Best Loans in Vermont – Online Payday Loans in Vermont

Q: Are payday loans allowed in Vermont?

No , payday loans are illegal in the state of Vermont. You can opt for a personal loan , credit card , or tribal loan instead.

The Best Loans in Vermont 2022: Compare Loan Rates

Written by: Joe Chappius

Last updated: December 26, 2023

Financer.com helps you compare online loans in Vermont. Compare different loan options in VT and read more about the payday loan laws in the state.

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Best Loans in Vermont for April 2024

Borrow $5,000 for a period of 3 Years.

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Amount: $5,000 | Period: 3 Years

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We found 29 loans

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recommended

Chosen 1,179 times

4.7

Read 10 reviews

recommended

Chosen 1,179 times

Loan amount

$5,000

APR:

5.75% - 22.94%

Total Payment

$5,456.40

for 3 years

Monthly payback

$151.57

for 3 years

4.7

Read 10 reviews

Open right now

Get Started

Customer Type

All

Borrow up to

$50,000

Estimated Payback

01/04/2027

Weekend Payout

Age

10 Reviews

4.7

Interest & Costs

Flexibility & Terms

Website & Functionality

Support & Service

View Company Profile

Chosen 1,850 times

5.0

Read 5 reviews

Chosen 1,850 times

Loan amount

$5,000

APR:

5.90% - 35.99%

Total Payment

$5,466.17

for 3 years

Monthly payback

$151.84

for 3 years

5.0

Read 5 reviews

Open right now

Get Started

Customer Type

All

Borrow up to

$5,000

Estimated Payback

01/04/2027

Weekend Payout

Age

5 Reviews

5.0

Interest & Costs

Flexibility & Terms

Website & Functionality

Support & Service

View Company Profile

recommended

Chosen 5,757 times

4.9

Read 11 reviews

recommended

Chosen 5,757 times

Loan amount

$5,000

APR:

5.99% - 35.99%

Total Payment

$5,475.95

for 3 years

Monthly payback

$152.11

for 3 years

4.9

Read 11 reviews

Open right now

High approval rate

Get Started

Customer Type

All

Borrow up to

$50,000

Estimated Payback

01/04/2027

Weekend Payout

Age

11 Reviews

4.9

Interest & Costs

Flexibility & Terms

Website & Functionality

Support & Service

View Company Profile

Chosen 5,169 times

4.6

Read 4 reviews

Chosen 5,169 times

Loan amount

$5,000

APR:

3.00% - 25.00%

Total Payment

$5,131.62

for 1 year

Monthly payback

$427.64

for 1 year

4.6

Read 4 reviews

Get Started

Customer Type

All

Borrow up to

$5,000

Estimated Payback

01/04/2027

Weekend Payout

Age

4 Reviews

4.6

Interest & Costs

Flexibility & Terms

Website & Functionality

Support & Service

View Company Profile

Chosen 188 times

N/A

Read 0 reviews

Chosen 188 times

Loan amount

$5,000

APR:

9.99%

Total Payment

$5,273.84

for 1 year

Monthly payback

$439.49

for 1 year

N/A

Read 0 reviews

Get Started

Customer Type

All

Borrow up to

$500,000

Estimated Payback

01/04/2027

Weekend Payout

Age

0 Reviews

N/A

Interest & Costs

Flexibility & Terms

Website & Functionality

Support & Service

View Company Profile

Important

Please note that loan amounts, interest rates and other loan terms may vary according to your state and credit profile.

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How to Compare Loans in Vermont

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Best Rated Personal Loans

Find the best rated lenders for loans in Vermont

5.0

Based on 4 reviews

5.0

Based on 4 reviews

5.0

Based on 14 reviews

4.9

Based on 7 reviews

4.9

Based on 12 reviews

4.9

Based on 17 reviews

4.9

Based on 8 reviews

4.8

Based on 5 reviews

4.8

Based on 4 reviews

4.7

Based on 3 reviews

Vermont Installment Loans

Vermont personal loans from payday shops may not be an option but there are still other ways you can obtain lending in Vermont.

Vermont online installment loans are expected to be paid back in installments over a predetermined timeframe.

It is possible to access Vermont online installment of loans even with a less-than-perfect credit score. However, the interest rate can be just as high as payday loans.

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Interests Loan amount Loan term

Lending Laws in Vermont

The laws in Vermont prohibit payday lenders from functioning in the state according to the Small Loan Act.

According to the Act, lenders are prohibited from charging more than 18% per annum interest. This is a very low figure compared to the rates payday lenders charge, so it does not appear viable for them.

Thus, although these types of lenders cannot offer their services, they still have found ways to offer loans to residents, as will be discussed shortly.

We consider other lending options available to you other than online Vermont payday loans.

Since it is illegal to obtain Vermont payday loans, there aren’t any lending centers in Vermont operating in a physical shop. However, certain loopholes in the laws enable out-of-state payday lenders to operate.

One of the ways lending institutions operate is by purchasing a charter from the bank and then using the interest rates and loan terms of surrounding States.

Although the bank’s headquarters are not found in Vermont, the cash advance lender purchases a special charter and establishes a shop in Vermont.

This practice is legal in Vermont since charters between banks and lending companies are allowed.

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The Advantages of Online Vermont Loans

Online Personal Loans Are Convenient

Get Funds As Soon As The Same Day

Apply Anywhere, Anytime

Less Paperwork Required

Vermont Payday Loan Regulations

Legal Status	Prohibited
Interest Rate (APR)	18% APR small loan cap
Statute of Limitations	6 years

Updated Auguat 3 2022

Payday lending is prohibited in Vermont.

Payday loans are expressly forbidden in the state of Vermont. In 2001, the first law was passed.

But Vermont is renowned for having passed the "strongest law in the nation" regarding payday loans in 2012, effectively driving out all brick-and-mortar lenders.

Currently, lending without a license is prohibited; all licensed lenders are required to adhere to the 18 percent APR loan cap.

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Get the Loan You Need

An online personal loan can help when you need cash for large purchases or unplanned expenses.

Holiday

Wedding

Home Renovations

Bills

Shopping

Education

Other Options for a Loan in Vermont

Since getting a payday loan on Vermont is an illegal route, Vermont residents have other alternatives you can choose from. These are:

Apply for a credit card. There is a huge selection of credit cards worth considering if you need extra money. These have more reasonable payments and lower interest rates.
Tribal loans. Tribal lenders are considered a sovereign entity and can thus abide by their own laws and do not have to abide by the state’s rules.

Most other forms of credit will attract fees. Go through a loan contract to have a clear indication of all the applicable fees associated with the loan.

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