Payday Loans in Saint Albans Bay, Vermont

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No payday loan companies in Saint Albans Bay, VT. Consider companies in other cities:

Company nameAddressZip codePhone number
Birch Tree Tax 145 Pine Haven Shores 1021, Shelburne, VT 05482 +1 (802) 985 - 1236
Michael Gardner - Raymond James 4331 Main St, Manchester, VT 05254 +1 (802) 768 - 8357
Citizens Bank 148 College St, Burlington, VT 05401 +1 (802) 557 - 6100
The Bank of Bennington 155 North St, Bennington, VT 05201 +1 (802) 442 - 8121
Healthy Dollars 5 Carmichael St, Essex, VT 05452 +1 (877) 900 - 6979
Bennington E/E FCU 401 Gage St, Bennington, VT 05201 +1 (802) 442 - 1459
Yankee Farm Credit Aca 1436 Exchange St # 1, Middlebury, VT 05753 +1 (802) 388 - 2692
River Valley Credit Union 1154 VT-30, Townshend, VT 05353 +1 (802) 365 - 7272
C A Raboin PC 5 Short Bluff Rd, Newport, VT 05855 +1 (802) 334 - 3040
Kirby Mary L 204 S Main St, Rutland, VT 05701 +1 (802) 775 - 7102

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Saint Albans Bay, 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 Saint Albans Bay, VT.

Beautiful sights of Saint Albans Bay, VT

Are Payday Loans Legal In Saint Albans Bay, 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

Saint Albans Bay, VT payday loan calculator

Payday Loans in Saint Albans Bay, Vermont: Everything You Need to Know

Payday loans, also known as cash advances, are short-term loans that typically carry high interest rates. These loans are designed to help people get over a financial hump until their next paycheck arrives. However, payday loans are prohibited in the state of Vermont, including in Saint Albans Bay.

Understanding Payday Loans

Payday loans can be a quick way to get cash when you need it. They’re typically offered by storefront lenders, but may also be available online. To apply for a payday loan, you will need to provide proof of income and a valid checking account. Once approved, the funds are typically deposited into your account within 24 hours.

However, payday loans come with high interest rates and fees. According to the Consumer Financial Protection Bureau (CFPB), the average APR for payday loans is 400%. In addition, many payday lenders require repayment within two weeks, which can be difficult for borrowers who are already struggling financially.

The Status of Payday Loans in Saint Albans Bay, Vermont

Payday loans are prohibited in Vermont, including in Saint Albans Bay. In 2012, Vermont became the first state to prohibit payday loans, citing concern over high interest rates and the potential for borrowers to fall into a cycle of debt.

While payday lenders are not allowed to operate in Vermont, some lenders may still try to offer payday loans online. However, these lenders may be operating illegally and may not be subject to state or federal consumer protection laws.

The Dangers of Payday Loans

Payday loans can be a dangerous form of borrowing, especially for those who are already struggling financially. The high interest rates and short repayment periods can make it difficult for borrowers to repay the loan on time, leading to additional fees and interest charges.

In addition, payday loans can trap borrowers in a cycle of debt. The CFPB reports that four out of five payday loans are rolled over or renewed within 14 days, meaning that borrowers are not able to pay off the loan and must take out another loan to cover the original amount.

The Alternatives to Payday Loans

If you’re in need of quick cash, there are alternatives to payday loans that may be more affordable and less risky. One option is a personal loan from a credit union or online lender. These loans typically have lower interest rates and longer repayment periods than payday loans.

You can also explore other options, such as borrowing from friends or family, negotiating with creditors, or seeking assistance from local organizations or charities.

Interesting Facts and Statistics about Payday Loans in Saint Albans Bay, Vermont

  • Vermont was the first state in the US to prohibit payday loans in 2012.
  • Since the ban, there has been no evidence of an increase in bankruptcy filings or other financial problems in Vermont.
  • The average installment loan APR in Vermont is 80%, compared to the national average of 90%-120%.
  • In 2016, the Vermont legislature passed a bill that increased consumer protections for borrowers, including capping interest rates on credit sales at 18%.

Apply Now

If you’re in need of financial assistance, TheGuaranteedLoans is here to help. As a connector service, we can help you find potential lenders who may be able to assist you. Our application process is quick, easy, and secure. Simply fill out our online application and we’ll connect you with lenders who may be able to offer you a loan.

Please note that TheGuaranteedLoans is not a direct lender. Instead, we work with a network of potential lenders who may be able to assist you. We do not charge any fees for our service, and you are under no obligation to accept any loan offers. Our goal is to connect you with lenders who may be able to help you in your time of need.

Conclusion

Payday loans can be a quick way to get cash when you’re in a financial bind. However, they come with high interest rates and fees and can trap borrowers in a cycle of debt. In Saint Albans Bay, Vermont, payday loans are prohibited by law, but some lenders may still try to offer them illegally. If you need financial assistance, consider alternative options, such as personal loans or borrowing from friends or family. And if you’re in need of a loan, TheGuaranteedLoans is here to help you find potential lenders who may be able to assist you.

F.A.Q.

Can a payday loan company report me to a credit bureau in Saint Albans Bay, Vermont?

No, a payday loan company cannot report you to a credit bureau in Saint Albans Bay, Vermont because these loans are illegal in the state.

Can a payday loan company take me to court in Saint Albans Bay, Vermont?

No, a payday loan company cannot take you to court in Saint Albans Bay, Vermont because these loans are illegal in the state.

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