Payday Loans in Morgan, Vermont

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

Company nameAddressZip codePhone number
Greg's Tire 763 Franklin St, Brandon, VT 05733 +1 (802) 247 - 5200
Orlex Credit Union 5043 US-5, Newport, VT 05855 +1 (802) 334 - 5084
United States Postal Service 6319 VT-113, Vershire, VT 05079 +1 (800) 275 - 8777
United States Postal Service 30 Monument Cir, Barnet, VT 05821 +1 (800) 275 - 8777
VSECU 72 Seward Rd, Rutland, VT 05701 +1 (800) 371 - 5162
National Bank of Middlebury 29 Green St, Vergennes, VT 05491 +1 (802) 388 - 4982
Northfield Savings Bank 289 N Main St, Barre, VT 05641 +1 (802) 476 - 2400
White River Credit Union 330 Main St, Bethel, VT 05032 +1 (802) 234 - 9232
VSECU 1755 Essex Rd, Williston, VT 05495 +1 (800) 371 - 5162
Bank of Bennington 32 Phyllis Ln, Bennington, VT 05201 +1 (802) 445 - 3123

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Morgan, VT, you can try to find different companies in big cities near by. Check out the following pages here: No Credit Check 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 Morgan, VT.

Beautiful sights of Morgan, VT

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

05853

Are Payday Loans Legal In Morgan, 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

Morgan, VT payday loan calculator

Understanding Payday Loans in Morgan, Vermont

Payday loans have become a popular way for people to access quick cash when they are in a bind. However, in Morgan, Vermont and many other states, payday loans are prohibited. Let’s explore why and what alternatives are available for those in need of financial assistance.

What are Payday Loans?

Payday loans are short-term loans that typically range from $100 to $1,500. The borrower typically writes a postdated check or provides access to their bank account for the lender to withdraw the loan amount plus fees and interest on their next payday. While this may seem like a convenient way to access cash quickly, it can become a debt trap for many borrowers.

Payday Loans Are Prohibited in Vermont

Payday loans are considered predatory lending practices and have been prohibited in Vermont since 2012. The state legislature passed a law capping the APR (annual percentage rate) for small loans at 18%. This made it impossible for payday lenders to operate in the state as the interest rates for payday loans are often much higher than 18% APR.

Alternatives to Payday Loans in Morgan, Vermont

While payday loans are not an option in Morgan, Vermont, there are several alternatives for those in need of financial assistance. Consider the following:

  • Personal Loans: Personal loans from a bank, credit union, or online lender can offer competitive rates and flexible repayment terms. They may take longer to be approved and funded, but they can be a safer and more financially responsible option.
  • Credit Cards: If you have good credit, a credit card can provide quick access to funds. However, be mindful of high-interest rates and fees. Only use a credit card for emergency expenses and pay off the balance as soon as possible.
  • Government Assistance Programs: If you are in dire need of financial assistance, government programs such as SNAP, TANF, and LIHEAP can provide temporary relief for basic needs such as food, housing, and utilities.
  • Borrow from Friends or Family: While this may be an uncomfortable option for some, borrowing from friends or family can be a lower-risk alternative to payday loans.

Interesting Facts About Payday Loans in Morgan, Vermont

  • There are no payday lenders operating in the state of Vermont since 2012, making it one of the few states to completely prohibit payday lending.
  • Payday lenders often target low-income communities where residents may have little to no access to traditional banking services.
  • The average APR for a payday loan in the United States is 391%.

Apply Now

If you are in need of financial assistance, TheGuaranteedLoans can help connect you with potential lenders in Vermont. We are not a direct lender, but a connector service dedicated to helping borrowers find the loans they need. Complete a quick and easy online application today to get started.

We understand that when times get tough financially, it can be tempting to turn to payday loans for quick cash. However, in Morgan, Vermont, this is not an option. Consider the alternatives and make the best, most financially responsible decision for your circumstances.

F.A.Q.

What are the alternatives to payday loans in Morgan, Vermont?

Consumers in Morgan, Vermont can seek out small, short-term loans from credit unions or banks, or can consider using a credit card or personal loan for financial emergencies.

Why are payday loans prohibited in Morgan, Vermont?

Payday loans are prohibited in Morgan, Vermont due to their high interest rates and fees, which can trap consumers in a cycle of debt.

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