Payday loan Rhode Island are a popular alternative form of short-term financing, with a total of over 140,000 such loans being made in the state annually.
Payday cash advances are short-term, small dollar amount loans,
typically with a term of around two weeks, with the debt being paid back
on the borrower's next payday (thus the name for the loan product).
Some of the central requirements from most payday lenders is the need for the customer to have a regular job and income, as well as an active bank checking account.
In contrast, the process often does not include a credit check, which is why even people with bad credit but with a steady employment can typically apply to get a payday advance loan.
These are not financial solutions to long-term money problems, however, due to the high costs of borrowing, as measured by annual percentage rates (APRs) of interest.
That is also why you should look into the payday loan alternatives even in the short term in Rhode Island.
Some of the more popular alternatives include taking a small consumer loan from a local bank or a credit union, using a cash advance from a credit card, or negotiating a salary advance from an employer.
Another thing to research are the payday loan laws in Rhode Island, which regulate many aspects of this industry, and which will give you an idea of your rights as a consumer of these financial products.
According to the state's laws, the payday lenders also need to be licensed, so do check you are dealing with an operator of cash advances with the correct licenses to make these loans in Rhode Island.
Because of the annual volume of payday loans made in Rhode Island, at over 140,000, many national franchises for payday lending have opened stores throughout the state.
One of these major franchises is Check 'n Go, which has been in business since 1994, providing from the start alternative financial products to the consumer sector.
They have a total of 7 bricks-and-mortar stores in Rhode Island, and they have been doing business in the state since 2006.
Their in-store products include payday loans, and to find the closest store to your location, you can use their "Store Finder" tool, available from the official website.
Cash advances should be used for short-term financial needs only, not as a long-term financial solution.
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