Rhode Island, home to The Breakers and the former place of residence of the famous railroad baron Cornelius Vanderbilt, is also a state where there are strict payday loan laws. The maximum amount of money one can take out in payday loans is $500, with a minimum repayment period of no less than 13 days.

Unlike many other states where taking out more than one outstanding loans is not permissible, in Rhode Island, a borrower can take out as many as three loans worth up to $1,500. On the other side of New England, payday loan services are only limited to authorized lenders in Maine. There, it is legal for lenders to charge $25 worth of service fees for those taking out loans in excess of $250.

For smaller loans up to $75, licensees can only charge approximately 6.7 percent of it as an applied interest rate, and $15 for loans that are between $75.01 and $249. In Maine, payday loan lenders have a greater assortment of ways to advertise their services than those in other states where certain advertising tactics are prohibited.