Payday Loans in East Ryegate, Vermont

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

Company nameAddressZip codePhone number
Huntley Wealth Management 116 Main St 5, Ludlow, VT 05149 +1 (888) 922 - 1035
Community National Bank 103 Church St A, Barton, VT 05822 +1 (802) 525 - 3524
NBT Bank 122 West St 101, Rutland, VT 05701 +1 (802) 747 - 6982
United States Postal Service 80 Main St Ste 101, Richford, VT 05476 +1 (800) 275 - 8777
People's United Bank 50 Sunderland Way, Essex Junction, VT 05452 +1 (802) 878 - 8191
TD Bank 4 Main St, Essex Junction, VT 05452 +1 (802) 878 - 6900
Citizens Bank 47 Merchants Row, Rutland, VT 05702 +1 (802) 775 - 0025
United States Postal Service 491 Websterville Rd, East Barre, VT 05649 +1 (800) 275 - 8777
KeyBank 80 West St Ste 102, Rutland, VT 05701 +1 (802) 773 - 0610
Mascoma Bank 243 Sykes Mountain Ave Box 4399, White River Junction, VT 05001 +1 (603) 448 - 3650

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in East Ryegate, 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 East Ryegate, VT.

Beautiful sights of East Ryegate, VT

Are Payday Loans Legal In East Ryegate, 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

East Ryegate, VT payday loan calculator

Payday loans are a popular type of loan that many people choose to take out when they need cash quickly. However, it’s important to be aware of the legal restrictions on payday loans in each state. In Vermont, payday loans are prohibited, making them illegal for any lender to offer or provide. This article will provide a comprehensive overview of the prohibition of payday loans in East Ryegate, Vermont.

The Prohibition on Payday Loans in East Ryegate, Vermont

Vermont is one of 13 states in the United States that has banned payday loans. The prohibition is made under Vermont Statutes Title 9, Chapter 41, Subchapter 2, Section 41a, which states that any loan made to an individual for a term of 60 days or less with an interest rate greater than 18% per year is prohibited.

Payday loans, which involve borrowing money for a short period of time (typically two weeks) at very high interest rates, fall under this definition and are therefore illegal in Vermont. This prohibition applies to all lenders, including storefront lenders and online lenders who attempt to provide Vermonters with payday loans.

It’s essential to note that this prohibition isn’t unique to East Ryegate, Vermont, but applies to the entire state of Vermont. Therefore, any lender that attempts to offer a payday loan within Vermont would be breaking the law.

Why are Payday Loans Prohibited in East Ryegate, Vermont?

The prohibition on payday loans is designed to prevent predatory lending practices. Payday loans are notorious for trapping borrowers in a cycle of debt, making it difficult to repay the loan. In many cases, payday loans have high-interest rates that can reach 400% APR and result in the borrower paying back significantly more than they initially borrowed.

In addition, many payday lenders don’t require a credit check, making it very easy for borrowers to take out loans that they can’t afford to repay. The prohibition on payday loans in East Ryegate, Vermont, ensures that residents are protected from these high-risk lending practices.

Interesting Facts about Payday Loans in East Ryegate, Vermont

  • Payday loans are illegal in Vermont along with a growing number of other states.
  • The prohibition on payday loans in Vermont was first enacted in 2012.
  • Payday loans trap borrowers in debt cycles as borrowers tend to roll over the debt rather than paying the loan off on time.
  • The average payday loan borrower in Vermont is a low-income earner who tends to be younger than 35 years old.
  • Vermont also has some of the strictest lending regulations in the country.

Apply Now for a Loan

While payday loans are illegal in East Ryegate, Vermont, you may still need additional funds to pay for unexpected expenses. Consider alternative forms of financing such as personal loans, auto title loans, or installment loans.

If you’re looking for a fast and reliable way to connect with potential lenders for these types of loans, fill out our online application at TheGuaranteedLoans. We’re a connector service, not a direct lender. Our online application process is quick and easy, and we offer competitive rates and flexible repayment terms. Sign up today and let us help you find the right lender for your needs!

Remember, borrowing money is an important decision, and it’s essential to carefully consider all of your options before committing to any loan. Always read the terms and conditions of a loan agreement carefully and make sure you understand the full cost of borrowing.

In Conclusion

Payday loans are prohibited in East Ryegate, Vermont, and are designed to protect residents from high-risk lending practices. However, there are alternative forms of financing available, and if you need fast cash, consider applying for a personal loan, title loan, installment loan, or other types of loans. At TheGuaranteedLoans, we offer a fast and easy way to connect with potential lenders online. Fill out our online application now to get started!

F.A.Q.

What are the penalties for offering or taking out a payday loan in East Ryegate, Vermont?

Offering or taking out a payday loan in East Ryegate, Vermont is considered a criminal offense and can result in fines and imprisonment.

Are there any exceptions to the payday loan prohibition in East Ryegate, Vermont?

No, there are no exceptions to the payday loan prohibition in East Ryegate, Vermont.

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