Payday Loans in Passumpsic, Vermont

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

Company nameAddressZip codePhone number
Community National Bank 99 State St, Montpelier, VT 05602 +1 (802) 223 - 0598
Valic 476 Main St, Winooski, VT 05404 +1 (802) 655 - 4001
TD Bank 89 Merchants Row, Rutland, VT 05701 +1 (802) 786 - 4160
TD Bank 20 Morrisville Plaza, Morrisville, VT 05661 +1 (802) 888 - 7000
KeyBank 185 Route 7 South, Milton, VT 05468 +1 (802) 893 - 4394
Community National Bank 103 Church St A, Barton, VT 05822 +1 (802) 525 - 3524
TD Bank 27 E Allen St, Winooski, VT 05404 +1 (802) 655 - 3110
People's United Bank 25 The Square, Bellows Falls, VT 05101 +1 (802) 463 - 4524
AAMCO Transmissions & Total Car Care 9 Green Mountain Dr, South Burlington, VT 05403 +1 (802) 864 - 0049
Community Bank, N.A. 361 N Main St, Barre, VT 05641 +1 (802) 476 - 4107

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Passumpsic, 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 Passumpsic, VT.

Are Payday Loans Legal In Passumpsic, 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

Passumpsic, VT payday loan calculator

The Reality of Payday Loans in Passumpsic, Vermont

Payday loans are a type of short-term loan that typically carry high-interest rates and fees. In many cases, these loans are viewed as a quick solution for those who need to cover unexpected expenses or emergencies. However, in Passumpsic, Vermont, payday loans are actually prohibited by state law. This article will explore the reasons why payday loans are not allowed in Passumpsic, Vermont, and what options individuals can explore instead.

What are Payday Loans?

Before delving into why payday loans are prohibited in Passumpsic, Vermont, it is important to understand what they are and how they work. Payday loans are short-term loans that are typically due on the borrower’s next payday. The loans are intended to be a quick fix for individuals who are in need of immediate cash.

While payday loans may seem like a convenient solution, they often come with high interest rates and fees. According to the Consumer Financial Protection Bureau, the average annual percentage rate (APR) on a payday loan is around 400%. This means that if a borrower takes out a loan of $500, they could end up paying $625 in just two weeks if they can’t pay the loan back right away.

Why are Payday Loans Prohibited in Passumpsic, Vermont?

Payday loans are illegal in Passumpsic, Vermont due to state regulations that prohibit these kinds of loans from being offered. The Vermont Consumer Protection Act states that loans with an APR above 18% are prohibited, which effectively outlaws payday loans.

The state of Vermont recognizes the harmful effects of payday loans and the potential for borrowers to get trapped in cycles of debt. While payday loans may seem like a quick and easy solution, they can quickly become a burden on those who already have financial difficulties. By prohibiting payday loans, Vermont aims to protect its citizens from falling further into debt and financial instability.

What are the Alternatives to Payday Loans in Passumpsic, Vermont?

While payday loans are not an option in Passumpsic, Vermont, there are other options available to individuals who need short-term cash. One alternative is a personal loan.

Personal loans are unsecured loans that can be used for any purpose, such as paying off credit card debt, making home improvements, or covering unexpected expenses. Personal loans typically come with lower interest rates and fees than payday loans, making them a more affordable option for borrowers.

In addition to personal loans, there are other resources available in Vermont for those who are struggling financially. Nonprofit organizations, such as the Champlain Valley Office of Economic Opportunity, offer financial counseling and assistance with budgeting and debt management.

Interesting Facts about Payday Loans in Vermont

  • In 2012, Vermont’s Attorney General settled with CashCall, Inc. for allegedly violating state law by offering loans with interest rates up to 139% to Vermont residents.
  • In 2010, Vermont became the first state to ban ATM fees for non-customers.
  • A report by the Center for Responsible Lending found that payday lenders in Vermont charged an average APR of 521%.

Apply Now with TheGuaranteedLoans

If you are in need of a short-term loan in Passumpsic, Vermont, TheGuaranteedLoans can help connect you with potential lenders. Our online application process is quick and easy, and we don’t require a perfect credit score for approval. It’s important to note that TheGuaranteedLoans is a connector service, not a direct lender. We work to facilitate your connection with potential lenders who can offer you the best loan options for your needs.

Don’t fall into the trap of payday loans – explore your options with TheGuaranteedLoans today.

F.A.Q.

Are payday loans legal in Passumpsic, Vermont?

No, payday loans are prohibited in Passumpsic, Vermont.

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

Some options for short-term financial assistance in Passumpsic, Vermont include credit union loans, personal loans from banks or online lenders, or borrowing from friends or family.

Look for Short-Term Loans in Other Cities: