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Urgent Cash Advance Fee AmountPayoff AmountAPR
$50.00 $12.50 $62.50 651.79%
$100.00 $25.00 $125.00 651.79%
$150.00 $37.50 $187.50 651.79%
$200.00 $50.00 $250.00 651.79%
$250.00 $62.50 $312.50 651.79%
$300.00 $75.00 $375.00 651.79%
$350.00 $87.50 $437.50 651.79%
$400.00 $100.00 $500.00 651.79%
$450.00 $112.50 $562.50 651.79%
$500.00 $125.00 $625.00 651.79%
*Based on a day term with 1 payment.
Statute N/A Min. Term N/A
Electronic Payment Yes Max. Term 45
Procedures N/A Ext/Renewals 3
Min. Amount $50.00 Right to Rescind Yes
Max. Amount $500.00 Return Item Charge $25.00
Fee $25 per $100 borrowed Cooling Off/Paydown No

State of Rhode Island and Providence Plantations
Department of Business Regulation
Division of Banking and Securities

TITLE 19- Financial institutions- CHAPTER 19-14- Licensed Activities

SECTION 19-14-2

   § 19-14-2  Licenses required. [Effective March 31, 2007.]. – No person shall engage within this state in the business of: (1) making or funding loans or acting as a lender or small loan lender; (2) brokering loans or acting as a loan broker; (3) selling checks for a fee or other consideration; (4) cashing checks for a fee or other consideration which includes any premium charged for the sale of goods in excess of the cash price of the goods; (5) providing electronic money transfers for a fee or other consideration; or (6) providing debt-management services without first obtaining a license or registration from the director or the director's designee. The licensing requirement for any person providing debt management plans shall apply to all persons, without regard for state of incorporation or a physical presence in this state, who initiate or service debt management plans for residents of this state. Special exemptions from licensing for each activity are contained in other chapters in this title.

SECTION 19-14-1

   § 19-14-1  Definitions. [Effective March 31, 2007.]. – For purposes of this chapter and chapters 14.1, 14.2, 14.3, 14.4, 14.6 and 14.7 of this title:
Pursuant to § 19-14-1, a loan is made or funded within this state if any of the following conditions exist:  

  • The loan is secured by real property located in this state;
  • An application for a loan is taken by an employee, agent, or representative of the lender within this state;
  • The loan closes within this state; or
  • The loan solicitation is done by an individual with a physical presence in this state.
If none of conditions above apply, then you are NOT required to obtain a Rhode Island Lender License or a Rhode Island Small Loan Lender License.