Good to excellent credit
American Express
- Credit profile
- Excellent
- APR range
- 6.99% – 19.99%
- Loan amount
- $3,500 – $40,000
Personal finance / RI
Personal loans, banking, insurance, and debt help in Rhode Island
Rhode Islanders use personal loans mainly to consolidate credit card debt, cover emergency expenses, or finance home improvements, and most are unsecured, though secured options backed by home equity, a vehicle title, or savings exist.
28lenders in the dataset
RIstate guide
$1,900/yraverage homeowners premium in dataset
51jurisdictions in the dataset
01 / Personal loans
Personal loans in Rhode Island
Rhode Islanders use personal loans mainly to consolidate credit card debt, cover emergency expenses, or finance home improvements, and most are unsecured, though secured options backed by home equity, a vehicle title, or savings exist.
Interest-rate law
Rhode Island's small-loan lenders (Ch. 19-14.2, capped at $5,000 aggregate per borrower) run a three-tier schedule that blends down as the balance grows; above that $5,000 ceiling, a less clearly documented general licensed-lender/usury framework applies.
| Loan range | Rate | Statute |
|---|---|---|
| Up to $300 | 36% (3%/month) | R.I. Gen. Laws Ch. 19-14.2 |
| $300 to $800 | 30% (2.5%/month) | R.I. Gen. Laws Ch. 19-14.2 |
| $800 to $5,000 | 24% (2%/month) | R.I. Gen. Laws Ch. 19-14.2 |
| Above $5,000 (aggregate small-loan ceiling) | Roughly 21%, or the T-bill rate plus 9% -- needs direct confirmation for a specific larger loan | Not specified in dataset |
Lender complaints: Rhode Island Department of Business Regulation (Banking)
02 / Lender directory
Lenders by credit profile
Good to excellent credit
Axos Bank
- Credit profile
- Excellent
- APR range
- 11.79% – 20.84%
- Loan amount
- $7,000 – $50,000
Good to excellent credit
Citi
- Credit profile
- Good - Excellent
- APR range
- 9.99% – 17.49%
- Loan amount
- $2,000 – $30,000
Good to excellent credit
Discover
- Credit profile
- Good - Excellent
- APR range
- 6.99% – 24.99%
- Loan amount
- $2,500 – $40,000
Good to excellent credit
Happy Money
- Credit profile
- Good
- APR range
- 7.95% – 35.99%
- Loan amount
- $5,000 – $50,000
Good to excellent credit
LightStream
- Credit profile
- Good - Excellent
- APR range
- 6.74% – 25.39%
- Loan amount
- $5,000 – $100,000
Good to excellent credit
PenFed
- Credit profile
- Good
- APR range
- 7.99% – 17.99%
- Loan amount
- $500 – $50,000
Good to excellent credit
Prosper
- Credit profile
- Good
- APR range
- 8.99% – 35.99%
- Loan amount
- $2,000 – $50,000
Good to excellent credit
Reach Financial
- Credit profile
- Not specified
- APR range
- 5.99% – 35.99%
- Loan amount
- $3,500 – $40,000
Good to excellent credit
Rocket Loans
- Credit profile
- Good
- APR range
- 8.01% – 29.99%
- Loan amount
- $2,000 – $45,000
Good to excellent credit
Santander
- Credit profile
- Not specified
- APR range
- 7.99% – 24.99%
- Loan amount
- $5,000 – $50,000
Good to excellent credit
SoFi
- Credit profile
- Good - Excellent
- APR range
- 8.74% – 35.99%
- Loan amount
- $5,000 – $100,000
Good to excellent credit
USAA
- Credit profile
- Good - Excellent
- APR range
- 9.89% – 18.51%
- Loan amount
- $2,500 – $100,000
Good to excellent credit
Wells Fargo
- Credit profile
- Good - Excellent
- APR range
- 6.74% – 25.99%
- Loan amount
- $3,000 – $100,000
Fair credit
Achieve
- Credit profile
- Fair
- APR range
- 6.25% – 35.99%
- Loan amount
- $5,000 – $50,000
Fair credit
Avant
- Credit profile
- Poor to Good
- APR range
- 9.95% – 35.99%
- Loan amount
- $2,000 – $35,000
Fair credit
Best Egg
- Credit profile
- Fair
- APR range
- 6.99% – 35.99%
- Loan amount
- $2,000 – $50,000
Fair credit
Happen Bank (formerly LendingClub)
- Credit profile
- Fair
- APR range
- 7.04% – 35.99%
- Loan amount
- $1,000 – $60,000
Fair credit
LendingPoint
- Credit profile
- Fair
- APR range
- 7.99% – 35.99%
- Loan amount
- $1,000 – $36,500
Fair credit
Navy Federal Credit Union
- Credit profile
- Fair - Excellent
- APR range
- 8.74% – 18%
- Loan amount
- $250 – $50,000
Fair credit
Oportun
- Credit profile
- Fair
- APR range
- N/A – 35.95%
- Loan amount
- $300 – $10,000
Fair credit
TD Bank
- Credit profile
- Fair - Excellent
- APR range
- 9.99% – 23.99%
- Loan amount
- $2,000 – $50,000
Fair credit
Upgrade
- Credit profile
- Fair
- APR range
- 7.74% – 35.99%
- Loan amount
- $1,000 – $50,000
Fair credit
Upstart
- Credit profile
- Fair
- APR range
- 6.20% – 35.99%
- Loan amount
- $1,000 – $75,000
Poor or limited credit
CreditNinja
- Credit profile
- Poor
- APR range
- 195.75% – 349%
- Loan amount
- $300 – $5,000
Poor or limited credit
NetCredit
- Credit profile
- Poor
- APR range
- 34% – 99.99%
- Loan amount
- $1,000 – $10,000
Poor or limited credit
OppLoans
- Credit profile
- Poor
- APR range
- 160% – 195%
- Loan amount
- $500 – $5,000
Poor or limited credit
Personify Financial
- Credit profile
- Poor
- APR range
- 36% – 179.50%
- Loan amount
- $500 – $15,000
03 / Debt consolidation
Debt consolidation
Debt consolidation loans replace multiple higher-rate debts, typically credit cards, with one new loan and one payment. Rhode Island's tiered small-loan schedule runs from 36% down to 24% within the first $5,000, so a well-priced debt consolidation loan in that range should land comfortably under those ceilings; for larger consolidation loans above $5,000, where the rate structure gets less clear-cut, comparing multiple lenders matters even more.
04 / Banking and credit unions
Banking in Rhode Island
Rhode Island residents can choose between national banks offering scale (large ATM/branch networks, mobile apps) and regional/community banks offering relationship banking and faster local lending decisions.
Banks listed
- Citizens BankHeadquartered in Providence, RI.
- Bank of AmericaNational bank.
- Washington TrustHeadquartered in Westerly, RI.
- BankNewportHeadquartered in Newport, RI.
- ChaseNational bank.
Credit unions
Credit unions are member-owned, not-for-profit institutions that often post lower loan rates and fewer fees than banks, but require membership eligibility tied to geography, employer, or affiliation.
Rhode Island credit unions posted median membership growth of about 2.1% year over year (Q4 2025 NCUA data), alongside the strongest median loan growth in this comparison (about 2.5%) and a notably high median loan-to-share ratio (about 82%).
Rhode Island's credit union history is dominated by the single most severe state-level financial crisis in this comparison: in January 1991, newly inaugurated Governor Bruce Sundlun closed 45 credit unions (along with several banks and loan companies) overnight after the collapse of the Rhode Island Share and Deposit Indemnity Corporation (RISDIC), a private, state-created deposit insurer whose fund was overwhelmed by fraud and bad loans at institutions it insured. Roughly 300,000 depositors, about a third of the state's population, lost access to their money for months, the worst state banking emergency since the Great Depression. That crisis discredited private, state-level deposit insurance entirely and pushed the state's surviving credit unions toward federal NCUA share insurance, and the legislature created the Depositors Economic Protection Corporation (DEPCO) in 1991 specifically to manage the fallout and repay depositors through $697 million in state bonds.
Federally insured credit union deposits are protected up to $250,000 through the National Credit Union Share Insurance Fund.
Credit unions listed
05 / Debt settlement
Debt settlement
Rhode Island regulates debt settlement under the Uniform Debt-Management Services Act (R.I. Gen. Laws § 19-14.8-1 et seq.), requiring registration through the Department of Business Regulation. The UDMSA caps fees at 30% of the savings a provider actually achieves on a settled debt, not 30% of the total enrolled balance, and providers must maintain a trust account and bond. Consumers are entitled to specific UDMSA agreement disclosures before enrolling and a cancellation right shortly after signing up.
Companies listed in the dataset
06 / Insurance
Rhode Island insurance
Regulator
Rhode Island Department of Business Regulation, Insurance Division
Insurance regulator websiteAuto insurance
25/50/25
Rhode Island requires liability insurance with minimum limits of $25,000 per person and $50,000 per accident for bodily injury, plus $25,000 for property damage.
Homeowners and renters
$1,900/yr
- State requirement
- No
- National homeowners average
- $1,337/yr
- Renters average
- $178/yr
Rhode Island carries real exposure to nor'easters and coastal flooding along its extensive Atlantic and Narragansett Bay shoreline, along with occasional hurricane remnants moving up the coast. Coastal properties see meaningfully higher premiums than the state average.
07 / Questions
Rhode Island FAQs
How do I file a complaint against a lender in Rhode Island?
Contact the Rhode Island Department of Business Regulation (Banking). The Department of Business Regulation is also Rhode Island's insurance regulator, so it's a single stop for both lending and insurance complaints.
How do I file a complaint against my insurance company in Rhode Island?
File with the Rhode Island Department of Business Regulation, Insurance Division.
What's the maximum interest rate a lender can legally charge on a personal loan in Rhode Island?
It depends on the loan size, under a three-tier small-loan schedule (Ch. 19-14.2, capped at $5,000 aggregate): 36% up to $300, 30% on $300 to $800, and 24% on $800 to $5,000. Above that $5,000 ceiling, the general licensed-lender chapter or general usury framework applies instead, roughly 21% or the T-bill rate plus 9%, though this tier needs direct confirmation for a specific larger loan.
Are payday loans legal in Rhode Island, and are there caps on fees or loan amounts?
Yes for now, though change is coming. Rhode Island currently caps payday loans (deferred deposit transactions, regulated under the Check Cashers chapter) at $500, with fees up to 10% of the amount advanced and a minimum 13-day term, working out to an APR around 260%, among the highest allowed in the Northeast. In July 2025, Governor Dan McKee signed a law capping payday loan APRs at 36%, the same limit already applied to small loans of $300 or less, closing the loophole that currently lets storefront lenders charge far more. That law takes effect January 1, 2027, making Rhode Island the 21st state to eliminate triple-digit-rate payday lending.
How long can a debt collector legally pursue an unpaid debt in Rhode Island before the statute of limitations runs out?
Written contracts, oral contracts, and open accounts, including personal loans and most consumer debt, all carry a 10-year statute of limitations in Rhode Island (R.I. Gen. Laws § 9-1-13), one of the longest and simplest windows in the country since it doesn't distinguish by contract type. Court judgments remain enforceable for 20 years. Making a payment can restart the 10-year clock.
What's the difference between a debt consolidation loan and debt settlement for someone living in Rhode Island?
A debt consolidation loan pays off existing debts in full using newly borrowed money, usually at a lower rate, repaid on a fixed schedule. Debt settlement negotiates with creditors to accept less than the full balance, usually requiring you to stop paying first, which damages credit and may create taxable forgiven-debt income. Rhode Island caps debt settlement fees at 30% of savings under its UDMSA framework, a real consumer protection, but the fundamental tradeoffs between the two paths are the same as anywhere else.
