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Cash Advance Loans in Rhode Island

As the name implies, payday loans refer to cash advances that people use when they need a loan fast. Most of the time, these loans are used by people who live from paycheck to paycheck and they work as very affordable solutions for people who ever need extra money for emergencies, such as medical bills and tuition fees. With this particular loan scheme, Rhode Island residents can actually borrow a maximum of $1500 if they meet the minimum requirements for the loan.

In general, cash loans can help a lot of different kinds of borrowers. As mentioned earlier, it can basically help anybody who needs fast cash - including those who have bad credit. Plus, these cash advances can be extended to the next payday, if needed, so that the borrower can pay the loan back at his own pace and whenever he is ready to do so.

But wait: it gets even more convenient. Payday advances can be availed over the World Wide Web now, too. In fact, there are various payday loan products available for Rhode Island residents, in particular, which are suitable for various kinds of financial needs. Thanks to online applications, things get even easier when it comes to applying for these loans because they can get approved in mere hours. This means that you can actually get the money that you need in your bank account within 24 hours of applying - believe it.

Payday Loan Laws in Rhode Island

You do need to know that payday loans aren't as easy or as simple as they look, though. In fact, they can be really hard on lenders. Rhode Island, for example, has several laws and regulations regarding cash loans. Although they are legal in the state, there is a maximum limit of $500 for these loans and they are fixed at 15% and at 13 days. Since the APR is around 390%, on average, the overall interest for personal loans may look incredibly high, too.

These loans may come with a lot of charges, too, such as chasing fees. In Rhode Island, the payday advances also have fees known as check cashing fees that won't exceed $5 or 10% of the check, depending on which amount is higher. It would also be mandatory for lending companies to post all of their charges for the public to see. They will also need to display a list of all of the valid identifications for their customers. Lenders of payday loans accept deferred deposits under $300 of the check's face value. A maximum loan deferment term of 2 weeks also exists.

In general, Rhode Island residents all have to sign a written agreement for their payday advances. This should include the details of the fees, the charges and the APR. Again: the absolute limit of the loan term always stands at 14 days, so this has to be stated in the agreement, as well. Overall, if you need cash urgently because your bets have become a little unmanageable, then you might want to look into Rhode Island payday loans to help you out.