Two different claims. The first means a person traced every figure on this page to the regulator, the statute or a court — each one cited inline, click any marker to open the source. The second is automated: our monitor confirms daily that those sources still resolve and still contain the text we cite them for. Only a person moves the first. Only the monitor moves the second.
Payday lending is not authorised by statute here. Small loans fall under the Small Personal Loan Act, with ceilings set by OCIF that make the payday model unviable.
Ley de Préstamos Personales Pequeños — Small Personal Loan Act
There is no payday lending statute here. Small loans fall under the Small Personal Loan Act (Ley de Préstamos Personales Pequeños, 10 L.P.R.A. §§ 941–959), with interest ceilings set by the Oficina del Comisionado de Instituciones Financieras (OCIF). Those ceilings are low enough that the payday model — which depends on triple-digit rates — is not viable.Puerto Rico · Consumer organisationConsumer Credit Counseling of Puerto Rico, citing the NCLC Digital Library — payday lending is not authorised by statute in Puerto Rico, and small loans are subject to the Small Personal Loan Act, with interest ceilings set by OCIF that make the traditional payday model unviable
Legislative attempts to authorise the product explicitly — including House Bill 800 — have not succeeded.
OCIF supervises and examines non-depository financial services in Puerto Rico, expressly including préstamos personales pequeños (small personal loans), cambio de cheques (check cashing), pawnshops, financing and leasing.Puerto Rico · RegulatorOCIF non-depository institutions division — responsible for supervision and examination of mortgages, financial intermediation, check cashing, money transmission, small personal loans, financing, leasing, pawnshops and casino gaming rooms
Small personal loan companies organised under 10 L.P.R.A. §§ 941–959 are named in the statute as financial institutions subject to the Commissioner’s jurisdiction.Puerto Rico · Statute7 L.P.R.A. § 2004 — financial institutions include every small personal loan company organised under sections 941 to 959 of Title 10, known as the Small Personal Loan Act
OCIF, Regulation Division: 787-723-3131. 1492 Ave. Ponce de León, Suite 600, San Juan.
Where a state or territory makes the product unviable, the lending does not always stop — it moves online, often from lenders asserting tribal affiliation or claiming another jurisdiction’s law applies.
If money is being taken from your account, you can revoke the authorisation and instruct your bank to stop the payment, whatever the agreement says. What the regulation says →
Report unlicensed lending to OCIF. Nine tribal-affiliated lenders appear in our directory →
The current interest ceiling set by OCIF under the Small Personal Loan Act is not stated on this page. Published accounts give figures ranging from 25% to 36% at different points in time, and the Act allows the rate to be set and adjusted by the financial board — so a figure without a date is not much use.
We are seeking the current ceiling from OCIF directly and will add it with the date. Contact OCIF on 787-723-3131 before relying on any rate figure you find online, including ours.
You can revoke authorisation and instruct your bank to stop the payment, whatever your agreement says.
What Regulation E says about automatic payments →