Payday loans are prohibited in Connecticut.
There are two laws that restrict payday loans in CT: small loan law and check casher law.
All lenders must get a license with the Banking Department of Connecticut to operate in the state.
In Connecticut, you can get consumer loans (up to $15,000) at a rate not exceeding 12% APR.
Tribal lending is prohibited in the state of Connecticut.
There is a small loan cap of 12% APR and also a usury cap of 12% APR.
The interest rate in payday loans in CT depends on the type of loan: an open-end loan or a closed-end loan.
Connecticut Payday Loan Regulations:
|Interest Rate (APR)||12$ small loan cap|