By Shawn Martin
Vermont state payday loan laws are pretty much open season on the borrower to the point of being pretty much no help at all.
They actually enable the lenders to charge extreme rates and huge APR’s.
Vermont does not have any limits on loan amounts or length of loans nor on roll overs of loans.
The combination of these coupled with no limits on how many payday loans you are allowed to have at one time can lead to some serious payday loan debt, default on multiple payday loans, and all around misery for the borrower.
Interest rates and fees in Vermont are whatever the lender and borrower agree on.
Usually with the ease of being able to get money within such a fast time frame most borrowers do not read any fine print and just take the money and run, but the money will catch up to them in a big hurry.
we suggest people steer clear of these companies, and find a more conventional way to borrow the money needed.
The one and only way to use these services is to take out only what you need and can afford to pay back on the first due date. You will still be paying crazy interest and fee rates, but at least the loan will be a one time done and over thing.
We can help!
If you have found yourself in over your head with payday loan debt, you have either defaulted on one or more loans or you are already being called and threatened by the loan companies, we can help you.
I hope this information helps you understand how these companies work and why to stay clear of them!