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 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.
Vernon Rockville, CT 06066
Hartford, CT 06103
Norwalk, CT 06851
Danbury, CT 06810
Fairfield, CT 06825
Rocky Hill, CT 06067
New London, CT 06320
Newington, CT 06111
Waterbury, CT 06704
Bristol, CT 06010
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