Online Payday Loans in Rhode Island with 0% APR

Money troubles got you down? If you’re racking your brain to come up with a quick fix, chances are you’re considering a payday loan. They’re easy to get, regardless of your credit score, and you can have cash in hand sooner than later.

But are payday loans the best choice for your financial situation? Not necessarily. 

If you’re a resident of Rhode Island, there are safer alternatives worth considering. Keep reading to learn more about how payday lending works and other options that help you keep more money in your pocket. 

Options For Payday Loans in Rhode Island 

Payday lending in Rhode Island is regulated by the Department of Business Regulation. All lenders must adhere to the state laws, as cited in R.I. Stat. Ann. 19-14.4-1 et seq. or face serious repercussions. 

You can apply for a payday loan at a physical location or online. Some brick-and-mortar lenders also offer online options to better serve cash-strapped consumers. If you apply in-store, you will walk out with the loan proceeds the same day. Online loans that are approved by a specific time each day are funded the next business day. 

When you apply, the lender will request your routing and checking account number. This information will be used to initiate a withdrawal of the funds owed from your account on the due date. 

Requirements

Wondering if you qualify for a payday loan in Rhode Island? You may be eligible if you meet the following criteria: 

  • Are a U.S. citizen or permanent resident that’s 18 or older
  • A verifiable, steady source of income (some lender accept government benefits and self-employment earnings)
  • Checking account in your name that’s in good standing and accepts direct deposits 
  • Valid phone physical address, email address and phone number

Credit Affects

Payday lenders serving Rhode Island residents do not require credit checks, and account activity is not reported to the credit bureaus. However, failure to repay the loan on time could mean bad news for your credit. 

Max Loan Amount and Terms

Payday loans in Rhode Island cannot exceed $500. State law also requires the loan term to be at least 13 days, and the finance rate is capped at 10% of the loan amount. 

You can have up to 3 loans at once, and there’s no cooling-off period between loans. 

Penalties

Can’t repay the loan when it comes due? State law permits lenders to extend a single rollover to help you get back on track. 

What if the payment is processed before you can notify the lender of your situation? You may be subject to insufficient fund fees from both your financial institution and the lender. And if the account remains delinquent for an extended period, you run the risk of it being sold to a debt collector and damaging your credit rating. 

Payday Loan Alternatives in Rhode Island 

Don’t want to bug anyone for money? Gather valuables you no longer need and sell them to the local pawnshop. Or you can get a pawnshop loan if you wish to retrieve your items when the rough patch is over. But you want to repay the loan when it’s due, or your goods become the pawn shop’s property, and they will resell the items to recoup the cash. 

If none of these options are suitable, MoneyLion has you covered. 

Instacash

Get an interest-free cash advance of up to $250 with Instacash from MoneyLion. Perfect credit isn’t required since there are no credit checks, and you can access cash anytime you need it. 

Download the MoneyLion app, set up your profile and link your bank account to see how much you qualify for. If the offer works for you, request a cash advance and pay it back in a few weeks with no interest.

It’s simple, and you won’t have to reapply each time you need fast cash. You can go in, request an advance and the funds will arrive in your bank account in minutes. 

Get an Instacash membership!

Credit Builder Loan

MoneyLion also offers an installment loan that provides some relief while rebuilding your credit. You could get approved for up to $1,000, and payment activity is reported to the 3 credit bureaus to help boost your score. 

You can apply for a Credit Builder Loan and get approved in minutes. Some of the loan proceeds are deposited into your account right away, and the rest sits in an interest-earning Credit Reserve Account until the loan is paid in full. Then you get it to spend on whatever you want!

Loans are accompanied by competitive interest rates, and the payments are affordable. Even better, you won’t have to worry about due dates as MoneyLion handles them for you with automatic withdrawals. 

Take advantage of this stellar loan product for only $19.99 per month. You will also have access to an optional bank account, managed investing and the Instacash cash advance feature. 

Apply for a Credit Builder Loan

Find An  Online Loan In Rhode Island  

InstacashCredit Builder LoanLocal Payday Lender
How Much Can You Borrow?$250$1000$500
Fees & Interest0% APRCompetitive APR, 0 fees$50 combined fees & interest
Credit CheckNoNoNo
AvailabilityOnline & MobileOnline & MobileOnline & In-person
Wait TimeInstantlyInstantlySame-day or within 24-hours if you apply online. 
Next StepsSign UpSign Up
*24-48 hours to receive your advance at 0 cost. $3.99 for instant deposit to your MoneyLion bank account, $4.99 to instantly deposit to an alternative bank account.

Get Approved for a Loan in Rhode Island! 

You deserve better than a high-interest payday loan. Consider an Instacash cash advance from MoneyLion as an alternative that won’t cost you a dime in interest. And if you need cash to cover a more significant financial emergency, the credit builder loan may be a good fit. It can provide a quick boost for your wallet and credit score. 

Get cash fast, pay no interest

Enjoy Instacash advances up to $250. No credit check, no monthly fee, no interest. Just cash.