Vermont Payday Loan – Best Payday Loan in Vermont

Vermont Payday Loans

If you live in Vermont and are thinking about applying for a payday loan, there are a few facts you should know before you do so. Vermont payday loans are subject to the Small Loan Act. For this reason, borrowing in this state differs slightly from borrowing in other states. Read on for more information.

Best Vermont Payday Loan Lenders

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Go to AmeriAdvance
Plain Green Loans
Go to Plain Green Loans
Discount Advances
Discount Advances
100 Day Loans
100 Day Loans
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Great Plains Lending
Great Plains Lending

Get More on Payday Loan in Vermont

Once in a while, things can get tough. Your funds may run out while pay day is still a long way off. It could also happen that at that time a bill becomes due or an unexpected event occurs. For example, a visit to the hospital or your vehicle requires urgent repair, you simply cannot wait for the end of the month to take care of these pressing needs. Fortunately, payday loans are a quick way to help people in this situation. They are short-term loans that are to be paid back when the next paycheck comes in. All that an applicant requires is to be over 18 years old, have an active bank account and a steady source of income. Qualifying is very easy, and processing and approval can be completed in as little as one hour. Payment is made on a date agreed upon by both lender and applicant. If the borrower is not able to pay on the agreed date, he can request an extension.

Though they can offer instant relief in a tough situation, some payday lenders used to take advantage of borrowers. Interest rates were in three-figure range and borrowers ended up with more problems than before they took the loan. The state of Vermont sought to put an end to this. As of November 2010, payday lenders are not to charge more than 24% in interest rates. Further, they cannot file criminal charges in an attempt to recover the money they loaned out. However, if they can prove that a borrower provided false information, they can do so. A payday lender can charge a non-sufficient funds fee on Vermont payday loans that are not paid on time. He can also charge a $20 collection fee.

The law does not specify a maximum amount that can be borrowed. It also does not restrict how many loans a borrower can take out during a certain period. In addition, the law does not prescribe how many times a borrower can request for an extension. However, all applicants must be careful. Since payday lenders cannot technically set up shop in the state of Vermont, they often buy charters from banks in other states. The law allows for an institution with headquarters in another state to open offices in Vermont and charge the interest rates used in that state. So they can open their offices in the state but they are not required to keep within the limits of the Small Loan Act. It is a good idea to find out if that lender has its headquarters in another state.

Payday loans can offer relief in the toughest of situations. Taking one in Vermont is slightly different than taking one in a state that does not regulate payday loans. Vermont payday loans are regulated by the Small Loan Act. Before applying for one, it is recommended that you find out what the law says. It could save you from paying high interest rates.

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