Payday Loans in Northfield Falls, Vermont

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

Company nameAddressZip codePhone number
Bennington Subaru 527 N Bennington Rd, Bennington, VT 05201 +1 (802) 681 - 0188
Community National Bank 467 Broad St, Lyndonville, VT 05851 +1 (802) 626 - 1200
Olin Scott Fund Inc 407 Main St, Bennington, VT 05201 +1 (802) 447 - 1096
Citizens Bank 186 Main St, Vergennes, VT 05491 +1 (802) 877 - 6818
Joe Hameline - Raymond James 40 Main St, Burlington, VT 05401 +1 (802) 448 - 6084
TD Bank 427 Main St, Enosburg Falls, VT 05450 +1 (802) 933 - 4347
Community National Bank 100 Main St #110, Newport, VT 05855 +1 (802) 334 - 7915
Birch Tree Tax 145 Pine Haven Shores 1021, Shelburne, VT 05482 +1 (802) 985 - 1236
The First National Bank of Orwell 2936 VT-22A, Shoreham, VT 05770 +1 (802) 897 - 2265
NorthCountry Federal Credit Union 49 Carleton Blvd, East Montpelier, VT 05651 +1 (800) 660 - 3258

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Northfield Falls, 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 Northfield Falls, VT.

Beautiful sights of Northfield Falls, VT

Are Payday Loans Legal In Northfield Falls, 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

Northfield Falls, VT payday loan calculator

Are you considering taking out a payday loan in Northfield Falls, Vermont? It’s important to know that payday loans are prohibited in Vermont, so you will not be able to find a payday loan lender within the state’s borders. However, it’s still important to understand what payday loans are and why they have been outlawed in Vermont.

What are Payday Loans?

Payday loans are short-term loans designed to be repaid with the borrower’s next paycheck. They typically come with high interest rates and fees and are marketed to borrowers who may not have other options for getting quick cash. In many cases, borrowers end up taking out multiple payday loans and can become trapped in a cycle of debt.

While payday loans are legal in many states, they are prohibited in Vermont. This means that lenders are not allowed to offer payday loans to Vermont residents, whether in storefronts or online.

Why are Payday Loans Prohibited in Vermont?

Vermont legislators enacted a law in 2012 that prohibits payday lending. The law was passed to protect consumers from high-cost loans that can lead to a cycle of debt. Payday loan companies were charging interest rates as high as 500% or more in some cases, making it nearly impossible for borrowers to pay the loan back in full by their next paycheck.

Payday lenders also engaged in aggressive and often deceptive marketing practices to entice borrowers to take out loans. They would often target low-income individuals who were struggling to make ends meet, leading them into a cycle of debt that was difficult to escape.

By outlawing payday lending in Vermont, legislators aimed to protect vulnerable consumers and prevent them from being trapped in a cycle of debt.

Alternatives to Payday Loans in Northfield Falls, Vermont

While payday loans are prohibited in Vermont, there are other options available for consumers who need quick cash. Some alternatives include:

  • Credit union loans: Many credit unions offer small loans with low interest rates and fees to their members.
  • Personal loans: Banks and online lenders offer personal loans, which can be repaid over a longer period of time than payday loans.
  • Credit cards: If you have a credit card, you may be able to use it to pay for emergency expenses.
  • Government assistance: If you are struggling to make ends meet, you may be eligible for government assistance programs like SNAP or TANF.

It’s important to carefully evaluate all of your options before taking out a loan. Make sure you understand the terms and conditions of any loan you are considering, including the interest rate, fees, and repayment period.

Interesting Facts or Statistics About Payday Loans in Northfield Falls, Vermont

  • Payday lending was outlawed in Vermont in 2012
  • There are no payday loan stores in Vermont
  • Vermont is one of 15 states that have outlawed payday lending
  • In states where payday lending is allowed, the average interest rate on a payday loan is over 300%

Apply Now

If you find yourself in need of quick cash, TheGuaranteedLoans can help connect you with potential lenders who may be able to offer you a personal loan. Please note that TheGuaranteedLoans is a connector service, not a direct lender, and we do not make lending decisions or control lending fees and rates. We encourage you to explore all of your options before taking out a loan, and to only borrow what you can afford to repay.

To get started, fill out our online application. The application process is quick and easy, and we’ll do our best to connect you with a lender who can meet your needs.

Conclusion

Payday loans are a costly and potentially dangerous form of borrowing, and they are prohibited in Vermont. If you are in need of quick cash, explore all of your options before taking out a loan, including credit union loans, personal loans, credit cards, and government assistance programs. Remember, borrowing money comes with risks and responsibilities, so make sure you understand the terms and conditions of any loan before you sign on the dotted line.

F.A.Q.

Are there any alternatives to payday loans in Northfield Falls, Vermont?

Yes, there are several alternatives to payday loans in Northfield Falls, Vermont, including credit unions, community development financial institutions, and small-dollar loan programs offered by banks and credit unions.

Can I still take out a payday loan if I live in Northfield Falls, Vermont but the lender is based in another state?

No, it is illegal for payday lenders to offer loans to residents of Vermont, regardless of where the lender is located.

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