§ 19-14.2-8 - Maximum loan and interest rate. - Rhode Island Statutes

SECTION 19-14.2-8

   § 19-14.2-8  Maximum loan and interestrate. – Every small loan lender may lend up to five thousand dollars ($5,000) in theaggregate to one borrower and may charge, contract for, and receive on the loaninterest on the unpaid principal balance on a loan at a rate not exceeding thefollowing:

   (1) Loans up to and including three hundred dollars ($300),three percent (3%) per month;

   (2) Loans exceeding three hundred dollars ($300) but notexceeding eight hundred dollars ($800), two and one-half percent (2.5%) permonth; and

   (3) Loans exceeding eight hundred dollars ($800), but notexceeding five thousand dollars ($5,000), two percent (2%) per month.