Payday Loans in Providence, Rhode Island
Things happen, and we usually wind up in a situation where we have to pay for some unexpected costs. Think about applying for a payday advance loan in Providence, RI, to see if you qualify.
The loan process is fast and painless. To be qualified, loan borrowers have to satisfy a few general requirements.
What is a Paycheck Advance Loan? What Can It Be Used For?
A payday advance loan is where the borrower will get a petite sum of cash on a short-term agreement. This is deemed to be an unsecured loan as no collateral is required.
When unforeseen financial needs arise, for example late rent or utility fees, car bills, medical or vet payments, and so on, individuals often rely upon payday advance loans.
Payday Advance Loan Requirements In Providence, RI
In Providence, Rhode Island, payday advance loan borrowers are required to satisfy several stipulations to be eligible for a loan.
The borrower is required to:
- Prove that they live in Providence, RI
- Must be 18 or older
- Receive a steady stream of income that they can prove that's at least $1,000/month
- Provide current contact details like phone number and email address
- Give their SSN
If a borrower does not satisfy the above criteria, they will automatically be denied a cash advance loan. Make sure you have the documentation needed when submitting your application.
Laws and Rules Concerning Payday Advance Loans in Providence, RI
The State of Rhode Island has ruled paycheck advance lending legal. However, they have put forth the following rules and laws for the cash advance lending market:
- A single lender cannot offer a loan greater than $600. Borrowers are not allowed to possess greater than two active loans from different lenders. There is no smallest loan amount.
- There is no minimum loan term, the longest loan term length is 31 days. In Rhode Island, borrowers are not allowed to rollover their loans.
- The fees and charges are different for each money lender. The service costs enacted by lenders on a payday loan do not fall under interest. The service fees apply to every $100 borrowed and can range between 11-15%.
- An interest rate must be mutually settled upon. APR can range up to 369%.
Will Payday Lenders in Providence, RI, Run Credit Checks? What If I Have Poor/No Credit History At All?
Yes, the lenders we have a relationship with will complete a credit check on you, but, even if you possess no credit or less than optimal credit, you might still be approved for a loan given that you can show that you can pay back the loan. Lenders are generally unconcerned about your credit history if you possess proof of income and a plan to repay the loan.
Lenders will rely on a soft credit check, which will have no impact on your credit score. This is simply to get a look at your credit history and basic information.
A hard credit pull, dissimilarly, needs your permission. These credit pulls are done for a plethora of purposes, such as mortgages, credit cards, and more.
You may still qualify for a paycheck advance loan with imperfect credit in Providence, RI, if you can prove you will repay the loan.
So, when you request a loan, whether it is in person or online, ensure that you have your income information at hand and any other documents verifying that you can repay the loan. The more evidence you have, the better chance your loan application will be approved.
When Will I See My Deposit in Providence, RI?
When you receive your money really depends on your lender as some lenders offer same-day payday advance loans, which means you will get your payday loan on the same day you apply, as long as you get an approval.
Much of the time, though, lenders will send the borrower their lump sum on the following business day. Businesses often close for holidays and weekends. Because of this, if you apply on a Friday, you may not receive your funds until Monday.
If you're needing a same-day paycheck advance loan in Providence, Rhode Island, you will need to ensure you're applying by 10:30 am. Any and all same-day loans going out that day will be approved by that time. However, you should apply earlier than that if possible, as it will increase the likelihood that you receive your loan on the day that you apply.
One more factor that you should understand is despite if the lender grants your loan request and posts the deposit to your checking account, occasionally the bank won't release that deposit right away. It's paramount that you let your bank know that you plan to get a payday advance loan, so they might make an exception in releasing the deposit earlier.
Overall, it's best to prepare in advance to receive your deposit on the next business day. That way, you're not left in the lurch if you cannot receive it on the same day.
Consider Working With Us
If you possess underwhelming credit or no credit and are wanting to secure a paycheck advance loan, think about applying through us, as you most likely have a better chance of approval.
We partner with over one hundred different lenders who provide their services online. Most of the time you will see your money on the following business day so make sure that you plan correctly.
However, you can always locate the nearest payday advance loan store to you and apply in person to increase the chances of seeing your cash on the same day. When requesting a loan in person, ensure that you have your government ID or driver's license; a passport will work as well. Now and again, lenders may request proof of address, so take along a utility bill to the store too.
To find the nearest paycheck advance loan storefront, please use the list below and find your city.
Payday Loan Direct Lender Companies in Providence, RI
Below you will find a list of payday loan companies offering their services in Providence, Rhode Island. If you can't find a lender near your location in Providence, 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 Providence, 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.