Brattleboro Personal Loan Terms and Rules in 2024

Vermont.Common-Capital.org is a Help Organization dedicated to providing the public with comprehensive, accurate, and accessible online information about payday loans in Vermont.

Table of content
Jump to
Vermont Brattleboro

Brattleboro Payday Loans Terms

Legal Status Illegal
Interest Rate (APR) 18% APR small loan cap

Trusted Personal Loan Lenders in Brattleboro, VT

Explore our handpicked list of trusted personal loan lenders, committed to offering transparent terms and competitive rates to support your financial goals with confidence and peace of mind.

Lender
User Ratings
Address
Phone
Category
802 Credit Union
User Raiting:
4.20
Address: 820 Putney Rd, Brattleboro, VT 05301
Phone: +1 (800) 728-5871
Category: Credit union
VSECU
User Raiting:
4.10
Address: 489 Canal St Suite 1, Brattleboro, VT 05301
Phone: +1 (800) 371-5162
Category: Credit union
Citizens Bank
User Raiting:
4.00
Address: 894 Putney Rd, Brattleboro, VT 05301
Phone: +1 (802) 257-7593
Category: Bank
Community Bank, N.A.
User Raiting:
3.40
Address: 205 Main St, Brattleboro, VT 05301
Phone: +1 (802) 257-7961
Category: Bank
TD Bank
User Raiting:
3.40
Address: 215 Main St, Brattleboro, VT 05301
Phone: +1 (802) 254-8711
Category: Bank

Vermont Payday Loan Regulations

In Vermont, payday lending is effectively prohibited due to stringent usury laws. The state's regulations under the Vermont Statutes Online, Title 9: Commerce and Trade, Chapter 73: Interest, Loans, and Debt set a strict cap on interest rates. In Vermont, lenders are prohibited from charging more than 18% APR on loans, unless they obtain a license that allows for charging higher rates. This cap is significantly lower than the typical rates charged by payday lenders, making traditional payday lending operations unprofitable in the state.

Furthermore, payday lenders in Vermont, as in all states, must comply with federal regulations. This includes the Truth in Lending Act, which mandates that lenders, including those operating online, disclose the cost of the loan in terms of the finance charge and the annual percentage rate (APR). Additionally, the Fair Debt Collection Practices Act regulates how debts are collected, prohibiting abusive, deceptive, and unfair collection practices.

Due to these stringent regulations, consumers in Vermont are largely protected from the high-interest rates and potentially predatory practices associated with payday lending.

What Are the Alternatives for Payday Loans in Brattleboro?

Explore safer, more affordable options like credit unions, personal installment loans, or local assistance programs, offering financial relief without the high interest rates of payday loans.

Installment Loans Fast

Installment loans are borrowed funds repaid in fixed monthly payments. They're a practical option for large purchases, providing predictable costs and terms.

Instant Cash Loans

Instant cash loans are short-term financial solutions offering immediate access to funds. They often come with high-interest rates and should be repaid quickly, typically within a few weeks.

Online Title Loans

Online title loans allow borrowers to use their vehicle's title as collateral for a loan. These can be risky due to high-interest rates and potential repossession.

Emergency Loan Guaranteed

Emergency loans guaranteed provide quick relief for unforeseen expenses. They are often unsecured and can be accessed rapidly in times of need.

Payday Loans Online

Payday loans online are short-term, high-interest loans intended to cover immediate expenses. They are easy to access through digital applications with quick approvals.

P2P Loans Quick

P2P loans quick involve borrowing directly from individuals or groups through online platforms. They often offer competitive rates but require a good credit score.

Debt Consolidation Loans Instant

Debt consolidation loans instant combine multiple debts into one payment, often with lower interest rates. They simplify repayment and can reduce monthly payments.

Bad Credit Loans No Credit Check

Bad credit loans no credit check provide financing options to individuals with poor credit. They often have higher interest rates and are designed for those with financial difficulties.

Requirements for Instant Cash Advance

  • Valid photo identification (passport, driver’s license, or national ID)
  • Proof of income (recent payslips or employment contract)
  • Active bank account statement (from the last 30 days)
  • Completed application form with all required details
  • Contact information (phone number and email address)
  • Proof of residence (utility bill or rental agreement)
  • Copy of recent credit history report (if applicable)
  • Verification of any existing financial obligations (loans or advances)

How to Use Personal Loans - Useful Resources

Discover essential resources and tips for utilizing personal loans effectively, ensuring financial stability and informed decision-making with our comprehensive guide on managing short-term financial needs.

Industry
Address
Phone
Car Repair and Service
Address: 698 Putney Road, Brattleboro, VT 05301
Phone: +1 (802) 254-5155
Car Wash
Address: 201 Canal Street, Brattleboro, VT 05301
Phone: +1 (802) 490-2116
Club & Association
Address: 196 Main Street, Brattleboro, VT 05301
Phone: +1 (802) 254-4801
College/University
Address: 70 Landmark Hill Drive, Brattleboro, VT 05301
Phone: +1 (802) 257-2593
Community Center
Address: 974 Western Avenue, Brattleboro, VT 05301
Phone: +1 (802) 490-2630
Dentist
Address: 375 Canal Street, Brattleboro, VT 05301
Phone: +1 (802) 490-2814
Dry Cleaner
Address: 929 Putney Road, Brattleboro, VT 05301
Phone: +1 (802) 254-9379
Fitness Club & Center
Address: 80 Flat Street, Brattleboro, VT 05301
Phone: +1 (802) 246-0946
Government Office
Address: 230 Main Street, Brattleboro, VT 05301
Phone: +1 (802) 251-8154
Hospital
Address: 17 Belmont Avenue, Brattleboro, VT 05301
Phone: +1 (802) 257-0341
Hotel
Address: 100 Chickering Drive, Brattleboro, VT 05301
Phone: +1 (802) 257-2400
Library
Address: 1 Kipling Road, Brattleboro, VT 05301
Phone: +1 (802) 258-3354
Local Post Office
Address: 1037 Western Avenue, Brattleboro, VT 05301
Phone: +1 (802) 254-5922
Museum
Address: 14 Elm Street, Brattleboro, VT 05301
Phone: +1 (802) 490-2359
Music Center
Address: 101 Washington Street, Brattleboro, VT 05301
Phone: +1 (802) 257-7391

How to Get to Brattleboro

Complaints about Payday loan, Title Loan, or Personal Loan in Vermont

Issue Type
Amount of Complaints
Charged fees or interest you didn't expect
9
Problem when making payments
9
Getting a line of credit
4
Can't contact lender or servicer
3
Problem with the payoff process at the end of the loan
3
Incorrect information on your report
2
Improper use of your report
1
Struggling to pay your loan
1
Getting the loan
1
Can't contact lender
1
The data is taken from consumer complaint database created by Consumer Financial Protection Bureau

Submit a Complaint for a Payday lender in Brattleboro

If you need to submit a complaint against a payday lender in Vermont, the primary regulatory body is the Vermont Department of Financial Regulation. They ensure compliance with state laws governing payday loans. You can reach them at:

  • Vermont Department of Financial Regulation, 89 Main Street, Montpelier, VT 05620-3101
  • (802) 828-3307
Submit a Complaint

Frequently Asked Questions about Payday Loans

Are Payday Loans Legal in Vermont?

No, payday loans are not legal in Vermont. The state has stringent laws and regulations in place that effectively ban payday lending to protect consumers from predatory practices and high interest rates. These regulations are designed to safeguard the financial well-being of Vermont residents.

Why are Payday Loans Prohibited?

Payday loans are prohibited in Vermont due to concerns about the harm they can cause to borrowers. The high-cost structure of payday loans can lead individuals into cycles of debt, making it challenging to achieve financial stability. The state government has implemented these laws to prevent payday lenders from exploiting vulnerable consumers.

What Alternatives Are Available for Short-Term Financial Needs?

Vermont offers various alternatives for individuals facing short-term financial needs. These alternatives prioritize responsible lending practices and borrower protection. Residents can explore traditional bank loans, credit unions, personal installment loans, and assistance programs provided by nonprofit organizations and government agencies.

Can Out-of-State Lenders Offer Payday Loans in Vermont?

No, out-of-state payday lenders are not allowed to offer payday loans to residents in Vermont. The state's regulations extend beyond its borders to ensure that borrowers are protected from predatory lending practices, regardless of the lender's location.

What Should I Do If I Have an Existing Payday Loan?

If you have an existing payday loan, it's important to know that it is not legally enforceable in Vermont. The state's laws render such loans void. If you're facing challenges related to an existing payday loan, you can seek guidance from the Vermont Department of Financial Regulation. They can provide assistance and resources to help resolve any issues associated with the loan.

Where Can I Report Unlawful Payday Lending Practices?

If you encounter any unlawful payday lending practices or believe you have been targeted by predatory lenders, it's essential to report these issues. You can report them to the Vermont Department of Financial Regulation. Your report can contribute to investigations and efforts to curb predatory lending practices in the state, protecting other consumers from similar experiences. Your actions can make a difference in promoting fair and responsible lending practices in Vermont.