Loans in Rhode Island: payday, personal & title loan laws (2026)
Payday Loans Legal
Payday loans (deferred deposit transactions by licensed check cashers) are legal in Rhode Island only until December 31, 2026.
Personal Loans
Small loans up to $5,000: 2%-3% per month (24%-36% a year) by size.
Title Loans Limited
Rhode Island has no title-loan law.
Rhode Island at a glance
Counties in Rhode Island
Cities in Rhode Island
Frequently asked questions
Are payday loans legal in Rhode Island?
Payday loans (deferred deposit transactions by licensed check cashers) are legal in Rhode Island only until December 31, 2026. A 2025 law (P.L. 2025, ch. 373 and ch. 391; 2025-H 5042A / S 0229A) repeals the deferred-deposit exception effective January 1, 2027, after which small loans fall under the small-loan rate caps.
How much can you borrow with a payday loan in Rhode Island?
The check may not exceed $500, and a lender and its affiliates may hold no more than $500 in total outstanding checks from you. (Until January 1, 2027.)
How much do payday loans cost in Rhode Island?
The deferred deposit fee may not exceed 10% of the amount advanced. (This fee authority is deleted effective January 1, 2027.)
Are title loans legal in Rhode Island?
Rhode Island has no title-loan law. Deferred deposit agreements may not take collateral, and any loan of $5,000 or less is held to the small-loan rate caps (at most 3% a month).
What interest can title lenders charge in Rhode Island?
For loans of $5,000 or less: 3% a month up to $300, 2.5% a month on $300-$800, 2% a month on $800-$5,000.
Is there a cap on personal loan interest rates in Rhode Island?
Small loans up to $5,000: 2%-3% per month (24%-36% a year) by size.
Do personal loan lenders need a license in Rhode Island?
Yes. A license from the Department of Business Regulation is required to make loans or act as a small loan lender, to broker loans, or to cash checks for a fee.