Cash 1 Blog
What Are the Payday Loan Laws in Rhode Island and Maine?
Rhode Island, home to The Breakers and the former place of residence of the famous railroad baron Cornelius Vanderbilt, is also a state where there are strict payday loan laws. The maximum amount of money one can take out in payday loans is $500, with a minimum repayment period of no less than 13 days.
Unlike many other states where taking out more than one outstanding loans is not permissible, in Rhode Island, a borrower can take out as many as three loans worth up to $1,500. On the other side of New England, payday loan services are only limited to authorized lenders in Maine. There, it is legal for lenders to charge $25 worth of service fees for those taking out loans in excess of $250.
For smaller loans up to $75, licensees can only charge approximately 6.7 percent of it as an applied interest rate, and $15 for loans that are between $75.01 and $249. In Maine, payday loan lenders have a greater assortment of ways to advertise their services than those in other states where certain advertising tactics are prohibited.
Joseph Priebe takes pride in assisting audiences with his articles to help them make sound financial decisions.
With over ten years of experience writing financial content his goal at CASH 1 has always been creating engaging and easy-to-digest information for anyone searching for immediate or long-term monetary solutions.
When Joseph is not writing about personal finance, you can find him photographing the Southwest United States with his 4x5 Graflex Crown Graphic camera. He is based in Phoenix, Arizona.