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Current as of January 01, 2024 | Updated by Findlaw Staff
Every small loan lender may lend up to five thousand dollars ($5,000) in the aggregate to one borrower and may charge, contract for, and receive on the loan interest on the unpaid principal balance on a loan at a rate not exceeding the following:
(1) Loans up to and including three hundred dollars ($300), three percent (3%) per month;
(2) Loans exceeding three hundred dollars ($300) but not exceeding eight hundred dollars ($800), two and one-half percent (2.5%) per month; and
(3) Loans exceeding eight hundred dollars ($800), but not exceeding five thousand dollars ($5,000), two percent (2%) per month.
Cite this article: FindLaw.com - Rhode Island General Laws Title 19. Financial Institutions § 19-14.2-8. Maximum loan and interest rate - last updated January 01, 2024 | https://codes.findlaw.com/ri/title-19-financial-institutions/ri-gen-laws-sect-19-14-2-8/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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