Best Personal Loans in Vermont for 2024

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Updated: July 10, 2024

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MoneyGeek's analysis identifies First Tech and PenFed as Vermont's top two personal loan lenders, scoring 98 and 96, respectively. They stand out for their reputable customer service, competitive interest rates and flexible terms.

When seeking a personal loan, it's important to consider your credit profile, income history and debt-to-income ratio. According to Experian data, the average credit score in Vermont is a strong 737, which suggests that the average borrower may receive favorable loan rate and term offers.

MoneyGeek evaluated factors like annual percentage rate (APR) ranges, transparency and customer satisfaction to determine the best lenders. Vermonters can confidently choose a personal loan tailored to their economic situation with this guide.

MoneyGeek Logo IconBest Personal Loan LendersVermont

Best Personal Loan Lenders in Vermont

MoneyGeek's personal loans scoring system is designed to give a comprehensive overview of each lender’s performance in key areas that matter to borrowers. We use a point-based system, assigning scores according to the presence or absence of certain desirable features in various critical categories.

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Our analysis was completed in April 2024 and considers banks and lenders who are licensed to do business in Vermont. We also consider financial companies that partner with federally insured institutions to offer competitive rates.

34Lenders Analyzed

    Overall Best Personal Loan Lender in Vermont

  • First Tech

    • 98MoneyGeek Score
    • 8.94% to 18.00%APR Range
    • UndisclosedMinimum Credit Score
    • $500 to $50,000Loan Amount Range
    • 6 to 84 monthsRepayment Terms

    MoneyGeek's pick for the best personal loan lender in Vermont is First Tech, scoring 98 out of 100. With APRs ranging from 8.94% to 18.00%, its rate is comparatively lower than many peers. First Tech's repayment terms extend up to 84 months, allowing considerable flexibility. This financial institution receives top marks for customer service, education, and competitive rates and fees, outperforming other lenders in these critical areas for borrowers.


    • Insured by the National Credit Union Administration (NCUA)
    • Provides granular APR data for a variety of loan terms
    • Balanced, low APRs


    • Need to be a member to apply
    • Could provide more detail on the loan application process
    • Little published information about credit score requirements
    First Tech

    Runner-Up for Best Personal Loan Lender in Vermont

  • PenFed

    • 96MoneyGeek Score
    • 7.99% to 17.99%APR Range
    • UndisclosedMinimum Credit Score
    • Up to $50,000Loan Amount Range
    • Up to 60 monthsRepayment Terms

    PenFed Credit Union is the runner up for the best lender for personal loans in Vermont with a MoneyGeek score of 96 out of 100. Their APR range of 7.99% to 17.99% is competitive, offering options lower than some other lenders. Repayment terms extend up to 60 months, providing flexibility. PenFed stands out for exemplary customer service, education efforts, and strong loan terms and flexibility, positioning them as a top choice for personal loans.


    • Offers some of the lowest APRs available
    • No early repayment penalty
    • Explicitly mentions that debt consolidation is available


    • No information provided about credit score requirements
    • $50 minimum monthly loan payment
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The amount of monthly debt payments you have relative to your monthly gross income is called your debt-to-income ratio, or DTI.

Most lenders prefer to see a debt-to-income ratio of 35% to 40% or below for secured loans and 40% to 45% or below for unsecured personal loans. Debt includes items like mortgages, car loans, credit cards, and existing personal loans. A debt-to-income ratio above 50% is considered high, so approval may be more difficult, or your loan may come with higher interest rates. — Alvin Yam, CFP®

Calculate Your Monthly Loan Payment

Our analysis showed that lenders in Vermont offer personal loan products averaging about 52 months. Explore your loan options with our personal loan calculator, a simple tool to calculate monthly payments and total loan costs based on the amount, interest rate and term length, helping you make informed decisions before committing.

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Estimate the monthly payment for your loan.

Updated: Jul 12, 2024

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Although MoneyGeek partners with some of the companies we recommend, our content is written and reviewed by an independent team of writers, editors and licensed agents. Learn more about our editorial policies and expert editorial team.

    Best Personal Loan Lender in Vermont for Bad Credit

  • Happy Money

    • 94MoneyGeek Score
    • 11.72% to 17.99%APR Range
    • 640Minimum Credit Score
    • $5,000 to $40,000Loan Amount Range
    • 24 to 60 monthsRepayment Terms

    Happy Money is MoneyGeek's pick for the best personal loan provider for borrowers in Vermont with low credit. While Happy Money is not a traditional lender, it partners with 10 federally insured financial institutions to offer installment loans. It is one of the few that disclose minimum credit requirements on their website. The lender has a MoneyGeek score of 94 out of 100, indicating it excels in customer support and educational provisions, as well as being forthcoming about the lending process and terms. Happy Money offers APRs ranging from 11.72% to 17.99% for borrowers with a minimum credit score of 640, showcasing their approachability for lower-credit applicants.


    • Works with 10 federally insured lenders to originate all loans
    • Transparent eligibility requirements, including credit score minimum
    • No application fee


    • Longer time to wait for loan approval compared to other lenders analyzed
    • The lenders they work with charge an origination fee
    Happy Money

How does MoneyGeek score lenders for bad credit loans?

    Best Personal Loan Lender in Vermont for Debt Consolidation

  • Alliant Credit Union

    • 96MoneyGeek Score
    • 10.99% to 13.99%APR Range
    • UndisclosedMinimum Credit Score
    • $1,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms

    Alliant Credit Union's personal loan offerings stand out in Vermont for those seeking debt consolidation, blending competitive APRs of 10.99% to 13.99% with other borrower-friendly features. MoneyGeek's pick for the best lender for debt consolidation is Alliant Credit Union, with a MoneyGeek score of 96 out of 100. This online-only bank requires members to maintain good standing for three months before qualifying for a loan. Noteworthy strengths are the very competitive interest rates and fees as well as transparency, providing consumers with clear, upfront information about loan options.


    • Among the highest loan limits available in our analysis
    • No prepayment penalties
    • Wide variety of loan types available


    • An online-only credit union, no physical branches
    • Have to be a member for 90 days to apply
    Alliant Credit Union

How does MoneyGeek score lenders for debt consolidation?

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Interest on personal loans is generally not tax deductible as personal loans are considered consumer debt. But there are some exceptions where the interest may qualify:

  • When consolidating high-interest qualifying debts like credit cards or student loans, if used to pay off those debts.
  • If used for home improvements that increase the home's value.
  • If the loan proceeds can be demonstrated as used exclusively for business expenses or starting a business.
  • In some cases, if the loan is used for investment purposes related to income-generating assets.

Alvin Yam, CFP®

Impact of Credit Score on Loan Repayment in Vermont

When applying for a personal loan in Vermont, your credit report, income and debt-to-income ratio are crucial factors in determining your eligibility and loan terms. MoneyGeek identified the best lenders in Vermont based on their reputation, transparency in dealings, range of APRs offered, minimum credit score requirements and flexibility in loan terms.

Maintaining a high credit score can significantly improve your chances of receiving favorable loan terms, such as lower APRs; therefore, it may be beneficial to work on enhancing your credit before submitting a loan application.

Refer to the accompanying table to better understand how your credit score affects your monthly payments. It outlines the impact on various loan payment scenarios.

Data filtered by:Results filtered by:
Credit Band:
Credit Band:690 to 719
Loan Amount:
Loan Amount:$2,000
$348Term Length (Months)6
$180Term Length (Months)12
$97Term Length (Months)24
$69Term Length (Months)36
$55Term Length (Months)48
$47Term Length (Months)60
$42Term Length (Months)72
$38Term Length (Months)84

This table offers an approximation of monthly payments, calculated using median personal loan interest rates typical for various credit score ranges. Please remember that these numbers are median estimates, provided for general guidance. They should not be taken as precise rates for everyone in each credit score category. Actual interest rates can differ due to lender-specific policies, prevailing market conditions and unique borrower profiles.

Pros and Cons of Personal Loans in Vermont

Personal loans offer the advantage of consolidating high-interest debt under lower interest rates and the flexibility to use funds for various personal needs with potentially rapid access to capital. Co-signing options can also improve loan conditions for those with less-than-perfect credit profiles.

While personal loans can be beneficial, it's important to consider the potential for extra costs like origination fees, and the risk of losing assets with a secured personal loan. For a thoughtful consideration of the personal loan benefits and drawbacks, it's essential to review these aspects carefully.

The good and bad of personal loans

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  • Competitive interest rates for eligible borrowers
  • Simplified debt management through consolidation
  • Expedited funding for immediate financial needs
  • Co-signer option to enhance loan terms
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  • Increased total loan cost resulting from origination fees
  • Prepayment penalties for early loan payoff
  • Risk of asset loss with secured personal loans
  • Encouragement of excess debt from easy approval processes

FAQ About Personal Loans in Vermont

If you have questions about personal loans, MoneyGeek has answers to help you make an informed decision before applying.

Who is the best lender in Vermont for personal loans?
Where is the best place to get a personal loan in Vermont?
Who has the best personal loan interest rates in Vermont?
What can I use a personal loan for in Vermont?
What are some personal loan red flags to look out for?
Do lenders consider income level when applying for a personal loan?
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The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.