Payday Loans in Grand Isle, Vermont

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

Company nameAddressZip codePhone number
Brookdale Fillmore Pond 300 Village Ln, Bennington, VT 05201 +1 (802) 447 - 7000
People's United Bank 731 VT-22A North, Fair Haven, VT 05743 +1 (802) 265 - 4927
Huntley Wealth Management 116 Main St 5, Ludlow, VT 05149 +1 (888) 922 - 1035
Mascoma Bank 242 N Winooski Ave Suite 2, Burlington, VT 05401 +1 (603) 448 - 3650
One Credit Union 1 Market Pl #8, Essex Junction, VT 05452 +1 (800) 578 - 5024
Academy Mortgage 91 Main St Suite 3, Stowe, VT 05672 +1 (802) 253 - 2055
Marlene M. Bryant CPA, P.C. 1 Market Pl UNIT 11, Essex Junction, VT 05452 +1 (802) 288 - 9611
Curtis S Lindamood Inc 103 Summer St, Springfield, VT 05156 +1 (802) 885 - 3308
Aaron Marc Z CPA 36 Harlow Hill Rd, Randolph, VT 05060 +1 (802) 728 - 3857
Lundgren Subaru of Bennington 527 N Bennington Rd, Bennington, VT 05201 +1 (802) 442 - 3400

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Grand Isle, VT, you can try to find different companies in big cities near by. Check out the following pages here: 24-Hour Loan 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 Grand Isle, VT.

Beautiful sights of Grand Isle, VT

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

05458

Are Payday Loans Legal In Grand Isle, 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

Grand Isle, VT payday loan calculator

Welcome to TheGuaranteedLoans’ article about payday loans in Grand Isle, Vermont. Our team of financial experts has put together this guide to provide insight on payday loans, its regulations, and non-existing availability in Vermont. In this article, we will cover what payday loans are, why they are not legal in Vermont, the laws regulating them in other states, and alternatives to help you make informed choices.

What are Payday Loans?

A payday loan is a short-term loan offered by lenders that usually carries high-interest rates and fees. This type of credit is designed to cover immediate needs and is expected to be repaid upon your next payday. Payday loans are convenient for people who may have an emergency expense and cannot wait until their next paycheck.

However, because of the high interest rates and fees associated with payday loans, they have been widely criticized for being predatory. The Consumer Financial Protection Bureau (CFPB) has warned that payday loans can trap borrowers in a cycle of debt, with many having to take out additional loans to pay back their existing ones.

Why are Payday Loans Illegal in Vermont?

Payday loans are illegal in Vermont. The state regulates small loans exceptionally tightly by placing significant limitations on the cost and duration of loans. By doing so, Vermont protects its residents from the predatory practices of lenders that trap individuals in loans they cannot afford to repay.

The State government has taken measures to safeguard its people, putting an end to high-interest payday loans. Vermont is one of the few states that officially prohibits these types of short-term high-interest loans.

Regulations for Payday Loans in Other States

While payday loans are illegal in Vermont, they are legal in many other states across America. As of this writing, there are 32 states where payday loans are legal, while the other 18 states and the District of Columbia have either banned them entirely or significantly restricted them.

In states where payday loans are legal, they are usually regulated by state officials to keep lenders from charging excessive interest rates and fees that can lead to the cycle of debt we mentioned earlier. The regulations differ depending on the state.

Alternatives to Payday Loans

When facing a financial emergency, it is essential to consider alternatives to payday loans. Vermont residents can look into other options such as:

  • Credit Unions: Credit unions are non-profit organizations that offer affordable loans and excellent financial services to their members. They offer lower interest rates and flexible repayment terms compared to commercial banks.
  • Credit Counseling: If you face a debt situation, credit counseling is an ideal option. It is a free service that offers expert advice on money management, budgeting, and how to tackle debt.
  • Payment Plan: You can also speak to your creditor and seek a payment plan, where you can pay over an extended period.

Interesting Facts about Payday Loans in the US

  • About 12 million American people use payday loans each year.
  • The average interest rate for a payday loan is around 400%.
  • The average payday loan borrower ends up paying $520 in interest and fees alone.
  • A typical payday loan borrower has to pay back a total of $375 for a $300 loan taken for two weeks.
  • Payday lenders make about $7 billion in fees each year.
  • With help from the Google search algorithm, online payday lenders increase the interest rates for users seeking loans in disadvantaged neighborhoods.

Apply Now

Are you in need of funds and searching for alternative loan options available to you? Turn to TheGuaranteedLoans for a connection with reputable short-term personal loan lenders. Our online application process is fast and straightforward. We connect borrowers with our network of potential lenders. Submit your application now, and we will help you connect with participating lenders ready to make you an offer. Get started with guaranteed loans today!

F.A.Q.

Are payday loans legal in Grand Isle, Vermont?

No, payday loans are not legal in Grand Isle, Vermont. In fact, the state has some of the strictest laws in the country when it comes to payday lending, and it is one of only a few states that completely prohibits the practice.

What are the consequences of taking out a payday loan in Grand Isle, Vermont?

Taking out a payday loan in Grand Isle, Vermont is illegal, and violators can face significant penalties, including fines, jail time, and the revocation of their business license.

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