By Shawn Martin
Rhode Island state payday loan laws are much like many other states.
They look out for the lender even though they say they have been put in place to protect the borrower.
I find it rather interesting that anyone could say they are watching out for me while allowing companies like these to charge me an APR of 390% on a 14 day $100.00 loan.
This state is unique that instead of a limit on how long you can have a payday loan, they have a limit on how short your loan is allowed to be, which is 15 days minimum.
This stae also has no roll over limits and can charge 15% of the face amount of the check as interest, along with all the associate fees.
Remember, when rolling over these loans, and most people do to the rate of 4 to 5 times before retiring the loan, you will have to pay all outstanding interest plus new fees.
The loan amount per payday loan is $500.00 in Rhode Island, but this really does not matter much as they have no limits on how many payday loans you may have at any one time.
We can help!
If you have found yourself in trouble in Rhode Island with payday loan debt relax and take a big breath. We can help you take care of the daily harassment and collection actions these vultures practice.
If you use these companies do yourself a huge favor and only take out what you absolutely need to borrow and pay it off in full on the first due date. Anything else will cost you more than you will be wanting to pay.
I hope this information helps you make good choices when it comes to payday loans.