Cash Advance and Payday Loans in Connecticut

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Strict limitations on high-cost financing make it difficult to find loan options in the Land of Steady Habits. Connecticut is one of many states that have strict limitations and prohibitions on high-cost payday lending.

Connecticut Cash Advance and Payday Loan Rules and Regulations

Trees and buildings in downtown Connecticut.

The Small Loan Law and Check Chaser Law restrict payday lending and require that all lenders be licensed by the Banking Department of Connecticut before operating in the state. As a result, the number of lenders in the state has declined dramatically.

Although payday loans lenders are not readily available in Connecticut, consumers still have some funding options. 

What Are My Options for Basic Expenses and Emergency Funding in Connecticut?

If you find yourself in need of money for any number of reasons, the following options may be available to you in Connecticut:

  • Consumer lenders – Look for lenders who are appropriately licensed to offer long-term loans. Please note that additional fees may also be added to the cost of the loan.

  • Credit unions – Members can often receive favorable loan terms. Some banks also offer short-term loans on favorable terms.

  • Credit cards – For financial emergencies, a credit card is useful. There are even credit cards available for people with lower credit scores. However, before requesting a credit card, be sure to read about the interest rates and fees.

  • Government assistance – Eligible residents who are having trouble paying bills may benefit from state-funded welfare programs, such as the Low Income Home Energy Assistance Program.

After you find emergency funding, the next step should be planning for the future. Credit counseling may be a good first step, as it can help consumers learn how to balance their budget and avoid short-term loans altogether.

Installment Loans in Connecticut

Installment loans are not legal in the state of Connecticut. Due to the strict 12% APR caps and licensing regulations, many lenders no longer operate in the state. As a result, installment loans are not readily available to borrowers.

Requesting Title Loans in Connecticut

Under the Arkansas Short Term Loan Act, borrowers cannot use their vehicle's pink slip as collateral. As a result, car title loans are not legal in Arkansas. However, other items of value can be used as collateral for a loan, such as jewelry or land. 

Title Loans Alternatives in Connecticut:

  • Pawnshops – pawnshops can be used for small loan amounts. 

  • Boat title loan – boats can be used as collateral in Connecticut.

  • Jewelry title loan – collateral can be gold or any type of expensive jewelry. 

  • Land title loan – you may use land you own as collateral for a loan. 

Final Thoughts

Connecticut is among the few states that have prohibited payday loans, making it difficult for individuals looking for funding. These strict regulations are instituted as safety measures. However, there are still options available to residents of the Provisions State. If you are looking for financing, you may turn to credit unions or government assistance programs.


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