Payday Loans in Sheldon Springs, Vermont

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

Company nameAddressZip codePhone number
Northfield Savings Bank 160 College St, Burlington, VT 05401 +1 (802) 862 - 6222
Mark Severance - CMG Financial Mortgage Loan Officer NMLS 85384 4 San Remo Dr, South Burlington, VT 05403 +1 (802) 343 - 1983
Peter Trottier - Raymond James 346 Shelburne Rd, Burlington, VT 05401 +1 (802) 863 - 5534
People's United Bank 25 The Square, Bellows Falls, VT 05101 +1 (802) 463 - 4524
Merrill Lynch Wealth Management 60 Lake St, Burlington, VT 05401 +1 (802) 660 - 1000
United States Postal Service 7 Batten Rd, West Topsham, VT 05086 +1 (800) 275 - 8777
Bank of Bennington 32 Phyllis Ln, Bennington, VT 05201 +1 (802) 445 - 3123
People's United Bank 1001 Shelburne Rd, South Burlington, VT 05403 +1 (802) 658 - 3424
TD Bank 111 Main St, Burlington, VT 05401 +1 (802) 658 - 1010
Merchants Bank 70 Depot Square, Northfield, VT 05663 +1 (802) 485 - 5311

Payday Loan Companies in Nearby Cities

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

Are Payday Loans Legal In Sheldon Springs, 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

Sheldon Springs, VT payday loan calculator

Payday loans refer to short-term lending that typically come with high interest rates and fees. While these loans can be helpful in providing quick access to funds for unexpected expenses, it’s important to understand the risks involved and the regulations surrounding them.

The Prohibition of Payday Loans in Sheldon Springs, Vermont

For individuals living in Sheldon Springs, Vermont, it’s crucial to note that payday loans are prohibited in the state. This means that lenders are not allowed to offer these types of loans to individuals living in the area. The state has strict regulations in place to protect its residents from the potential harm that payday loans may cause.

The Risks of Payday Loans

Payday loans are often marketed as a quick solution to financial difficulties, but they come with a number of risks that borrowers should be aware of. These risks include:

  • High Interest Rates – Payday loans typically come with higher interest rates than traditional loans, potentially leading to substantial amounts of debt.
  • Short Repayment Periods – Borrowers are typically required to pay back the loan within a couple of weeks, which can be challenging for those already struggling financially.
  • Debt Traps – If a borrower is unable to pay back the loan on time, they may be forced to extend the loan or take out another one, leading to a potentially never-ending cycle of debt.

The State of Payday Loans in Vermont

Vermont has implemented strong regulations on payday loans to protect its citizens. In 2012, the state legislature voted to cap interest rates on these types of loans at 18%, effectively prohibiting payday lending in the state. Since then, lenders have not been able to offer loans with interest rates higher than this, which has helped to protect Vermont residents from the potential harm of payday loans.

Interesting Facts and Statistics

  • In 2016, the average payday loan borrower took out eight loans throughout the year, totaling $2,400 in loans.
  • According to a study, only 14% of payday loan borrowers were able to repay their loans on time.
  • A report by the Vermont Department of Financial Regulation found that between 2012 and 2016, 50% of Vermonters received an unsecured loan, with a majority seeking loans from out-of-state lenders.

Apply Now

While payday loans are prohibited in Vermont, TheGuaranteedLoans offers a range of alternative loan options that may be available to residents of Sheldon Springs. Our online application process is quick and easy, allowing borrowers to apply for loans from a variety of lenders all at once. Remember, we are a connector service and not a direct lender, so we will connect borrowers with lenders who may be able to offer the loan that best suits their needs. Apply now and let us help connect you with a lender.

F.A.Q.

Can I be arrested for taking out a payday loan in Sheldon Springs, Vermont?

It is unlikely that a borrower would be arrested for taking out a payday loan in Sheldon Springs, Vermont, as the focus of enforcement efforts is typically on the lenders, rather than the borrowers. However, borrowers who knowingly engage in illegal activities, such as providing false information to a lender or participating in a loan scheme, may face criminal charges.

Are there any other resources available to help me avoid predatory lending in Sheldon Springs, Vermont?

Yes, there are several resources available to help consumers avoid predatory lending in Sheldon Springs, Vermont, including the state's Consumer Financial Protection Bureau, the Vermont State Banking Department, and the Vermont City Department of Consumer Affairs.

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