In 2022, the most recent data available, Rhode Island borrowers paid an estimated $2.8 million on interest and fees associated with payday loans, based on the $28.2 million of money borrowed across 80,650 loans, according to a January 2025 report by the Center for Responsible Lending. Research by Pew and the Center for Responsible Lending also contradict opponents’ arguments that payday loans help people who lack access to traditional financial services. However, in states where payday loans aren’t available, borrowers have successfully turned to friends, negotiated with debtors or cut other costs. Annual percentage rate caps on short-term loans in other New England States have saved those residents an estimated $252.7 million a year.
