Payday Loans in Waterbury Center, Vermont

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

Company nameAddressZip codePhone number
Community National Bank 4811 US-5, Newport, VT 05855 +1 (802) 334 - 7915
Lundgren Subaru of Bennington 527 N Bennington Rd, Bennington, VT 05201 +1 (802) 442 - 3400
Kinney Pike Insurance 22 1st St, Swanton, VT 05488 +1 (802) 868 - 4353
People's United Bank 19 Morrisville Plaza, Morrisville, VT 05661 +1 (802) 888 - 1410
United States Postal Service 75 Main St, Shoreham, VT 05770 +1 (800) 275 - 8777
Union Bank Loan Office 30 Kimball Ave, South Burlington, VT 05403 +1 (802) 865 - 1000
Academy Mortgage - Stowe 91 Main St #3, Stowe, VT 05672 +1 (802) 253 - 2055
Citizens Bank 894 Putney Rd, Brattleboro, VT 05301 +1 (802) 257 - 7593
Passumpsic Savings Bank 62 Broad St, Lyndonville, VT 05851 +1 (802) 626 - 9211
Bennington E/E FCU 401 Gage St, Bennington, VT 05201 +1 (802) 442 - 1459

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Waterbury Center, VT, you can try to find different companies in big cities near by. Check out the following pages here: 24-Hour Loan 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 Waterbury Center, VT.

Beautiful sights of Waterbury Center, VT

Payday Loans Available in Waterbury Center, VT By The Following ZIP Codes:

05677

Are Payday Loans Legal In Waterbury Center, 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

Waterbury Center, VT payday loan calculator

Payday Loans: Why They Are Prohibited In Waterbury Center, Vermont

If you’re in a bind and need cash fast, payday loans might seem like a quick solution. But if you live in Waterbury Center, Vermont, you’re out of luck. Payday loans are prohibited in Vermont. Here’s why.

What Are Payday Loans?

Payday loans are short-term loans that typically come with high interest rates and fees. They are often used by people who need cash quickly but don’t have access to other forms of credit or who have poor credit histories.

The loans are usually for small amounts, such as a few hundred dollars, and are meant to be repaid on the borrower’s next payday. However, because of the high fees and interest rates, many people end up rolling over the loan, meaning they pay even more fees and interest.

While payday loans are legal in many states, Vermont is one of 18 states that has prohibited them.

Why Are Payday Loans Prohibited in Vermont?

In 2012, the Vermont state legislature passed a law prohibiting payday loans. The law was designed to protect Vermont residents from the high interest rates and fees associated with these loans.

Before the law was passed, Vermont had no cap on the interest rates that payday lenders could charge. As a result, borrowers could end up paying interest rates as high as 500% or more.

The new law prohibited payday loans and created a cap on interest rates for other consumer loans at 18%. This made it much harder for payday lenders to operate in Vermont.

Alternatives to Payday Loans

If you’re in need of cash and live in Waterbury Center, Vermont, there are still options available to you. Here are some alternatives to payday loans:

  • Credit union loans: If you’re a member of a credit union, you may be able to qualify for a small-dollar loan with reasonable terms and interest rates.
  • Personal loans: You may be able to qualify for a personal loan from a bank or online lender. These loans typically have lower interest rates than payday loans.
  • Credit card cash advance: While not ideal, a credit card cash advance may be a better option than a payday loan if you have no other alternatives.
  • Government programs: Depending on your situation, you may be eligible for government assistance programs that can provide financial assistance.

Interesting Facts and Statistics about Payday Loans in Waterbury Center, Vermont

While payday loans are prohibited in Vermont, that doesn’t mean they aren’t a problem in other states. Here are some interesting facts and statistics about payday loans in the U.S.:

  • 12 million Americans take out payday loans each year.
  • The average payday loan borrower takes out eight loans per year.
  • The average payday loan in the U.S. is $375 and carries an average fee of $55.
  • Payday loan borrowers are more likely to file for bankruptcy than people who don’t use payday loans.
  • Payday loans are the most expensive form of consumer credit, with interest rates as high as 400% or more.

Apply Now

If you’re in need of cash and live in a state where payday loans are legal, TheGuaranteedLoans can help you find a lender. We are not a direct lender, but we are a connector service that can help you find a reputable lender who can provide you with the cash you need. Simply fill out our online application and we’ll match you with a lender who meets your needs.

Remember, payday loans should only be used as a last resort. Before you take out a payday loan, explore all your other options and make sure you’re aware of all the fees and interest rates associated with the loan.

F.A.Q.

Can a payday loan company report me to a credit bureau in Waterbury Center, Vermont?

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

Can a payday loan company take me to court in Waterbury Center, Vermont?

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

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