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Compare your loan options in Vermont

Vermont prohibits most short-term lending, but there are other options if you're facing an emergency.

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Elizabeth Barry
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When you have unplanned expenses and are on a tight budget, a payday loan could be helpful. Payday loans, a type of short-term loan, give you quick access to money when you need it. Read on to find out about the laws in Vermont and everything else you should know about how payday advances work.

Data updated regularly
Data updated regularly
Name Product Filter Values Loan amount Turnaround time Requirements
B9 pay advance app
B9 pay advance app
Up to 100% of your salary
Instant
$500+ in monthly direct deposits into B9 account, checking account, ITIN or SSN, government-issued photo ID
Withdraw 100% of your paycheck with no extra fee for instant funding.
Go to site
More Info
Monevo Installment Loans
Monevo Installment Loans
$500 to $100,000
Varies by lender
Credit score of 500+, legal US resident, ages 18+
Quickly compare multiple online lenders with competitive rates depending on your credit.
Go to site
More Info
BadCreditLoans.com
BadCreditLoans.com
$500 to $10,000
Varies
Depending on lender requirements, people from all 50 states may not be eligible for a personal loan.
With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.
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More Info
Brigit
Brigit
Up to $250
Same business day to 2 business days
Have an active checking account
Have up to $250 automatically deposited into your account — for a $9.99 membership fee.
Go to site
More Info
B9 pay advance app
B9 pay advance app
Up to 100% of your salary
Instant
$500+ in monthly direct deposits into B9 account, checking account, ITIN or SSN, government-issued photo ID
Withdraw 100% of your paycheck with no extra fee for instant funding.
Go to site
More Info
Monevo Installment Loans
Monevo Installment Loans
$500 to $100,000
Varies by lender
Credit score of 500+, legal US resident, ages 18+
Quickly compare multiple online lenders with competitive rates depending on your credit.
Go to site
More Info
BadCreditLoans.com
BadCreditLoans.com
$500 to $10,000
Varies
Depending on lender requirements, people from all 50 states may not be eligible for a personal loan.
With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.
Go to site
More Info
Brigit
Brigit
Up to $250
Same business day to 2 business days
Have an active checking account
Have up to $250 automatically deposited into your account — for a $9.99 membership fee.
Go to site
More Info
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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.

Can I get a payday loan in Vermont?

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.

What other options do I have if I need extra money in Vermont?

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:

  • 3SquaresVT
  • Child Care Financial Assistance Program
  • Essential Person Program
  • Fuel Assistance / Crisis Fuel Assistance
  • Emergency Assistance
  • Farm To Family
  • Individual Career Advancement Network (ICAN)
  • Individual Development Account (IDA)
  • Reach Up / Child-Only Reach Up
  • Weatherization Program

Are there any other short-term options in Vermont?

You may want to consider some of these alternative credit options or browse our full list of payday loan alternatives for more information.

  • 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.

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.

Bottom line

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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