Payday Loans Rhode Island | 5 Best Loans in Rhode Island in 2021


No one likes being in financial distress. Individuals can suffer from emotional and financial problems during a period of unemployment or non-payment. Instead of scrounging funds together in an attempt to make ends meet, such individuals can go for payday loans. These loans are short-term in nature and you get the funds within a short period, letting them lead the same lifestyle they had. Payday loans are available in almost all US states and payday loans in Rhode Island are no different.

Since it is still a relatively new financial product, many people have misconceptions about the term payday loans. This guide aims to clear up such misconceptions by providing information on what payday loans are and how to apply from Rhode Island.

#1 Rhode Island Payday Loan in 2021 – Viva Payday Loans

Best Online Payday Loans Rhode Island – Quick Pick

  • Viva Payday Loans – Top Payday Loan Provider Within Rhode Island. Visit now.
  • Credit Clock – Online Payday Loans Requiring No Guarantors. Visit now.
  • Money Lender Squad – Well-Known for Quick Approval Process of Loans. Visit now.
  • Very Merry Loans – Trustworthy Same Day Payout Online Payday Loan Provider. Visit now.
  • Heart Paydays – Highly Recommended No Credit Check Loan Provider with Low APR. Visit now.

What are Payday Loans Rhode Island?

While searching on the net, you may have encountered the terms ”quick cash loans”, “installment loans for bad credit” or “payday loans”. Almost all of them mean the same thing – short term loans which have a small repayment cycle. They are a great option if you’re smart and careful with your money as the interest rates are usually high.

Payday loan amounts can vary between several hundred to almost $5000. They also attract higher fees and don’t usually run a credit check. This means that a payday lender isn’t interested in the borrower’s credit score. They will most likely have to provide proof of income, although its not necessary in all cases. Some lenders allow flexible repayment tenures of the loans which make repayment easier for borrowers. In many circumstances, lenders can offer borrowers a rollover if they cannot make the payments when they’re due.

In Rhode Island, Payday lending is regulated by the R.I. Stat. Ann. 19-14.4-1 et seq and 1is known as “deferred deposit transactions”. State laws require every payday lender in the state to hold a relevant license with the Rhode Island Department of Business Regulation. It also restricts the maximum loan amount to $500 and the minimum loan term is 13 days. Rhode Island does not put an upper limit on the maximum tenure of a payday loan.

Common Uses of Online Payday Loans Rhode Island

Medical expenses

Medical expenses in the United States are already high with most individuals getting caught off guard especially if they do not have health insurance. If you do not have enough funds saved for a sudden medical emergency, you can use the funds from payday loans.

Bad credit

Traditional lenders and banking institutions only provide loans to people with a proper credit record. Those with bad credit scores are automatically disqualified from applying. In comparison, payday lenders do not focus on borrowers’ credit.

Holiday expenses

Holidays and special events can be financially demanding times. There may be several expenses related to traveling, giving gifts, food and other aspects of a vacation that can be strain one’s finances. Many people use payday loans to fund their holidays as they can be easily repaid later.

Debt consolidation

One of the main reasons why individuals use payday loans is to cancel out any other form of debt they have. This is known as debt consolidation where the other loan may be from just another company or a different source. This method only makes sense if the interest rate of the payday loan is lower than the interest rates of all the existing loans you will cancel out.

How to Qualify For Online Payday Loans Rhode Island (Eligibility Criteria)

The requirements for payday loans are usually a lot less compared to traditional loans to allow the maximum number of individuals to qualify. We’ve made a list of criteria that an individual has to meet when applying for payday loans in Rhode Island.

  • You must be a legal Rhode Island resident.
  • You must be at least 18 years of age.
  • You need to provide valid Social Security Information.
  • You must have an active checking account.
  • You must be able to produce proof of income of a minimum of $1000 from any source.
  • You must provide a valid phone number and email.

Best Online Payday Loans Rhode Island – Fully Reviewed

1. Viva Payday Loans – Overall Best Rhode Island Payday Loan Option

The first entrant on this list is Viva Payday Loans, a name similar across all lending circles in the United States. It is a reputed payday lending provider which focuses on providing unsecured, short-term loans to individuals with bad credit. You can get loans ranging from as low as $200 to $5000. As soon as you register with them, the provider gets to work with matching your loan request with prospective lenders. Some lenders may require you to provide additional documents such as driver’s license, bank account number, housing details and social security number.

Lender APR rate Loan amount range Loan term range Star rating
Rise Credit 50%-299% $500 to $5000 2 to 24 months 10/10
LendUp 30%-299% $100 to $500 2 to 24 months 10/10


    • This loan provider considers almost all credit profiles.
  • You can get loans of up to $5000.
  • Depending on the lender, you may be entitled to same-day deposits.


    • The provider does not provide upfront information on the interest rate charged by individual lenders under its network.

2. Credit Clock – Best for Fast Approvals

You cannot miss Credit Clock with its flashy green website. It is a payday loan provider that offers a comprehensive platform for requesting loans. Once signed up with them, they waste no time in pairing you with an appropriate lender such as GreenDay and OppLoans. Credit Clock requires you to produce proof of income and valid US citizenship documents before applying.

Lender APR rate Loan amount range Loan term range Star rating
OppLoans Variable $500 to $4000 9 to 18 months 10/10
GreenDay 5.99% to 35.99% $100 to $5000 24 months 9/10


    • Credit Clock allows individuals with bad credit to apply for payday loans.
  • They can approve loans within 2 minutes.
  • It also supports same day deposits if you get paired up with certain lenders.


    • It requires you to produce proof of income.

3. Money Lender Squad – Best For No Guarantors

Money Lender Squad is a reputed payday loan provider which provides loans to bad credit individuals. You can avail of loans in the following denominations – $100, $200, $300, $400, $500, $600, $700, $800 $900 and $1000 and available for 3 to 6 months. APRs can range between 5.99% to 35.99% depending on the lender you are matched with. Money Lender Squad takes just 2 minutes to find a prospective lender for you.

Lender APR rate Loan amount range Loan term range Star rating
OppLoans 99% -160% $500 to $4000 2 to 48 months 10/10
Rise Credit 89% – 449% $300 to $3500 2 to 24 months 10/10


    • They do not require a guarantor for providing loans.
  • Money Lender Squad provides one of the fastest approval times in the industry.
  • You can request an extension of loan tenures on specific conditions.


    • Many lenders can charge high-interest rates on loans granted to individuals with bad credit

4. Very Merry Loans – Best for Same Day Payouts

Very Merry Loans is a payday loan provider with numerous lenders under its network. This increases an applicant’s chances of getting a loan approved by many folds. Starting off with a user-friendly website, you just input your requested loan amount and other requirements and submit the application form. The provider will come back with matched results within 2 minutes of applying. They provide loans with APRs ranging from 5.99% to 35.99%.

Lender APR rate Loan amount range Loan term range Star rating
CashNet USA Variable $500-$1000 8 to 31 days 9/10


    • Even people with bad credit and a chequered financial past can apply with Very Merry Loans.
  • They can provide extended repayment terms if you cannot repay the loans on time.
  • Loans of upto $5000 can be requested at Very Merry Loans


    • Loans for 30 days can carry steep interest rates.

5. Heart Paydays – Best for No Guarantors Required

Heart Paydays welcomes borrowers with bad credit as well as other credit profiles. It presents an easy-to-use website that makes the process of getting lenders smoother and seamless. You can get loans ranging from $100 to $5000 depending on your requirements. You can get loans from different lenders with APRs up to 35.99%.

Lender APR rate Loan amount range Loan term range Star rating
LendUp Variable $100-$500 30 days 10/10
ACE Cash Variable $200-$2000 7 to 30 days 9/10


    • com does not require much paperwork to register with them.
  • You can get a loan at any time of the day.
  • com can complete disbursement within an hour.


    • Certain loan offers carry high administrative and loan origination fees.

Features of Payday Loans Rhode Island

Compared to traditional types of loans, payday loans are quite different. We’ve compiled a list of salient features of payday loans below.


No two payday loan lenders are alike. One of the main factors to go into a payday lender’s viability is an individual’s financial status. While some providers are automatic, others take several days to process your loan.

Loan qualifications

One of the main reasons people are attracted to payday loans is the ease of access. The majority of payday lenders will simply gloss over your financial history while some may not even access it. For the most part, applicants may require a bank account and some government-issued ID. Lenders may also request additional documents such as pay stubs and driver’s license, only when your offer is matched.


You will have to pay back payday lenders in specific installments before they ‘re due. The duration for each borrower will be different. You may find yourself struggling to repay the installments on time, which is when you should extend your loan duration. These are known as rollovers. Rollovers or renewal offers to require a secondary fee to be paid, which itself depends on the loan amount.

Interest rates

Interest rates for payday loans are substantially higher compared to other loan forms. This is due to them being unsecured in nature and not requiring any collateral. As a result, the lenders charge higher interest rates to offset this risk. The total cost of the loan is calculated by the APR or annual percentage rate, which includes the interest rates and any fees related to the loan.

Types of Payday Loans Rhode Island

Bad Credit Loans

You can get payday loans in Rhode Island if you have bad credit. Almost all payday loans have low requirements when it comes to qualifying for a payday loan. This allows the maximum number of people to apply.

Payday loans are often the last resort for individuals who are stuck amidst financial problems and are denied credit by all the traditional institutions.

Get a bad credit payday loan here >

No Credit Check Loans

Most borrowers prefer payday lenders as they do not normally perform any credit checks. This allows them to provide the loan much faster than banks.

No Credit Checks also mean that your credit report won’t get affected if you take a payday loan. But this also means that you won’t be able to improve your credit score either.

Get a no credit check payday loan here >

Direct Lenders Loans

Direct lenders offer their payday services directly to clients, without any middleman such as a provider or broker in between. Many people prefer working with direct lenders as they believe they’re getting the best possible.

However, instead of using direct lenders, using payday providers will allow you to compare the best rates with lenders in the market. It will also increase the chances of your loan application being accepted the first time you apply.

Get a direct lenders payday loan here >

Same Day Deposit Loans

Payday loan lenders normally provide same-day deposits that let them access the funds on the same day. This is extremely useful in situations where you cannot delay the payments of bills or other expenses.

Same-day deposits are sought after by almost all borrowers.  They are normally in a position where they need the funds at the quickest and cannot afford to wait long periods for loans.

Get a same day payday loan here >

Unemployed Loans

Payday loan lenders allow unemployed individuals to apply for loans, although they will need proof of income of $1000. This is particularly useful if you’re a freelancer and do not receive a stable income.

Almost all of the payday loan providers do not care about the client’s ability to pay. However, some individual lenders may ask for proof of income.

Get a unemployed payday loan here >

SSI benefits Loans

Supplemental Security Income or SSI is a federal program that provides eligible individuals with monthly payments from the government. People who are normally eligible include those who are 65 or older, as well as for those of any age, including children, who are blind or who have disabilities.

Payday loans are granted to individuals with SSI benefits. These lenders do not judge anyone on the basis of their financial background so individuals with SSI benefits are free to apply.

Get a SSI benefits payday loan here >

Title Loans vs. Online Payday Loans Rhode Island

Title loans and payday loans are two popular loan products accessed by the general public. They have some major differences which have been explained in brief below.

Application requirements

You will require a car title, a government-issued ID, and proof of insurance to apply for a title loan. On the other hand, you will only require proof of income, bank account, and ID for a payday loan

Loan amounts

In the case of title loans, the loan amount is usually 25% to 50% of the car’s value. For payday loans, loan amounts can vary between $100 to $5000 although some states cap the amount at $500.

Average repayment terms

Title loans are usually 30 days long where you can roll the loan over, with additional rollover fees being applicable. For payday loans, the average loan tenure is 2 to 3 weeks.


Title loans can be applied for from the following states – Alabama, Arizona, Delaware, Georgia, Idaho, Illinois, Mississippi, Missouri, Nevada, New Hampshire, New Mexico, South Dakota, Tennessee, Texas, Utah, Virginia and Wisconsin. Payday loans are legal in all US states except Washington, D.C , Arizona, Arkansas, Georgia, New Mexico and North Carolina.

Credit Impact

Most title loan providers do not report it to credit bureaus. However, a repossession will definitely impact your credit report and decrease your score. On the other hand, Payday loans allow individuals to maintain their credit scores.

Advantages of Online Payday Loans Rhode Island

No need to approach banks

Many individuals are disqualified from getting loans from banks and financial institutions. No one can guarantee that their financial position won’t change and funds may be required at short notice. Payday lenders can help individuals in these circumstances, providing them with a quick and easy way of getting access to the funds they need.

Covering expenses

It’s not uncommon to find individuals struggling to cover utilities, rent, bills, and groceries. These individuals can use small cash advances like payday loans to manage everyday expenses or consumer needs. Expenses include credit card payments, utilities, rent, sudden events, and groceries.

Covering Credit card debt

One of the biggest reasons people use payday loans is to cover mounting credit card debts. Many credit card companies can get pretty aggressive with their debt collection efforts. They may also charge an overdraft fee when you max out your credit card. Using payday loans to cover these expenses is a clever way to get credit card companies off your back.

All Credit Profiles

Even if you’re financially struggling, have bad credit, have poor credit scores, or are unemployed, payday loans have got you covered. Lenders normally do not access your credit information before providing you with the loan. You do not even have to notify them about the reason you’re taking out the loan.

Disadvantages of Online Rhode Island Payday Loans

High-interest rates

Although readily not apparent, payday loans can carry high interest rates of over 100%. This is always mentioned in the loan agreement provided to you before you sign it. You should be careful of the APR rate, especially when borrowing larger amounts as interest payments can make it difficult to repay the loan.

Debt cycle

Many people get trapped into a vicious debt cycle that starts with taking out payday loans to meet expenses. Individuals may take out additional loans to payout the first payday loan, trapping themselves in this cycle.

How to get Online Payday Loans Rhode Island

Almost all payday lenders and providers have easy-to-use application processes. These normally last a couple of minutes.  We’ve taken the example of Viva Payday Loans to explain the signing up process.

Step 1: Visit the Viva Payday Loan Official Website

On Viva Payday Loan’s official website, you will find the “ Apply Now” button. Go ahead and click on it, which will redirect you to the form.

Step 2: Completing the Application Form

Viva Payday Loans require minimum information from their borrowers such as name, income details, personal information, banking information and employment details. You may be required to produce additional information once your application has been paired up with a particular lender.

Step 3: Getting your decision

Viva Payday Loans completes the application process within minutes. They quickly get to work on matching your application with their network of lenders, providing you with the best rates possible. You will be notified on the spot about your loan approval.

Step 4: Receiving the loan

Finally, the provider will send you a loan agreement fr you to review. After going through the terms and conditions and signing the contract, submit it to the provider after which you will promptly receive the loan in your specified bank account.


Request Your Payday Loan at our Top Rated Provider – Viva Payday Loans


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About Prodosh Kundu PRO INVESTOR

Prodosh Kundu is the Founder & CEO of SERP Consultancy, a prominent Digital Marketing Company in Kolkata, India. Starting his career in 2004, he is a Google AdWords certified internet marketing professional, SEO consultant, strategist, and analyst. With his strong understanding of financial market regulations, stocks, blockchain technology, cryptocurrency, & forex, Prodosh has written thousands of articles, blogs, broker reviews, guides, and offered critical analysis & recommendations on investment opportunities!


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