Looking for an Unsecured Personal Loan in Rhode Island?
Is business slowing down and you’re worried about paying the bills? When your industry starts to experience a slump and the fear of falling behind on your bills seems like it will become a reality, take advantage of our Loan Discovery Program and see what financing options are available to you. Don’t plan on relying on your credit cards to get you through the down season; that will end up having you pay more interest and take you longer to pay down once business picks up again.
By taking out an unsecured personal loan through Loans Now as soon as you realize you are not going to be able to meet your financial responsibilities, you are not only preventing those bills from accumulating late fees and warding off the possibility of repossession or eviction, you are also getting a head start in repaying the loan. The sooner you are able to start, the more money you can put into the payments once you are able to get back into the full swing of things. If you are proactive in preventing the downturn in business from affecting your accounts, you can save yourself both money and headaches in the long run; and you will be setting yourself up for success once business returns.
Unsecured Loans for People with Bad or No Credit
“With my bad credit, no one is going to help me!” If this sounds like something you’ve said, erase that thought from your mind! Loans Now is fully able to help individuals with bad credit receive the assistance they need when the times get tough. Even with a low credit score — as low as 450! — solutions are available to you, and we can find you the best one to fit your needs. Check your credit score then complete our loan discovery questionnaire to get you the money you need to pay your bills, or for any of the following:
- Starting a side business to earn additional income during the slump periods
- Establish an emergency fund to prevent falling behind on your bills
- Cover moving expenses to take a new job in another location
- Get caught up on any bills that you may have fallen behind on
- Pay for improvements on your vehicle, or to purchase a new vehicle, to commute to a nearby city
Because of how we work, we are able to find you the best interest rates, the best repayment terms, and the most amount of money for your current credit situation. Yes, your current situation. When you get started with Loans Now, a dedicated team member will work with you to discover the best options possible, not just your credit score. That’s how we differ from other loan services. You receive human recommendations, not a list generated by algorithms, to solve your financial needs.
No One Can Drive in Rhode Island
The state made famous in pop culture thanks to the exploits of Peter Griffin and his dysfunctional family in the fictitious town of Quahog on the television show Family Guy is little more than 48 miles X 37 miles. For such a small state, it is also one of the most densely populated ones with over 1 million people living in Rhode Island (only New Jersey is more heavily compacted in terms of population-to-area ratio). Also, for the smallest state to have so many issues is somewhat unbelievable.
Rhode Island ranks last in a comparison of all 50 states in terms of infrastructure. The state has the country’s worst roads and bridges in the country; over 52% of these are in need of serious repair or replacement. The state has not put an emphasis on improving its infrastructure, meaning that road and bridge construction projects are at a standstill. Employees of construction companies must rely on out-of-state contracts, which can be troublesome from a logistics standpoint, or they work on private projects, which are slim as well (Rhode Island is not seeing a lot of new businesses entering the state). For those times when work is limited but the bills keep coming in, Loans Now can find personal loan options to help get you through the rough patches.
Rhode Island Laws and Regulations for Bad Credit Personal Loans
For Rhode Islanders, the legal maximum rate of interest lenders are allowed to charge them on a loan without a written agreement is 12% (Rhode Island Statutes § 6-26-1). If a contract is present for the execution of the loan, then the maximum a resident would pay is 21% (§ 6-26-2). According to this same statute, there is an alternative method for determining the cap on interest rates. This includes adding nine percentage points to the domestic prime rate as published within the Wall Street Journal. This can be complicated for both borrowers and lenders, however.
To protect the people of Rhode Island from usurious lending, the state has established some harsh penalties for committing usury. If a lender has been found charging an interest rate higher than the Rhode Island legal limit, that lender loses all rights to reclaim the borrowed amount. The contract becomes void, meaning the borrower is no longer required to pay back the principal of the loan. There is a criminal punishment as well if a lender knowingly commits usury, that person in the organization can be imprisoned for up to 5 years (§ 6-26-3).
Loans Now: Core Policies & Procedures
- Never collect or share sensitive customer information: SSN, DOB, Address.
- Never collect up-front payment to process a customer’s loan application / or fund a loan. Loans Now will NEVER ask you to send us money in any form.
- Introduce customers to our Loan Discovery Process. A one-on-one loan service strategy that fits every customer’s unique needs with the right lender for them
Rhode Island Personal Loan for Bad Credit Lending Regulator
Within the State of Rhode Island, it is up to the Department of Business Regulation to monitor organizations in a number of industries. For banking and consumer finance, it is up to this department to license businesses to operate within the state and investigate complaints against any lenders who may be conducting usurious practices.
- Loan Discovery Process
- Credit Scores Reviewed to 450
- 2, 3, 5 & 7 Year Terms
- Loan Amounts $500 - 70K