Find Payday Loan Companies in Vermont

Governing law in state:

Vermont's usury statutes prohibiting interest rates in the triple digits make it nearly impossible for cash advance companies to operate there. Payday loan businesses must comply with the state's Small Loan Act, which caps the interest rate on consumer loans. Nevertheless, check cash advance creditors have found a way to circumvent Vermont's small loan loans by purchasing charters that permit them to assume out-of-state loan terms and rates. Vermont laws allow payday loan lenders to charter with local banks and utilize out-of-state rates.

Maximum loan amount:

Vermont law does not specify the maximum amount that a consumer may borrow.

Loan terms:

A Payday loan term is not specified under Vermont law.

Extensions:

The law does not specify the number of extensions or rollovers to which a borrower is entitled.

Fees and charges:

In Vermont, cash advance creditors can charge any fee or interest rate that the customer is willing to pay. However, they must comply with Vermont's annual interest rate cap of 24%, which applies to consumer loans. They can also charge a one-time NSF (non-sufficient funds) fee as well as $20 for collection costs.

Fee schedules and APR:

These are not prescribed by Vermont law.

Payday Companies