Editor's choice: OppLoans Installment Loans
- APR starting at 4.66%
- Funding as soon as the next business day
- Accepts fair credit
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If you’re looking for money to cover a short-term expense, Vermont has plenty of resources that could be less costly than some payday loan alternatives.
No, payday lending is prohibited in Vermont. Vermont Statutes Ann. tit. 9 § 41a, the small loans act, applies to all small loan lenders in the state. It states that lenders must abide by a strict 18% APR cap.
In addition, 8 V.S.A.§ 2519(a)(13) states that lenders aren’t permitted to hold checks for future deposits. This means a lender can’t cash or advance money — whether it’s a physical check or an ACH transfer from your bank account. And while some lenders use loopholes in Vermont law to provide online payday loans, Vermont is taking steps to prevent this in the future.
Programs like Medicaid, SNAP and other federal programs can make it easier for you afford your everyday bills while you work on paying down your debt. In addition, Vermont has a variety of programs to give a helping hand to Vermonters in need:
You may want to consider some of these alternative credit options or browse our full list of payday loan alternatives for more information.
Vermont caps small loan interest at 18%, but you may be required to pay origination fees and other charges for a loan. Because of the variety of lenders out there, we can’t say the exact costs of a loan. You’ll need to read over your loan contract very carefully before deciding. Remember, if you don’t like the terms of a loan offer, you can always choose to reject it.
Vermont may prohibit payday loans, but there are still some lenders that offer installment loans — as long as they abide by the interest rate cap. But if you’re stuck in a bad financial situation, you may want to consider credit counseling or one of the alternatives listed above before you take on more debt.
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