Online Payday Loans in Rhode Island
We've all been there a time or two, when some unexpected bill pops up be it vet costs, utility shutoff notices, or maybe an expense that we missed. In times such as this, you should request a cash advance loan in Rhode Island.
The application process for a payday advance loan is fast and effortless. However, you do need to satisfy certain criteria to ensure you're approved.
What Exactly is a Payday Loan And Why Is It Needed?
A cash advance loan is when someone borrows a small amount of funds on a short-term basis that they're contracted to repay with their next paycheck. This type of loan doesn't require collateral, therefore it's considered an unsecured loan.
Getting a cash advance loan will help pay for unforeseen expenses that occur such as auto costs, medical bills, eviction notices, outstanding utility costs, and plenty more.
What Are The Criteria For Cash Advance Loans in the State of Rhode Island?
To be approved for a payday advance loan in Rhode Island there are a few standards the borrower must meet to qualify, for example:
- Be 18 years of age or older
- Have the ability to provide an SSN
- Show proof of being a resident of Rhode Island
- Submit proof of a steady income of $1,000 per month or more
- Submit an email address and phone number
- You cannot be bankrupt or in debt
The inability to satisfy the requirements above will result in an automatic denial of your application. Always be sure to possess the necessary documents on hand when requesting a loan.
Cash Advance Loan Rules and Laws in Rhode Island
With payday loans come certain rules and laws particular to the city. We've outlined a few of these, relevant to the state of Rhode Island:
- The largest loan amount is $500 for a single payment back and $1,000 for multiple installments
- The annual percentage rate is 304%
- The state of Rhode Island does not agree to rollovers due to this the loans need to be repaid within the due time frame
There are distinct time frames for one-time payment loans and multiple installment loans.
- The borrower has seven days to pay back a single-payment loan
- For multiple installment loans, the borrower has 60 days to remit payment
- The borrower will receive no longer than 31 days to complete payment on a single-payment loan
- 90 days will be granted to the borrower for payback on a multiple installment loan
Do Payday Advance Loan Lenders Check Credit?
Lenders will run a credit inquiry, but it's not the typical credit inquiry you may be familiar with. They will run what's called a soft credit pull which verifies your basic information in addition to your complete credit history.
The soft credit pull will not impact your credit, while alternatively, a hard credit inquiry will. However, this must have your permission and is usually only used for rental applications, credit cards, car loans, and more.
Can I Receive a Payday Loan with Dismal Credit in Rhode Island?
If you're hesitant because you have dismal credit; don't be! You can still qualify for a payday loan with lackluster credit or no credit, in Rhode Island. If you have proof that you can repay the loan, lenders typically aren't preoccupied with your credit rating.
Whether you apply online or at a cash advance lender store close to you, always have your proof of steady income along with other documents proving that you're able to repay the loan. With additional evidence, you raise the chances of approval.
When Will The Funds Appear In My Account?
On average, the majority of borrowers can expect that their money will appear in their bank account the next business day. Although, this depends on a few things like:
- The time and day you apply
- Who you bank with
If you apply before 10:30 AM when you are trying for a same-day payday advance loan in Rhode Island, it will boost the chance that you see your cash on the same day you apply. Of course, only if you're approved.
Keep in mind that banks, as well as a great deal of other financial institutions, close over the weekends, and on holidays. So, if you request a loan the day leading up to a holiday, or before the weekend, there's the likelihood that your deposit will be delayed.
Who Do You Bank With?
Another thing you'll want to be mindful of is who you bank with. Financial institutions have their own processes concerning releasing funds. A few may be fine releasing them the same day while others will rely on a 3 to 5 day holding period.
One thing you can do is tell your banker that you are applying for a cash advance loan so that they may be able to make an exception on when to release the funds to your bank account. If they aren't able to offer an exception, you can ask them what their policy is so that you're aware.
Cash Advance Application Process In the State of Rhode Island
The payday loan application process in Rhode Island is simple. It doesn't matter if you have no credit or even bad credit, you can still be approved. You don't need to venture out if you want to apply through us online. Alternatively, you can locate your closest lender's storefront.
Either way, whatever you decide, all you must have is your basic information such as your email address, phone number, social security number, etc.
If you want to go to your local lender at their business building, make sure you have your government ID or passport to verify your identity. They might also want proof of address to show you live in Rhode Island, as well as verification of income.
Consider Working With Us
We are an online service that provides cash advance loan applications online in Rhode Island. We are partnering with over a hundred direct lenders who also provide services online. Plan to receive your funds by the next business day.
On the other hand, you can always find the nearest payday advance loan storefront and apply in person. This may strengthen the chances that you receive your deposit on the same business day provided that you apply prior to 10:30 AM.
To locate a cash advance loan storefront near you, find your city on the list below:
If you need cash as soon as possible, consider applying in person instead of online. If approved, you will get your money almost immediately. Please find the list of cities in California to find the nearest payday loan storefront.