RI state reference
Rhode Island lending rules
Rhode Island has 8 Census places covered on Personalloaned, with a combined estimated population of 569,042. Personal-loan terms in Rhode Island are set by licensed lenders under state law; the sourced rules below apply to every borrower in the state.
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- 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.
- Payday lending 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.
- State regulator Rhode Island Department of Business Regulation (DBR) - Division of Banking
Sourced rules
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 |
Cities in Rhode Island
We cover 8 Census places in Rhode Island. The count and the combined population figures are summed from the US Census Bureau's Vintage 2023 subcounty population estimates (retrieved 2026-09-17).
Common questions
Frequently asked questions
What interest rate can a lender charge in Rhode Island?
It depends on the product and the statute that governs it. The sourced table on this page lists Rhode Island's usury cap and the licensing rules, each with its publisher and a link to the primary source.
Are payday loans legal in Rhode Island?
Payday lending is regulated state by state; some states permit it, some cap it, and some prohibit it outright. See the sourced figure on this page for the current position.
Do I need a license to lend money in Rhode Island?
Most consumer lenders must be licensed by the state regulator named on this page. You can verify a lender's license with that regulator before you sign anything.