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Compare your loan options in Vermont

If you’re thinking about applying for a payday loan in Vermont, read our page for more information

Being short on cash and needing to borrow a small amount of money may have you looking into payday loans, but in Vermont, payday lending is banned. Our guide has other options for you to consider.

Can I get a payday loan in Vermont?

No. Vermont Statutes Ann. tit. 9 § 41a, the small loans act, applies to all small loan lenders in the state.

The Vermont small loan act states that lenders can’t charge more than 18% per annum interest. Because payday lenders charge much higher interest than this, they are effectively banned in the staate. In addition, 8 V.S.A.§ 2519(a)(13) states that lenders aren’t permitted to hold checks for future deposits.

Some lenders use the loopholes in Vermont law to provide online payday loans in this state. However, the state is taking steps to prevent this from happening.

You may be able to apply for an installment loan

Rates last updated November 19th, 2017
Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
Name Product Product Description Maximum Loan Amount Term of Loan Turnaround Time Requirements
OppLoans Installment Loans
Installment loans with competitive rates from a top-rated direct lender.
$4,000
9 to 36 months
1 business day
Open only to residents of AL, CA, DE, GA, KS, ID, IL, MO, MS, NV, NM, OH, SC, TN, TX, UT, VA and WI. Must have direct deposit to demonstrate sufficient monthly income.
Slam Dunk Loans
Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.
$2,500
Varies by lender
As soon as next business day
Must be employed, receive regular income, earn at least $800 a month, have a checking account, be 18+ yrs old and a US citizen.
CashNetUSA Loan
Apply for a short-term loan with an easy online application and dedicated customer service.
Varies by state
Varies by state
1 business day
You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
Blue Trust Loans Installment Loans
Get an installment loan from an online tribal lender. Perks for returning borrowers.
$2,000
6 months
As soon as next business day
Must be at least 18 years old and have a verifiable source of income with direct deposit into your checking account.
HonestLoans Installment Loans
Get a flexible installment loan with fast funding through one easy online application form.
$2,500
Varies by lender
As soon as one 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.
MoneyKey-arranged or MoneyKey Installment Loan
*Apply for money when you need it and receive your funds in as quickly as one business day.
$1,000 (unless otherwise stated)
Varies by state
1 business day*
You must be a permanent US resident or citizen, at least 18 years old, and have regular income.

Compare up to 4 providers

Do I have other options besides payday loans?

Programs like Medicaid, Reach Up in Vermont, Seasonal Fuel Assistance and 3SquaresVT can help you afford your everyday bills while you work on paying down your debt.

You may also want to consider some of these alternative credit options:

  • Consider a credit card cash advance. If you have a credit card and haven’t met the credit limit, you can take out an advance on the remaining amount. While this is an expensive option, you have more time to pay it off than with a payday loan.
  • Negotiate with your creditors. If you can’t afford to make payments on your debts, you should talk to your creditors and negotiate a lower payment. Many will be willing to adjust how much or how frequently you pay off your debt to make it more affordable for you.
  • Find a credit counselor. This isn’t a quick fix, but it can help you learn how to budget and control your finances. A credit counselor can teach you ways to avoid needing something like a payday loan in the future, which will lower your debt in the long run.

We have a guide with more ways to avoid a payday loan

What costs can I expect with a loan in Vermont?

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.

Have any more questions about Vermont payday loans?

You should get in touch with the Vermont Banking Division.

Maybe. This is currently being contested by the state of Vermont and various tribal lenders. Keep an eye out for new regulations concerning this, and remember that a payday loan is an expensive option whether it’s from a US or Native American company.

No. Because these are similar to payday loans and use your vehicle as collateral, Vermont bans auto title loans.

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US Payday Loans Offers

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Slam Dunk Loans

Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.

LendUp Payday Loans

LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.

Check into Cash Payday Loan

With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.

OppLoans Installment Loans

Installment loans with competitive rates from a top-rated direct lender.