With so many residents of Vermont (as well as of the rest of the states across the country) living paycheck to paycheck, it’s no surprise that the cash advance/payday loan industry has erupted with full force, giving individuals a short term alternative to falling behind on bills or bouncing checks when an unexpected financial emergency occurs.

Let’s say that something happens to your car. Perhaps the exhaust falls off, and you use your car payment money to make the appropriate repairs and replace the muffler. The only problem is that now your car payment is going to be late. You will receive your next paycheck in two weeks, when you will have enough money left over to fix your car. This is a perfect example of getting a cash advance until your next payday.

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Cash advances, also known as payday loans, are very short term loans (typically under one month), paid off at the borrower’s next payday or government check issuance, that consist of a small amount of cash (typically $1,000 or less). These loans don’t require a credit check, but are instead based on the amount of your paycheck and are possibly dependent on whether or not you have direct deposit. All loans are to be paid in full by the agreed upon date (usually in under a month) and can sometimes be secured with a post-dated personal check (varies by state) from the borrower. The borrower would write out a check to the lender for the loan amount, plus any fees that coincide with the agreement.

Vermont State laws give protection to borrowers and lenders alike:

Any personal check returned by a bank for non payment is subject to one $20 fee, plus $20 in collection costs.
Criminal charges may not be files against the borrower in the state for non-payment.

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* Cash-Advance-USA.org provides information and research on cash advances/payday loans. We are not a payday lender or broker, nor are we necessarily affiliated with the companies profiled on this site. Not all products and services are available in each state.