · verified Oct 9, 2026 · medium confidence
• Small loans exceeding $1,000 but not exceeding $5,000 (excluding charges) cannot have a repayment term exceeding 60 months. Source: R.I. Gen. Laws § 19-14.2-11 · verified Oct 9, 2026 · medium confidence
• Every contract of small loan shall provide for repayment of the loan in substantially equal installments at approximately equal periodical intervals of time. Source: R.I. Gen. Laws § 19-14.2-11 · verified Oct 9, 2026 · medium confidence

Pawn loans

• A pawnbroker needs a license from the city or town council, valid for one year at the place designated in the license. Source: R.I. Gen. Laws § 19-26-2 · verified Oct 9, 2026 · medium confidence
• The pawnbroker license fee is not less than $50 nor more than $200, as fixed by the city or town council. Source: R.I. Gen. Laws § 19-26-2 · verified Oct 9, 2026 · medium confidence
• For pawn loans over $50 for a period not exceeding three months, the maximum interest rate is 5% per month. Source: R.I. Gen. Laws § 19-26-18 · verified Oct 9, 2026 · medium confidence
• For pawn loans over $50 for a period exceeding three months, the maximum interest rate is 2.5% per month. Source: R.I. Gen. Laws § 19-26-18 · verified Oct 9, 2026 · medium confidence

Lenders in Rhode Island are licensed by the Rhode Island Department of Business Regulation, Division of Banking. See also online lenders and apps in Rhode Island.