Payday Loans in Connecticut (CT)

Is it possible to get a payday loan in Connecticut?

Looking for a payday loan in Connecticut? There are tons of people who to opt for a short-term loan in case they need to get their fixed, if there is an emergency in their family, if something needs an urgent repair or if they need to buy something but don’t have the means to do so.

Payday loans have become such a general practice in so many states that there are pawn companies, credit companies and payday loan companies which offer these type of loans. The payday loans are therefore normally paid out directly in cash or they are given in form of a check.

But the negative side of a payday loan is, that due to its urgent nature, more and more businesses have started to straight-up abuse the borrowers, by lending them money under terrible conditions. This way there where many borrowers who ended up with lots of debts.

This is exactly why the state of Connecticut has decided to put a ban on Payday loans and today this sort of a loan is illegal in the state.

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What are the payday loan laws and regulations in Connecticut?

Governed by the Law of General Statuses of Connecticut 36a-563 et seq. payday loans are considered illegal in Connecticut. This is further enforced by a cap of 12% that would be deducted from the total interest the lender is to charge. This way the state has managed to make this sort of loan nonexistent.

This is not to mean there is no chance to opt for another sort of a short-term loan, however every borrower is strictly advised to make sure they do have the means to pay the total sum back on time. The closest option to a short-term loan in Connecticut is called Installment loan.

How much can you be charged by a payday lender in Connecticut?

Installment loan has the predefined interest of 12% Installment loan is a loan the sum of which has to be under 10.000 USD. Your rights as a lender in CT The lender must make sure they get a fully legal contract to sign, before the transaction itself takes place. The truth of the matter is, that the state of Connecticut has decided to put a ban on all sorts of pawn type loans because of earlier predatory pawn and credit company activities, which means other cash based loans such as auto title loans are also not possible. Everyone who is to borrow money is advised to visit their respective bank or credit institute to discuss credit possibilities. If you have a poor credit, your bank will let you know of the further steps to take.