Home Industries Financial Services Payday lending ending in R.I., but a gap will remain

Payday lending ending in R.I., but a gap will remain

DEBT DANGER: Alan Krinsky, director of research and fiscal policy at the Economic Progress Institute in Providence, says high interest rates offered by payday lenders, such as Advance America in Pawtucket, pictured, can leave struggling borrowers in a cycle of debt.
PBN PHOTO/­MICHAEL SALERNO
DEBT DANGER: Alan Krinsky, director of research and fiscal policy at the Economic Progress Institute in Providence, says high interest rates offered by payday lenders, such as Advance America in Pawtucket, pictured, can leave struggling borrowers in a cycle of debt.
PBN PHOTO/­MICHAEL SALERNO

Rhode Island is preparing to shut down traditional payday lending next year. Beginning in 2027, payday lenders will no longer be exempt from the state’s interest-rate limits, putting the high-cost business model – which can carry triple-digit annual interest rates – on the line. But some who fought for years to get the law enacted,

Already a Subscriber? Log in

To Continue Reading This Article

Become a Providence Business News subscriber and get immediate access to all of our premier content and much more.

Learn More and Become a Subscriber
  • Critical RI business news and analysis updated daily.
  • 1 year of print (26 issues).
  • Unlimited access to all subscriber only content on our website, on any device.
  • Free email alerts.
  • Annual Book of Lists Print Edition.
  • All special issues produced during subscription term.

RELATED ARTICLES

NO COMMENTS

Copyright ©2026 Providence Business News. All Rights Reserved.
Exit mobile version