Rhode Island Payday Loan

Unfortunately we live in a time of economic unrest. The recent recession paired with high unemployment, announced today to have improved slightly to around 8%, and lower pay due to high supply of labor has lead to many feeling generally financially discouraged.

All over Rhode Island various vendors are available to supply pay day loans. This may seem like a great choice to some – pay day loans are generally next day cash, easy to get approved for and advertised as a solution to short term financial worries. Most pay day loans operate along following lines or a very similar variation. You contact the pay day loan provider and through an extremely short application process, with almost no verifications needed (this should be a red flag to consumers), process your pay day loan. In fact some companies advertise needing no documentation at all to process your loan. The funds are then deposited into your bank account or given to you in check form that you are welcome to cash with them for a fee. Pay day loans are short term, perhaps 14 or 30 days, and can be renewed for longer periods of time if necessary. The total amount of the loan plus interest and fees is due on the date of maturity.


Best Rhode Island Payday Loan

No
Provider
Review
APR
Visit Site
1
AmeriAdvance
Varied
Go to AmeriAdvance
2
Paydaymax
431.79%-616.85%
Paydaymax
3
Plain Green Loans
59.84% �?378.95%
Go to Plain Green Loans
4
MyCashNow
401.13%-573.05%
MyCashNow
5
Discount Advances
401.13%-573.05%
Discount Advances
6
100 Day Loans
36%�?51.79%
100 Day Loans
7
Cashnet USA
243.25%�?83.04%
Cashnet USA
8
Cash Central
Varied
Cash Central
9
CashAdvance
Varied
Go to CashAdvance.com
10
Great Plains Lending
199.44% �?448.76%
Great Plains Lending

How Rhode Island Payday Loan Works

The cost of these loans is extraordinarily high however, akin to what many know as a “loan shark.” Averages in Rhode Island are about 22.5% per loan period. This means that a consumer borrowing $1000 pays $1225 for a 15 day loan. If this consumer renews 3 times they have now paid $675 to borrow $1000 for 45 days. This rate is equivalent to having an APR of 585%. Would you pay $5850 to borrow $1000 for a year?

Beyond the obvious financial disincentives to participate in pay day lending there is a much bigger social issue involved as well. Pay day lenders are often predatory in nature – focusing their services to the poor and young, taking advantage of ignorance or a lack of financial choices. Customers of pay day loans typically do not have an alternative but need immediate cash to meet a real or perceived financial necessity. At best these easily obtained loans with extremely high interest rates create a financial cycle of living paycheck to paycheck causing constant financial insecurity and not really fixing the underlying issues of finanical insolvency and/or mismanagement. At worst they create a much more dramatic financial cycle of going further and further into debt by providing short term financial fixes for individuals who cannot afford to pay the loan back in the specified amount of time.

Pay day lending is legal in 37 states in the US and banned in 13. Pay day lenders must stay within usury limits.

For some extremely disciplined individuals with a once in a lifetime financial crisis pay day lending may be the best choice. For those who do not fit this type we urge you to seek out alternate financial routes.

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