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Unexpected bills, car repairs, or medical costs can throw off your budget, and sometimes you need extra help to make it to your next paycheck. The best cash advance in Vermont options are designed to fill that gap safely. While many states allow payday loans, Vermont does not.
Payday loans are illegal in Vermont because of their extremely high interest rates, which often trap borrowers in debt cycles. Vermont caps small-loan interest rates at 18% APR, which makes traditional payday lending (with APRs often over 300%) unlawful.
Vermonters still have safe options: modern cash advance apps that provide small, short-term funds with no interest and transparent fees. These tools help bridge paycheck gaps without violating state lending laws.
Top 5 Cash Advance Apps in Vermont
Let’s look at the top 5 cash advance apps in Vermont.
Beem
Beem is one of the most reliable cash advance apps in Vermont. Instead of charging interest, it works on a low monthly subscription model, allowing users to borrow against their upcoming paychecks.
Interest Rate
None
Subscription Fees
Beem charges a subscription fee starting from $0.99, and it varies depending on the subscription levels.
How Much You Can Get
You can get up to $1000 from Beem’s Everdraft™ feature.
Features
Beem offers a convenient online application process and the potential for competitive rates for borrowers with fair or reasonable credit.
Pros
Easy online application, potential for lower APRs with good credit.
Ingo Money
This app might be suitable for a small, immediate need. However, the high fees can outweigh the benefits for larger cash advances.
Interest Rate
Ingo Money charges a one-time advance fee ranging from $1 to $8, depending on the loan amount. This translates to an APR that can be pretty high compared to traditional loans.
Subscription Fees
There’s no monthly subscription fee with Ingo Money.
How Much You Can Get
The maximum amount you can access with Ingo Money depends on your recurring deposits, but typically it is between $100 and $1,000.
Features
Ingo Money boasts fast access to your earned wages before payday. They also offer mobile check cashing and budgeting tools.
Pros
Fast access to earned wages and a mobile check cashing option.
Cons
High one-time fees translate to a high APR and a limited access amount compared to other apps.
Upgrade
While Upgrade operates in most states, including neighboring New York and New Hampshire, it’s currently unavailable in Vermont. However, including Upgrade provides a comparison point for features and potential alternatives for Vermont residents.
Interest Rate
Upgrade offers APRs ranging from 5.99% to 35.99%, similar to Beem, and dependent on your creditworthiness.
Subscription Fees
There are no subscription fees associated with Upgrade.
How Much You Can Get
Loan amounts with Upgrade range from $1,000 to $50,000, a wider range than some cash advance apps.
Features
Upgrade provides relatively fast funding and the possibility of same-day approval in some cases. They also offer a mobile app for easy loan management and consider alternative data points beyond traditional credit scores for loan decisions, potentially benefiting borrowers with limited credit history.
Pros
Relatively fast funding, potential for same-day approval, mobile app for loan management, and consideration of alternative data points for approval (potentially helpful for borrowers with limited credit history in Vermont).
Cons
Upgrade’s APR range can be high for borrowers with very low credit scores. Origination fees may apply.
RISE credit
RISE credit offers online cash advances, similar to short-term loans, to cover unexpected expenses. With a quick approval process, you can borrow up to $5,000 and potentially receive the funds within one to two days.
Interest Rate
A flat fee (around $3 per $20 borrowed) instead of APR makes the cost easier to understand upfront.
Subscription Fees
None.
How Much You Can Get
Limits vary by user, typically starting around $100 and increasing with responsible use.
Features
A simple and transparent fee structure and educational resources to promote financial wellness are needed.
Pros
Easy to understand costs, promotes financial literacy, and has potential for increased borrowing limits.
Cons
Lower initial borrowing limits compared to some competitors, and fees might not be the most cost-effective for larger advances.
Conclusion on Best Cash Advance in Vermont
Despite Vermont’s restriction on cash advances, many other predatory lenders remain. These loans may result in spending far more than anticipated, having your property seized, and harming your credit score. You don’t need to accept any of these risky loans; safer alternatives exist.
Beem can assist if you require a quick, interest-free cash advance or would like to improve your credit with a loan up to $1000. From loans to investing, opening an account with Beem will provide you with services and tools to enhance your overall financial picture.
