Payday Loans in North Clarendon, Vermont

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

Company nameAddressZip codePhone number
Community Bank, N.A. 108 Springfield Plaza Rd, Springfield, VT 05156 +1 (802) 885 - 4511
Bennington Subaru 527 N Bennington Rd, Bennington, VT 05201 +1 (802) 681 - 0188
Kirby Mary L 204 S Main St, Rutland, VT 05701 +1 (802) 775 - 7102
Citizens Bank 186 Main St, Vergennes, VT 05491 +1 (802) 877 - 6818
Irving/Jolley 129 Grove St, Rutland, VT 05701 +1 (802) 773 - 6919
Northfield Savings Bank 1120 Shelburne Rd, South Burlington, VT 05403 +1 (802) 651 - 9086
Jared A Larrow - Ameriprise Financial Services, LLC 2 Church St 4f, Burlington, VT 05401 +1 (802) 865 - 2326
NorthCountry Federal Credit Union 49 Carleton Blvd, East Montpelier, VT 05651 +1 (800) 660 - 3258
TD Bank 58 Bonnet St, Manchester Center, VT 05255 +1 (802) 362 - 2900
United States Postal Service 562 VT-30, Newfane, VT 05345 +1 (800) 275 - 8777

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in North Clarendon, 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 North Clarendon, VT.

Beautiful sights of North Clarendon, VT

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

05736, 05759

Are Payday Loans Legal In North Clarendon, 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

North Clarendon, VT payday loan calculator

Payday Loans in North Clarendon, Vermont – Understanding the Prohibited Nature of these Loans in the State

Payday loans, also known as cash advances, have become a popular lending option for those facing financial emergencies in the US. But these loans come with high-interest rates and can quickly turn into a cycle of debt for borrowers. In Vermont, the state legislature has banned payday loans, making it illegal for lenders to offer these loans. If you’re a resident of North Clarendon, Vermont and are in need of quick cash, it’s essential to explore other legal lending options available in the state.

What are Payday Loans?

Payday loans are a type of short-term lending option that offers borrowers quick cash in exchange for a high-interest rate. The loan amount is usually a small sum, typically $500 or less, and must be repaid in full by the borrower’s next payday. They are often marketed to people who may not have access to traditional lines of credit, such as credit cards or personal loans, or who have poor credit and cannot qualify for these options.

The loans are issued without collateral, meaning that lenders cannot seize an asset or property in the event that the borrower defaults on the loan. Instead, lenders typically rely on the borrower’s income and employment status to issue the loan. However, due to the high-interest rates and short repayment terms, many borrowers find themselves in a vicious cycle of debt, having to take out new loans to pay off previous ones.

The Prohibited Nature of Payday Loans in Vermont

Vermont state law prohibits payday loans, car title loans and other types of high-interest, short-term lending. The state has set a cap on the annual interest rate that lenders can charge on loans, making it illegal for lenders to issue payday loans since the interest rate exceeds the maximum allowed rate. The ban on payday lending was implemented to protect consumers from predatory lending practices, ensuring that no borrower would go into a debt trap.

As a resident of North Clarendon, Vermont, it’s essential to be aware of the state’s laws surrounding payday loans and other high-interest lending options. While payday loans may seem like a quick and easy solution for financial difficulties, the risks associated with them far outweigh the benefits in the long run. If you’re struggling financially, consider other lending options that are legal and safe under the state’s regulations.

Other Legal Lending Options Available in Vermont

Although payday loans are illegal in Vermont, the state has other legal personal loan options for those seeking quick cash. These legal personal loans offer reasonable interest rates and repayment terms, allowing borrowers to deal with unexpected expenses without going into debt. Here are some of the lending options available to North Clarendon residents:

  • Installment Loans: These are loans that allow borrowers to repay the loan in installments over a period of time, typically six months to a year. Installment loans offer lower interest rates than payday loans, making them an excellent option for those seeking a more affordable loan option.
  • Credit Unions: Credit unions are non-profit organizations that offer loans to their members. They often have lower interest rates on loans than traditional banks, making them an excellent option for those seeking affordable loans.
  • Personal Loans: Personal loans are unsecured loans that can be used for any purpose, including dealing with financial emergencies. They have lower interest rates than payday loans and can be repaid over a more extended period, making them an excellent option for those seeking a more reasonable loan option.

Interesting Facts and Statistics About Payday Loans in Vermont

  • In 2012, Vermont became the first state to ban payday loans.
  • The maximum interest rate that Vermont lenders can charge on loans is 24%.
  • The average payday loan borrower in the US takes out 10 payday loans per year.
  • The average APR on a payday loan is 391% in the US, making this option incredibly expensive and financially damaging in the long run.

Apply Now with The Guaranteed Loans

At The Guaranteed Loans, we are committed to helping you connect with lenders who offer legal personal loan options that are safe and affordable under Vermont state law. We are a connection service, not a direct lender, and we will work to connect you with the right lender for your individual financial needs.

If you need quick cash and want to explore your legal lending options in North Clarendon, Vermont, we invite you to visit our website and fill out an online application. Our process is secure, straightforward, and convenient, allowing you to receive the funds you need quickly and without hassle.

Don’t fall prey to the high-interest rates and debt traps associated with payday loans. Instead, choose a legal, safe lending option that will help you deal with your financial emergency while ensuring your long-term financial health. Rely on The Guaranteed Loans to help you find the right lending option that meets your needs, without the stress and anxiety of predatory lending practices.

F.A.Q.

Can I be sued for defaulting on a payday loan in North Clarendon, Vermont?

No, you cannot be sued for defaulting on a payday loan in North Clarendon, Vermont because these loans are illegal in the state.

Can a payday loan be included in a bankruptcy filing in North Clarendon, Vermont?

No, a payday loan cannot be included in a bankruptcy filing in North Clarendon, Vermont because these loans are illegal in the state.

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