Personal loans in Rhode Island
Census ACS 2020–2024 5-year estimates; NCUA June 2026 call report; FDIC BankFind, Oct 2026.
Rhode Island personal loan rules at a glance
| Governing law | Small Loan Lenders chapter, covering loans of $5,000 or less. (R.I. Gen. Laws ch. 19-14.2) |
|---|---|
| Rate cap | Interest on the unpaid balance may not exceed 3% a month on loans up to $300, 2.5% a month on loans over $300 up to $800, and 2% a month on loans over $800 up to $5,000. (R.I. Gen. Laws § 19-14.2-8) |
| License required | 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. (R.I. Gen. Laws § 19-14-2(a)) |
| Loan sizes covered | Up to $5,000 in total to one borrower. Loans of $1,000 or less may not run past 25 months, and loans over $1,000 up to $5,000 may not run past 60 months, with substantially equal installments. (R.I. Gen. Laws §§ 19-14.2-8, 19-14.2-11) |
| Origination / other fees | No charges beyond interest are allowed except credit insurance, lawful filing fees and insurance charges, fees listed in § 6-26-2(c), or fees authorized by regulation. (R.I. Gen. Laws § 19-14.2-12) |
Bad credit loans in Rhode Island
Bad credit doesn't automatically rule you out in Rhode Island. Many lenders in our network look at your income and bank activity, not just your score, and offer personal installment loans of $500 to $5,000 to borrowers with fair or poor credit. Rates are higher than prime offers, so compare the monthly payment and total cost before you accept. More on bad-credit loans.
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Estimate only. Your rate depends on your credit, income and state; your lender shows the exact terms before you sign.
Compare neighboring states
Lenders must follow the law of the state where you live, not where you visit.
| State | Rate cap |
|---|---|
| Connecticut | 36% APR under $5,000; 25% APR $5,000-$50,000; all-in MLA-style APR. |
| Massachusetts | 23% APR plus $20 fee on loans up to $6,000; 20% usury above. |
Personal Loans by city in Rhode Island
Counties in Rhode Island
Show all 5 counties
Also see: Payday Loans in Rhode Island · Title Loans in Rhode Island · All Rhode Island loan options
Frequently asked questions
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.
Can I get a personal loan with bad credit in Rhode Island?
Yes, some lenders in our network work with fair or bad credit, but approval is not guaranteed and rates are higher. Licensed lenders in Rhode Island must follow the state's consumer-lending rules shown above; tribal and bank-partner lenders may follow different rules, so compare the APR on every offer.
Where can I find a loan for bad credit in Rhode Island?
You can apply at local banks and lenders in Rhode Island, or go online to reach more lenders at once. Banks often have stricter credit requirements, while many online lenders consider all credit types. Our free form sends one request to multiple lenders in our network, so you don't have to apply one by one. Many applicants get a decision within minutes.
Can I get a personal loan in Rhode Island with bad credit?
Yes, it's possible. Many lenders in our network work with borrowers who have fair, poor or limited credit, and they look at factors like income and employment, not just your score. Approval and rates depend on your full profile, and nothing is guaranteed, but checking your options is free. Rhode Island residents can see if they qualify for $100 to $5,000 in about 3 minutes.
How do installment loans work in Rhode Island?
You apply, the lender reviews your income and credit profile, and if you're approved you receive a lump sum deposited into your bank account. You then repay it in equal scheduled payments over an agreed term, with interest built in. Your agreement shows each payment amount and date before you sign. Rhode Island residents can see installment loan offers with our free 3-minute form.
What credit score do I need for a personal loan in Rhode Island?
There's no single minimum. Some lenders want good credit, but many lenders in our network consider fair, poor and limited credit and weigh your income and job history too. A higher score may get you better rates and larger amounts, while lower scores may still qualify for smaller loans. Find out what's available to you in Rhode Island with our free 3-minute form.