The law will take effect on January 1st, 2027. The typical rate for a payday loan in the state has been 261% APR, according to research from the Center for Responsible Lending (CRL). “Thanks to the dedication of Rhode Island lawmakers and advocates, the Ocean State will no longer have payday loan sharks. This law will prevent payday lenders from draining millions of dollars in fees annually and instead keep that money in the pockets of Rhode Islanders who really need it,” said CRL Policy Counsel Monica Burks.
