Payday Loans in Bristol, Rhode Island
Events happen, and we often find ourselves in a spot where we must cover some surprise bills. Think about applying for a paycheck advance loan in Bristol, RI, to see if you meet the requirements.
The loan process is fast and simple. To be eligible, you must satisfy a couple of general requirements.
What is a Paycheck Advance Loan? What Can It Cover?
A payday loan is where the borrower will get a petite amount of funds on a short-term contract. This is deemed to be an unsecured personal loan as no collateral is needed.
When unexpected expenses come up, for example late rent or utility expenditures, vehicle fixes, health or vet bills, and so on, individuals commonly turn to cash advance loans.
Payday Loan Stipulations In Bristol, Rhode Island
In Bristol, Rhode Island, paycheck advance loan borrowers need to satisfy a few stipulations to be eligible for a loan.
The borrower must:
- Provide proof that they live in Bristol, RI
- Must be 18 or older
- Have an income that they can provide proof of being at least $1,000 per month
- Give current contact details like cell phone number and email address
- Provide their SSN
If a borrower does not abide by the above rules, they will automatically be denied a cash advance loan. Ensure that you can provide the documentation needed when submitting your application.
Laws and Rules Concerning Cash Advance Loans in Bristol, Rhode Island
The State of Rhode Island has deemed cash advance lending legal. Still, they have set the below rules and laws for the cash advance lending industry:
- An individual money lender cannot offer a loan greater than $600. Borrowers cannot have greater than two unpaid loans from different lenders. There is no smallest loan amount.
- The minimum loan term is not determined, the longest loan term length is 31 days. In the State of Rhode Island, borrowers may not rollover their loans.
- The fees and charges are different for each loan lender. The service fees enacted by the lender on each loan or transaction are not considered interest. The service fees apply to every $100 borrowed and can range from 11% up to 15%.
- An interest rate must be mutually decided upon. APR can be as high as 369%.
Will Payday Advance Lenders in Bristol, RI, Complete Credit Checks? What If I Have Poor/No Credit History At All?
Yes, the lenders we partner with will complete a credit check on you, but, even if you possess no credit or less than stellar credit, you may still be eligible for a loan given that you can prove that you can pay back the loan. Lenders are usually unbothered by your credit history if you offer proof of income and a strategy to pay back the loan.
Lenders will perform a soft credit check, which will not impact your credit score. This is simply to get an idea of your credit history and basic information.
A hard credit inquiry, alternatively, requires your explicit consent. These credit checks are used for a plethora of purposes, including mortgages, credit card applications, and more.
You might still be approved for a payday loan with poor credit in Bristol, RI, if you can prove you will repay the loan.
Therefore, when you apply, whether it is in person or online, double check that you have your income information at hand and any other documents verifying that you can pay back the loan. The more evidence you show, the more likely you are to be approved.
When Will I See My Cash in Bristol, RI?
When you see your money truly relies on your lender as some lenders advertise same-day cash advance loans, which means you will receive your paycheck advance loan on the same day you request a loan, as long as you get an approval.
Most of the time, though, lenders will give the borrower their lump sum on the next business day. Businesses generally close for holidays and weekends. Therefore, if you submit your application on a Friday, you may not get your deposit until Monday.
If you're looking for a same-day payday loan in Bristol, Rhode Island, you will need to ensure you're applying by 10:30 am. Any and all same-day funds going out that day will be approved by that cut-off. However, you should apply earlier than that if able, as it will increase the likelihood that you get your money on the day that you apply.
One more consideration that you should understand is even if the money lender grants your loan request and posts the credit to your bank, occasionally the bank won't release that funds at that time. It's important to let your bank know that you plan to get a cash advance loan, so they could possibly make an exception in releasing the deposit earlier.
On the whole, it's best to prepare ahead of time to get your loan on the following business day. That way, you're not left in the lurch if you cannot get it on the same day.
Think About Borrowing From Us
If you possess poor credit or no credit and are needing to secure a payday loan, think about applying with us, as you frequently have a higher chance of approval.
We work with over one hundred different lenders who offer their services online. Often you will get your funds on the following business day so ensure that you plan correctly.
However, you can always locate the nearest cash advance loan store to you and apply in person to boost the chances of getting your loan on the same business day. When applying in person, make sure that you have your government ID or driver's license; a passport is sufficient. Sometimes, lenders may require proof of address, so bring a utility bill to the store too.
To locate the nearest payday loan store, please use the list below and search for your city.
Payday Loan Direct Lender Companies in Bristol, RI
Below you will find a list of payday loan companies offering their services in Bristol, Rhode Island. If you can't find a lender near your location in Bristol, consider applying in a nearby city in Rhode Island. Alternatively, you can apply online on our website and get a decision almost instantly.
If you can't find a lender near your location in Bristol, consider checking out payday loan lenders in nearby cities. Alternatively, apply online on our website and get an instant decision. If approved, you will get your cash the same or next business day.