Payday Loans in Barnard, Vermont

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No payday loan companies in Barnard, VT. Consider companies in other cities:

Company nameAddressZip codePhone number
Mansfield Mortgage Professionals 57 River Rd #1009, Essex Junction, VT 05452 +1 (802) 879 - 4200
Citizens Bank 310 Main St, Bennington, VT 05201 +1 (802) 442 - 5409
KeyBank 80 West St Ste 102, Rutland, VT 05701 +1 (802) 773 - 0610
Northfield Savings Bank 289 N Main St, Barre, VT 05641 +1 (802) 476 - 2400
Community National Bank 99 State St, Montpelier, VT 05602 +1 (802) 223 - 0598
Northpoint Chrysler Dodge Jeep Ram 4441 US-5, Derby, VT 05829 +1 (802) 334 - 6523
People's United Bank 19 Morrisville Plaza, Morrisville, VT 05661 +1 (802) 888 - 1410
Barb A McHenry Fairway Independent Mortgage Corporation Loan Officer 110 Kimball Ave Suite 120, South Burlington, VT 05403 +1 (802) 489 - 7172
People's United Bank 213 Main St, Ludlow, VT 05149 +1 (802) 228 - 8821
People's United Bank 2 The Green, Woodstock, VT 05091 +1 (802) 457 - 2660

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Barnard, VT, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Burlington, VT. But also, you can apply for a loan online, not coming out of your home. Just fill out a simple application on our website and we will connect you with trusted direct lenders in Barnard, VT.

Beautiful sights of Barnard, VT

Payday Loans Available in Barnard, VT By The Following ZIP Codes:

05031

Are Payday Loans Legal In Barnard, Vermont?

Payday Lending is Prohibited in Vermont

Vermont Loan Regulations

Legal StatusProhibited
Interest Rate (APR, %)Prohibited
Maximum Loan AmountProhibited
Minimum Loan TermProhibited
Maximum Loan TermProhibited
Number of Rollovers AllowedProhibited
Finance ChargesProhibited

Barnard, VT payday loan calculator

Payday loans are a type of short-term loan that can be a lifeline for many struggling families. However, it is important to remember that payday loans are prohibited in Vermont, including in Barnard, VT.

While it is illegal for payday lenders to operate in Vermont, some online lenders may still offer these loans to residents of the state. It is crucial to remember that these lenders may not follow Vermont’s laws and regulations, putting borrowers at risk of high fees, predatory lending practices, and debt traps.

The Prohibition of Payday Loans in Vermont

In 2012, Vermont became the first state in the nation to ban payday loans outright. The law prohibits any lender from offering payday loans to Vermont residents, including online lenders. The maximum loan amount allowed in Vermont is $500, and lenders cannot charge more than 18% in interest and fees combined.

This prohibition of payday loans in Vermont was enacted to protect consumers from the high-interest rates, fees, and predatory lending practices that often come with these loans. The average interest rate on a payday loan in the United States is 391%, which can lead to an endless cycle of debt for borrowers.

Alternatives to Payday Loans in Barnard, Vermont

While payday loans are not an option for residents of Barnard, there are alternatives to consider in times of financial need. Some options include:

  • Personal loans: Personal loans from banks, credit unions, and online lenders can offer lower interest rates and higher loan amounts than payday loans. The application process may be longer, but the terms and fees of personal loans are often more favorable.
  • Credit counseling: Non-profit credit counseling agencies can provide financial education, budgeting assistance, and debt management plans to help consumers get out of debt and stay on track.
  • Friends and family: Borrowing from friends and family may not come with the fees and interest rates of payday loans, but it is important to discuss repayment terms and expectations in advance to avoid damaging relationships.

Interesting Facts about Payday Loans

Here are some key facts and statistics to keep in mind when considering payday loans:

  • More than 80% of payday loans are rolled over or renewed within two weeks. This cycle of debt can lead to borrowers paying more in fees and interest than they originally borrowed.
  • The average payday loan borrower takes out eight loans per year. This frequency of borrowing can lead to unsustainable debt and financial hardship.
  • Payday lenders have higher rates of complaints to the Consumer Financial Protection Bureau than other financial companies. This indicates a higher likelihood of predatory practices and illegal actions among payday lenders.

Apply Now with TheGuaranteedLoans

While payday loans are not an option in Barnard, Vermont, TheGuaranteedLoans can help connect borrowers with potential lenders for other types of loans. As a connector service, TheGuaranteedLoans does not offer direct loans, but rather works to match borrowers with lenders who may be able to meet their needs.

Applying for a loan through TheGuaranteedLoans is quick and easy. Simply visit our website and fill out the online application. We will then work to match you with potential lenders who can offer the terms and fees that work best for your financial situation. Remember to borrow only what you need and can afford to pay back to avoid further financial difficulties.

F.A.Q.

Why are payday loans illegal in Barnard, Vermont?

Payday loans are illegal in Barnard, Vermont because they often have high interest rates and fees that can trap borrowers in a cycle of debt. The state's regulations are designed to protect consumers from predatory lending practices.

What are some alternative options for getting quick access to cash in Barnard, Vermont?

in Barnard, Vermont, consumers can seek out alternative forms of financing, such as small personal loans, credit union loans, or even borrowing from friends or family.

Look for Short-Term Loans in Other Cities: