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The Rhode Island Installment Loans Industry
A lot of people have been resorting to Installment Loans as a means to arrange for money for any type of seen or unseen financial crisis. Installment Loans are favored as they are fast, almost assured and convenient as compared to other methods of loans, which can be a long and tedious process.
The fact that no credit check is required makes it ideal for people without a good credit score. However the installment loan industry isn't sacrosanct throughout the country and different states have different laws and legislations when it comes to the installment loan business. Here is a brief discussion about the Rhode Island Installment Loans industry, which has a set of different rules and policies that differ from those in most other states.
The good thing is that Rhode Island Installment Loans are legal and designed keeping in mind the protection and welfare of the borrowers. The general qualifiers for Installment Loans in Rhode Island are same as the rest of the country; the borrower has to be a citizen of USA, should be above the age of 18, must have an active job and should have an open and active checking account in one of the reputed banks.
However unlike most states where the loan amount ranges from $100 to $1500, the cap on the amount in Rhode Island is for $500. One cannot borrow more than this amount at any given point.
The loan term for a installment loan in Rhode Island cannot be less than 13 days but there is no maximum loan term. The annual APR % of the installment loan should not be higher than 260% and the lenders can charge 10% interest on the loan amount. There is also a limit to the number of times a borrower can take a installment loan in Rhode Island; it is limited to 3 times per year.
No borrower is eligible for a installment loan here for more than 3 times so the amount cannot exceed $500, more than 3 times in a year. However one roll over for this rule is allowed and if a borrower takes 2 loans in one year then they are allowed an additional loan of upto $500 in the next year.
Another criterion for Rhode Island Installment Loans is the fact that the payday lenders should display the loan fee schedule and the interest rates for the loan at their office for the borrowers to read .
The loan agreement should mention the fee and the interest rates agreed by both parties on the agreement letter. All Rhode Island Installment Loans should have a written contract containing the signature of the lender and the borrowers on the agreement letter, which also clearly displays the fee and the APR. Also all the ID forms and any paperwork that the borrower submits have to be listed with the lenders when they issue the loan.
Apart from these exceptions the installment loan industry in Rhode Island is pretty much the same as the rest of the country and still a favored means to access fast cash in terms of emergencies.