Payday loans in Vermont |
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Compare your loan options in Vermont

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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.

LendYou Short-term Loans

For fast cash: LendYou

Find a lender that offers cash advances between $100 and $15,000.

  • Min. Loan Amount: $100
  • Max. Loan Amount: $15,000
  • Turnaround Time: 1 business day
  • Must have regular income of $1,000/month and be a US citizen or permanent resident
  • No collateral needed
  • Bad credit is OK

    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 state. 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 February 21st, 2019
    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 Max. Loan Amount Turnaround Time Requirements
    OppLoans Installment Loans
    Installment loans with competitive rates from a top-rated direct lender.
    1 business day
    Must have direct deposit and meet minimum income requirements
    Jora Installment Loans
    Installment loans with repayment terms up to 30 months, depending on your state.
    1–2 days
    Must have an active checking account, regular source of income and email address.
    Blue Trust Loans Installment Loans
    Get an installment loan from an online tribal lender. Perks for returning borrowers.
    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.
    CashNetUSA Loan
    Apply for a short-term loan with an easy online application and dedicated customer service.
    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.
    CashUSA Installment Loans
    A connection service for quick cash loans up to $10,000.
    As early as 1 business day
    Must have a monthly income of $1,000+ after taxes and valid checking account.
    LendYou Short-term Loans
    Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.
    1 business day
    You must be a US citizen or permanent resident, age 18+ and have a regular income.
    HonestLoans Installment Loans
    Get a flexible installment loan with fast funding through one easy online application form.
    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.

    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?

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