Payday loans in Montpelier, Vermont | finder.com
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Compare your loan options in Montpelier, Vermont

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If you’re in need of a short-term loan and you’re a resident of Montpelier, consider your other options.

Being short on cash and having a less-than-perfect credit score can make being approved for a loan difficult. Short-term loans may seem like a good option, but lawmakers in Vermont have banned short-term lending in all its forms. If you need a little extra money, our guide will help you find alternative ways to get it.

Can I get a payday loan in Montpelier, Vermont?

Unfortunately, no. All providers of small loans in Montpelier have to abide by Vermont Statutes Annotated Title 9-41a. According to this law, consumer loans can’t have an APR of more than 18%. Because payday lenders typically charge much higher interest rates, you won’t be able to take out a short-term loan in Montpelier.

Our state guide has a more detailed explanation of Vermont law

A list of installment loans you may want to consider

Installment loans are paid back over a set schedule in equal payments. Keep in mind that lenders must still abide by Vermont law unless they offer tribal loans.

Updated June 20th, 2019
Name Product Filter Values Max. Loan Amount Turnaround Time Requirements
$5,000
1 business day
Direct deposit, meet minimum income requirements
Comes with the option to change your due date so you won’t fall behind on repayments.
$2,600
1 to 2 business days
Active checking account, regular source of income, email address
Get access to tools to help you plan a career move, make some extra cash or search for a better-paying job.
$50,000
1 business day
Must be employed and receive regular income, earn at least $800 a month, have a checking account and be an 18+ years old legal US citizen.
Get a flexible installment loan with fast funding through one easy online application form.
$35,000
As soon as the next business day
Regular source of income, verifiable bank account, US citizen, ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
$15,000
1 business day
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
$10,000
As early as 1 business day
$1,000+ monthly income after taxes, valid checking account
Explore its online education center to get tips on budgeting, how to prioritize your bills and more.
Varies by state
1 business day
Regular source of income, bank account, US citizen or permanent resident, ages 18+
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Why are payday loans illegal in Vermont?

Short-term loans are notorious for their high interest rates. Vermont lawmakers have capped the maximum APR a lender can charge at 18% to deter payday lenders, which often charge interest in the hundreds, from offering loans in the state. While you may still be able to take out a small loan depending on your credit, you won’t be able to visit a payday loan shop or an auto title pawn location to get quick cash. This is to protect consumers from predatory practices and help people stay out of long-term debt.

What are some other options besides installment loans?

A short term loan may be a bust, but there are other options out there. Some you may have tried, but all may be worth looking into.

  • Negotiate with your creditors. It may not be the easiest method, but contacting your creditors and asking for a payment extension or a reduced monthly payment can be the difference between being able to afford your debt and drowning in it. Your creditors want to get paid, so see if you can make an arrangement that benefits both parties.
  • Consider a credit card cash advance. If you have a credit card, you may be able to take out an advance on the remaining credit limit. This can be a costly option, but it will give you the money you need quickly and without much hassle. Most cards even allow you to withdraw from an ATM.
  • Find some local social services. Look into public services for assistance with heating costs, food and housing. Vermont has programs like 3SquaresVT (food stamps), Seasonal Fuel Assistance and Reach Up Vermont that can help you when you’re struggling to meet the everyday cost of bills.

We have even more alternatives listed here


Where to get cash advances in Montpelier

Where to get a a cash advance in Montpelier, VT?

If you’re looking for cash advance locations in Montpelier, here are some options:

  • People’s United Bank. 112 State St, Montpelier, VT 05601
  • Vermont Community Loan Fund. 15 State St, Montpelier, VT 05602

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