Fair to Bad Credit Loans in RI

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Last updated October 14th 2018

Commentary is for informational purposes only. See legal disclaimers here.

Money Trouble Rhode Island?

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Rhode Island Applicants
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Rhode Island Usury and Regulations

Summary of Rhode Island Usury Law(s) / Quote: "Legal: 12% / Contract: 21% or alternative rate of 9% plus domestic prime rate / Judgment: 12% / Corporate: No specific rate"

(WeFindLenders.com endeavors to include the most up to date legal data for Rhode Island, but no guarantee or warranty of any kind is expressed or implied as to the accuracy of said data. This data is not intended to be legal advice. For legal help speak with a lawyer in Rhode Island, and/or contact the Rhode Island State government's division of banking and finance - legal statutes researched by FindLaw.com & American Lawyers Quarterly - see credits)

Rhode Island Usury Law Information:

Legal Maximum Interest Rates: Quote: "% absent agreement otherwise (§6-26-1); otherwise, 21% (§6-26-2)"

Usury Penalties: Quote: "Contract shall be void; knowing violation is criminal usury with imprisonment up to 5 years (§6-26-3); borrower may recover twice amount of usurious interest paid (§6-26-4)"

Judgment Interest Rates:
Quote: "12% unless otherwise already agreed upon rate (§9-21-10)"

Legal Exceptions: Quote: "Pawnbroker (§19-26-18); persons licensed (§6-26-2); revolving or open-end credit plan; finance charge for retail sales (§6-27-4)"

Rhode Island Lenders By City

Providence RI / Warwick RI / Cranston RI / Pawtucket RI / East Providence RI / Woonsocket RI / Cumberland RI

Complaints to:

Rhode Island Department of Business Regulation / Rhode Island Complaint Process / Rhode Island Complaint Form PDF

Physical Address: Department of Business Regulation / Division of Banking / 1511 Pontiac Avenue (Building 68-2) Cranston, RI 02920 / Phone: 401.462.9503 Fax: 401.462.9532

Rhode Island Lender Service Areas Map

Rhode Island Bad Credit Lenders Map - Initial Static Image

Click or tap map image above for interactive version.
Lenders
contact us for listing removal or amendment.


PGE Federal Credit Union
179 W River St Providence
RI 02904 - www.pgecu.org
401.421.2436

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Rhode Island Credit Union
160 Francis St, Providence
RI 02903 - 401.751.7440
www.ricreditunion.org

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Pawtucket Credit Union
1617 Mineral Spring Avenue
North Providence
RI 02904 - pcu.org
401.722.2212

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Community & Teachers FCU
1169 S Broadway, East Providence
RI 02914 - www.wsecu.org
401.438.7788

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Cranston Municipal Employees CU
1615 Pontiac Ave #2, Cranston
RI 02920 - 401.463.3010
www.cranstonmecu.org

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Rhode Island Credit Union
860 Reservoir Ave, Cranston
RI 02910 - 401.941.8770
www.ricreditunion.org

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Pawtucket Credit Union
96 Independence Way, Cranston
RI 02921 - pcu.org
401.722.2212

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Greenwood Credit Union
2669 Post Rd, Warwick
RI 02886 - 401.739.4600
www.greenwoodcu.org

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Wave Federal Credit Union
480 Greenwich Ave, Warwick
RI 02886 - www.wavefcu.org
401.781.1020

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Ocean State Credit Union
744 Main Street West Warwick
RI 02893 - oceanstatecu.org
401.397.1900

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Bad Credit Loan Form for Rhode Island

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Bad Credit Loan Example in RI

Dave is in the middle of a really difficult divorce. His soon to be ex has spent a total of $42k on a variety of things and charged them all to his credit cards. He tried stopping the credit card accounts, but since they were joint accounts he could not close them and she took advantage of him.

While he will be filing these expenses as part of the divorce proceedings, Dave is worried that if he does not pay the balance on his accounts, his credit score will take a hit and he will end up with a bad credit score.

He might not even be approved for a bad credit loan to consolidate his debts.

Timing is everything when it comes to money. While he will likely be compensated for the debt that his wife has spent, it will take a great deal of time to resolve it in court.

In the mean time, he must pay his debts even if he is not responsible for them. The ironic thing is that by ensuring that these bills are paid, it not only protects his credit rating, it also protects his ex-wife’s score as well.

He needs a $42000 loan with a term of 8 years to keep the monthly payments as low as possible, while he is dealing with his divorce.

He does not expect to have the loan for the full eight years, but he has to manage his cash flow while he is dealing with his divorce.

A $42000 loan with an eight year term and 5.3 interest rate for Dave would cost him the following per month:

• Loan Amount (principal) = $42000
• Interest Rate = 5.3%
• Term Length =8 year
• Monthly Payment = $220.65
• Total Paid Back = $7943.35
• Total Interest = $943.35

It is going to be difficult for Dave to be approved for any loan at this point. All of his financial affairs are tied up in the divorce discussions.

He cannot even use his home as collateral for the loan he wants because it is jointly owned and he would need his wife’s agreement to the loan since it would encumber the home she partly owns.

He is also at risk of having his wages compromised by the courts to pay alimony as well.

He may have to sell his car and his home just to pay for her half of the settlement. Even his retirement savings will be compromised.

With all of these issues, many lenders would be unwilling to take a chance on Dave when there is a high risk they might not get paid.

Dave really has no choice. He needs to work with his wife to have the divorce worked out as quickly as possible so they can resolve the financial affairs.

He has asked the courts to curtail her credit card use by closing the accounts. The entire settlement is at risk and so is his credit score.

Dave will continue paying his minimum payments on the accounts until the divorce is finalized and the assets and debts are resolved.

If you live in the State of Rhode Island and you're struggling to get a loan approval with a bad credit rating we hope our website helps you in some way.

Sincerely,

Chris Somerset

Chris Somerset is the daughter of Lance Somerset who founded the We Find Lenders Pool. She contributes to WeFindLenders.com whenever she's not having fun with her three children and her husband Ron.

Debt Consolidation Loans in RI

Last 5 debt service loans approved in the State of Rhode Island. Source: WFL Lender Pool. Updated Weekly. Principals rounded to the nearest $1000. Relative interest rates listed below in order left to right.

$8500 $90000 $30000 $50000 $100000

8.25% 15.19% 15.55% 11.78% 9.93%

Rhode Island Consolidation Lenders

Rhode Island Debt Consolidation Loan Providers - Initial Static Image

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Lenders
contact us for listing removal or amendment.


Debt Consolidation
East Greenwich RI 02818
401.737.1739

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A American Debt Consolidation
Providence RI 02903
401.521.1119

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Navigant Credit Union
230 Newport Ave, Rumford
RI 02916 - www.navigantcu.org
401.233.4300

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VA Hospital Credit Union
830 Chalkstone Ave, Providence
RI 02908 - 401.273.4984

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Coastway Community Bank
180 Washington St, Providence
RI 02903 - www.coastway.com
401.861.2583

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Westerly Community Credit Union
64 Kingstown Rd, Wyoming
RI 02898 - www.westerlyccu.com
401.596.7000

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Rhode Island Credit Union
50 Lower College Rd, Kingston
RI 02881 - www.ricreditunion.org
401.789.0253

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People's Credit Union
150 Old Tower Hill Rd, Wakefield
RI 02879 - www.peoplescu.com
800.498.8930

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Navigant Credit Union
185 Front St, Lincoln
RI 02865 - www.navigantcu.org
401.233.4300

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Chadwick Federal Credit Union
270 Central Ave, Johnston
RI 02919 - www.chadwickfcu.com
401.415.1098

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RI Debt Consolidation Application Form

Rhode Island Application Form
Bad Credit Debt Consolidation Loans (?)
 

About Consolidation In Rhode Island

For applicants in Rhode Island how have fair to good credit scores they're encouraged to try getting approved with the bank branch they currently hold they're personal accounts. If

that fails they can consider browsing our the above list providers above. If all else fails because of a poor credit score, you can use our service to apply for a loan. The best place to start is on our how to apply page.

Consolidation Loan in Rhode Island

Blake and his wife are retired and living on a fixed income. They have a small amount of savings and as long as there are no surprise payments, they have enough to live on comfortably.

Unfortunately for them and most people, there are always surprise repairs and bill payments that arrive at the worst times.
They live in the country and therefore have their own septic system.

Every ten to fifteen years, the system must be cleaned out which cost them over $700. Then their car needed repairs and that cost them another $1000.

They also had some medical issues and after Medicare picked up most of the bills they were left with another $300 they needed to pay.

In total they have $2000 in debts they want to consolidate with a small loan that they will repay over a two year period.

If they can be approved for this loan, they will not have to touch their savings.

They really would prefer to keep it for another time when they have no other options.

Of course it would be cheaper to use their savings to pay these bills, however then it would be gone and they are worried they might not be able to obtain a loan in the future.

Their pension income is indexed, but the increases barely cover inflation and they feel that they fall further and further behind every year.

Blake is considering going back to work on a part time basis as well to help bring a little more money in as well.

A $2000 loan with a 2 year term 7.75% interest rate for Blake would cost him the following per month:

• Loan Amount (principal) = $2000
• Interest Rate = 7.75%
• Term Length = 2 year
• Monthly Payment = $90.23
• Total Paid Back = $2165.44
• Total Interest = $165.44

This is a common plight of many retired couples. They may not have saved sufficiently for retirement and they also have limited savings.

They are forced to live on whatever pensions are available to them, which in some cases is barely enough to live on.

Blake and his wife are fortunate that they have some savings and sufficient retirement income to live comfortably providing that there are no financial shocks to their monthly expenses.

House repairs, car repairs and medical costs are typical of the kind of financial shocks that we all have to face from time to time.

Often they are not spread out.

They all seem to occur at the same time for some reason just as they did for Blake and his wife.

They have barely just enough income to cover this loan payment and will likely be approved for the loan with a two year term. They have no other loans.

Their car is paid for and so is their home, which makes a huge difference when applying for loans. They also have a credit card they only use for emergencies.

It carries a zero balance most months and they always pay it on time. They will survive this financial trio of emergencies with this small two thousand dollar loan.

If you live in the State of Rhode Island and you're trying to get approved for a debt consolidation loan, we hope our website helps you find a good lender regardless of your credit rating.

Sincerely,

Andy Somerset

Andy Somerset is the son of Lance Somerset who founded the We Find Lenders Pool. He writes for WeFindLenders.com whenever he's not working hard on his degree in finance.

Credit Counseling Services In RI

Rhode Island Credit Counseling Providers - Initial Static Image

Click or tap map image above for interactive version.
Counselors
contact us for listing removal or amendment.

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Consumer Credit Counseling Services
501 Centerville Rd Warwick
RI 02886 - www.nfcc.org
401.732.8357

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Credit Repair at Credit Network USA
16 International Way, Warwick
RI 02886 - 401.244.5420

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WFL Loan Product Menu

  • Bad credit scores below FICO 650
  • 200+ lenders review your pre-application(s)
  • Applying does not worsen your credit score
  • Interest rates starting as low as 9% (cs)
  • Collateral not always required
  • Funding between 24 hours and 5 days
  • Terms from 6 months to 10 years
  • Borrow between $500 and $50,000
  • Loans for people with 650+ credit scores
  • 500+ lenders can review your application
  • Interest rates starting as low as 7% (cs)
  • Fast approvals and fast funding
  • Line of credit approvals with reasonable APR
  • Borrow between $500 and $150,000
  • Lenders who provide bad credit consolidation
  • Debt settlement or debt relief services
  • 300+ lenders can review your application
  • Interest rates starting as low as 7% (cs)
  • Seamless approval and funding process
  • Debt relief counseling available
  • Borrow form $5000 - $150,000

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