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Best Personal Loans in Vermont

People apply for personal loans for various reasons, including emergencies, making large purchases, and consolidating debt. They’re popular because personal loans are unsecured. In fact, the average personal loan debt in Vermont is $18,657, with interest at approximately 9.20%.

Based on MoneyGeek’s research, Vermont has an average credit score of 731, which is a good rating for those seeking to apply for a personal loan. Lenders consider your credit score among other factors like your income level, repayment history and debt-to-income ratio.

Last Updated: 6/8/2022
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MoneyGeek’s Pick for Best Personal Loan Lender in Vermont: LightStream

MoneyGeek determined the best personal loans in Vermont across various factors. Our analysis considers everything from how much you can borrow and interest rates to fees and penalties charged and how long you have to repay the loan.

Overall, the best personal loan lender in the state is LightStream. Upstart is the best for those with bad credit, while Upgrade and Lending Club rank first for debt consolidation and home improvement, respectively.

This guide will help you understand the requirements that influence the eligibility of your loan application, including your income, employment status and credit score. We also note the convenience each lender provides to customers through the application process, such as if you can apply online or if the company has a mobile app.

Best Overall Personal Loan Lender in Vermont: LightStream


  • LightStream

    • 4.49% to 20.49%APR Range
    • 660Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Same DayTime To Recieve Funds

    on LightStream Website

Best Personal Loan Lender for Bad Credit in Vermont: Upstart


  • Upstart

    • 3.22% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime To Recieve Funds

    on Upstart Website

Best Personal Loan Lender for Good Credit in Vermont: SoFi


  • SoFi

    • 5.74% to 20.28%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • Two DaysTime To Recieve Funds

    on SoFi Website

Best Personal Loan Lender for Debt Consolidation in Vermont: Upgrade


  • Upgrade

    • 5.94% to 35.47%APR Range
    • 560Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime To Recieve Funds

    on Upgrade Website

Best Loan Lender for Home Improvement in Vermont: Lending Club


  • Lending Club

    • 7.04% to 35.89%APR Range
    • 600Minimum Credit Score
    • $1,000 to $40,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime To Recieve Funds

    on Lending Club Website

How to Choose the Best Personal Loan Lender in Vermont for You

Personal loans, which are unsecured, are a fast way of getting flexible financing for unexpected expenses, large purchases, debt consolidation and home renovations. Lenders outline any restrictions on how you can use the funds, which is why you should understand your lender’s terms before completing your loan application.

Various requirements influence whether you’ll be approved for the loan. These include your credit score and repayment history, as well as your employment history and gross income. MoneyGeek outlines the key steps you should take before getting a personal loan in Vermont.

1

Ask Yourself the Important Questions

To make sound financial decisions, you need to ask yourself the following vital questions before getting your loan:

  • How much funding do I need, and what’s the purpose? If you want to fund home renovations, getting a personal loan may be a good idea. However, if you want to start investing, you may need to consider other loan options.
  • What’s your credit score? Your credit score can keep you from being approved if it’s too low. A high credit score will help get you approved for a loan. Try to improve your credit score before applying for any loan to boost the likelihood of acceptance.
  • Are you comfortable making the proposed monthly payment for the loan? It is important to have a repayment plan. You don’t want to struggle every month trying to meet all your obligations. Some lenders charge late fees, and late payments can negatively impact your credit score.
  • How much existing debt do you have? Adding another loan if you are already paying off others may not be a good financial decision. See if it makes more sense to pay off some of your outstanding debt first.
2

Do Your Research

Take the time to carry out some research about the type of loan you want. Compare lenders carefully and find out the terms of each loan, including interest rates, penalties and any fees. Remember that you’re committing to monthly payments that average two to four years before your loan will be paid in full.

MoneyGeek provides a quick comparison of the best personal loans in Vermont across various categories. However, doing your own research can help you find an option that suits your unique needs perfectly.

3

Wait

After determining the best lender for you, it’s good to wait a few days before submitting your application. Use that time to review the objectives of your loan, its necessity and your own projected financial future.

Repaying a personal loan is a long-term commitment. Unless absolutely necessary, you may not wish to take that commitment on.

4

Read the Fine Print

The fine print is essential to read and understand. Focus on any additional fees associated with the loan, such as origination and administration or processing fees and prepayment penalties. Late fees aren’t usually onerous but can add up if you’re frequently behind.

Reviewing this information will help you narrow down your options to the right lender and the right loan with the best terms for your needs.

5

Apply

Once you have selected your preferred lender and determined the loan application and repayment requirements, the last step is to submit your application.

You will need to provide various types of information, including your contact and identification details, proof of income and employment confirmation, to complete the application process. Some companies allow you to apply online, while others may require that you call or visit their office in person.

What to Do if You Can’t Get a Personal Loan in Vermont

If you apply for a personal loan in Vermont and it’s declined, get in touch with your lender to find out why.

You might be able to make any changes to your application for reconsideration. While there’s nothing you can immediately do to increase your credit score or income, you might be able to reduce the loan amount or extend the repayment term.

If the lender doesn’t offer you an opportunity to reapply, try getting the loan elsewhere. Use any feedback from the original lender before applying for another loan from a different company.

While some people use payday loans whenever they need funds, MoneyGeek strongly cautions against them, and they are in fact prohibited in Vermont. Payday loans have extremely high interest rates with very short terms of one or two weeks, and people who use them often go deeper into debt.

Frequently Asked Questions About Personal Loans in Vermont

The best personal loan provider in Vermont depends on factors like your credit score, income and why you’re borrowing in the first place. MoneyGeek responds to some of the frequently asked questions about Vermont personal loans to help you make the right choice.

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METHODOLOGY

We reviewed more than 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking criteria category, we considered several individual data points that we feel carry the most weight when choosing a personal loan lender. These factors include APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.

Here at MoneyGeek, we value you, the consumer, so we also factor in each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible — like prequalification, payment options and mobile apps.

After careful consideration and calculation, our picks are decided and chosen with your best interest in mind. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.

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*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’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, credit card issuer, hotel, airline, or other entity.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings for our coverage of credit card products. MoneyGeek and CardRatings may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.