Rhode Island lending rules
Personalloaner covers 8 Census places in Rhode Island, which together hold an estimated 569,042 people. Licensed lenders set personal-loan terms here under Rhode Island law, and the sourced rules below reach every borrower in the state.
Key rules for borrowers in Rhode Island
| Rule | Detail | Source |
|---|---|---|
| Maximum legal interest rate (usury cap) | Loans may not exceed the greater of 21% per annum or the alternate rate (prime + 9 points); no cap for commercial loans over $1,000,000. Source says: "charge, or take interest on a loan... at a rate that shall exceed the greater of twenty-one percent (21%) per annum or the alternate rate" (R.I. Gen. Laws 6-26-2(a)). |
Rhode Island General Assembly (R.I. General Laws) as of 2026-09-16 |
| Payday lending status | Legal for licensed check cashers: deferred deposits max $500, minimum 13-day term, fee limited to 10% of funds advanced; fee provision sunsets January 1, 2027. Source says: "The face amount of the check shall not exceed five hundred dollars ($500)" (19-14.4-5.1); "Charge deferred deposit transaction fees in excess of ten percent (10%) of the amount of funds advanced" (19-14.4-4(4)). |
Rhode Island General Assembly (R.I. General Laws) as of 2026-09-16 |
| Small-loan / installment lender licensing | License required for making/funding loans or acting as a small loan lender; small loans (under $5,000, non-real-estate) regulated under R.I. Gen. Laws ch. 19-14.2. Source says: "Making or funding loans or acting as a lender or small loan lender... without first obtaining a license" (R.I. Gen. Laws 19-14-2(a)). |
Rhode Island General Assembly (R.I. General Laws) as of 2026-09-16 |
| State lending regulator | Rhode Island Department of Business Regulation (DBR) - Division of Banking Source says: "any rule or regulation promulgated by the department of business regulation pertaining to check cashers" (R.I. Gen. Laws 19-14.4-3); DBR's own site returned HTTP 403 to automated requests. |
Rhode Island General Assembly (R.I. General Laws 19-14.4-3) as of 2026-09-16 |
| Commercial loan rate exemption (state-specific rule) | No interest-rate limit on commercial loans exceeding $1,000,000 not secured by the borrower's principal residence. Source says: "there is no limitation on the rate of interest that may be legally charged" and "where the amount of money loaned exceeds the sum of one million dollars ($1,000,000)" (R.I. Gen. Laws 6-26-2(e)). |
Rhode Island General Assembly (R.I. General Laws) as of 2026-09-16 |
Places we cover in Rhode Island
The Census Bureau counts 8 places in Rhode Island, and the largest are linked below.
Common questions
How high can interest rates legally go in Rhode Island?
The answer turns on the product and on which statute applies to it. This page's table sets out Rhode Island's usury cap and licensing rules, and each row carries its publisher and a link to the primary source.
What is Rhode Island's position on payday lending?
Each state handles payday lending on its own: some permit it, some cap it, some prohibit it. The sourced row on this page gives Rhode Island's current position.
How do I know a lender is licensed in Rhode Island?
Consumer lenders generally need a licence issued by the state regulator identified on this page. Verify that licence with the regulator before you commit to anything.