Is Spotloan Available in Vermont? What Vermonters Should Know

Spotloan doesn't lend in Vermont

As of October 2026, Spotloan lends in 39 states, and Vermont is not one of them. If you live in Burlington, Rutland, Montpelier or anywhere else in the Green Mountain State, you can't take out a Spotloan.

New Hampshire and Massachusetts are both on Spotloan's list, and some people living near the border wonder whether a friend's address would work. If you don't actually live there, using that address is misrepresentation on a loan application. We get why the idea comes up when money is tight, but it can make things worse. Let's look at what is open to you.

Vermont's interest limits in plain English

Vermont's interest rules are in Title 9, section 41a of the Vermont Statutes. The basic rule is simple: the default rate is 12% a year, unless another law allows something different. The statute then lists specific limits for different kinds of credit. A few that matter for small personal loans:

• Installment loans not covered elsewhere: 24% a year on the first $1,000 of the balance and 12% on the rest, or 18% APR on the whole balance, whichever is higher.
• Single-payment loans from regulated lenders: a finance charge of up to 18% a year.
• Loans secured by a vehicle: 18% for newer models and 20% for older ones.

Now compare a Spotloan. The first loan is priced at 490% APR. Our estimate for an $800 first Spotloan repaid over 10 biweekly payments is about $1,030.63 in interest. Under Vermont's 24%/12% installment formula, the interest on a loan that size would be a tiny fraction of that.

Vermont requires lenders to be licensed

Under Title 8, section 2201 of the Vermont Statutes, a person needs a license from the Commissioner of Financial Regulation before engaging in the business of making loans and collecting interest or other charges on them. The same section also requires a license for loan solicitation. There are exemptions, such as for some lenders that make a small total amount of loans a year at no more than 12% interest.

Spotloan is licensed by the Lending Commission of the Turtle Mountain Band of Chippewa Indians, not by Vermont's Department of Financial Regulation. Spotloan says borrowers are subject to the Tribe's jurisdiction. Tribal lenders and state regulators have disagreed about which rules apply in various cases. In Vermont, though, the question doesn't come up for Spotloan, because it doesn't lend here. Learn more about how Spotloan sets its prices on our Spotloan APR guide.

Good choices for Vermonters who need money

With limits this low, the legal options in Vermont tend to be far cheaper than any high-cost online loan. Consider these:

1. Call your creditor. Fuel dealers, utilities, hospitals and landlords often agree to a payment plan, especially if you call before the due date.
2. Visit a credit union. Federal credit unions may offer Payday Alternative Loans: PAL I at $200–$1,000 for 1–6 months, or PAL II up to $2,000 for 1–12 months, capped at 28% APR with an application fee of up to $20.
3. Compare licensed lenders. Confirm the license, then compare APR and total repayment.
4. Look for local help. Community action agencies, charities and nonprofit credit counselors may assist with heating bills, emergencies or budgeting.

Verifying a lender with Vermont's DFR

The Vermont Department of Financial Regulation (DFR) has a "Verify a License" page. For financial professionals, it directs consumers to NMLS Consumer Access to confirm that a company or person is licensed in Vermont. DFR's Banking Division can be reached at 802-828-3307, and DFR takes banking-related complaints online.

Before you apply anywhere, check for these warning signs:

• A lender you can't find on NMLS Consumer Access, and that isn't a bank or credit union.
• An APR far above Vermont's limits, such as triple digits.
• Contract terms that say Vermont law doesn't apply.
• Upfront fees or requests for your online banking login.

A pre-borrowing checklist for Vermonters

Before you take any loan, a few quick checks can save you hundreds of dollars:

1. Compare total cost, not payments. By our estimate, $800 repaid over 10 biweekly payments costs about $61.99 in interest at 35.99% APR, versus about $1,030.63 for an $800 first Spotloan at 490%.
2. Check the lender's state list. Many online lenders skip Vermont. OppLoans, for example, lists Vermont among the states it does not serve.
3. Confirm the license through NMLS Consumer Access, as DFR suggests.
4. Ask about prepayment. Paying early should lower your interest; make sure there's no penalty.
5. Borrow only what you need. A smaller loan is easier to repay on time.

If you're an active-duty servicemember or dependent, the Military Lending Act also caps covered credit at a 36% Military APR.

Spotloan vs. Vermont options

For a wider view, see our alternatives to Spotloan. Nearby, Spotloan is also unavailable in New York; our state-by-state list shows the rest.

Frequently asked questions