Payday Loans in Connecticut

Payday loans are currently prohibited in the state of Connecticut. However, many consumers turn to online payday loans to meet any need they may have for a short-term loan. Prior to the ban of payday lending in the state of Connecticut, loan companies faced very strict regulations and were only allowed to charge very minimal fees to customers. Connecticut does have regulations in place for small loans. A 30.03% annual percentage rate is the cap for amounts up to $600. Additionally, lenders are able to charge $11 per $100 borrowed on amounts between $600 and $1800.

Small-loan companies still face strict restrictions in Connecticut. They must meet specific requirements such as having a certain amount of liquid assets. They must also pay an application fee to apply for a license to lend money in the state.

Consumers may turn to other types of loans in Connecticut in order to fill the gap left by the payday loan industry. These other loans could include auto-title loans or short-term personal loans.

Questions?

Questions about payday loan regulation and the current prohibition of the industry in Connecticut can be directed to the Connecticut Department of Banking. This department is located in the city of Hartford.

Rockville Bank - Adams Super Food Store
207 Hartford Turnpike
Vernon Rockville, CT 06066
Cashman Stephen F Attorney
179 Allyn Street Suite 412
Hartford, CT 06103
Global Financial Credit LLC
83 East Ave, Suite 309
Norwalk, CT 06851
Americheck
7 Finance Drive
Danbury, CT 06810
Bank of Fairfield
2248 Black Rock Turnpike
Fairfield, CT 06825
(203) 659-7610
Advance Smart
2264 Silas Deane Highway
Rocky Hill, CT 06067
(855) 249-7627
United Check Cashing
256 South Frontage Road
New London, CT 06320
(860) 447-3822
TakeCharge Capital
705 North Mountain Road
Newington, CT 06111
(877) 417-9473
United Check Cashing
1101 Huntingdon Avenue
Waterbury, CT 06704
(203) 757-2500
Applewood Restaurant & Bar
820 Farmington Avenue
Bristol, CT 06010
(860) 589-7133

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Connecticut Loan Statistics

Pay Schedule
Average Loan Average Age Weekly Bi-Weekly Monthly Twice Per Month Home Owner Renter
2012$7394034%46%12%8%23%77%
2011$6423739%43%12%6%23%77%
2010$6944036%43%11%10%26%74%