Payday Loans Connecticut

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:

Legal Status Legal
Interest Rate (APR) 12$ small loan cap