Best Loans In Connecticut, Payday, Auto Title Laws 2020
Loans By State

Best Loans In Connecticut, Payday, Auto Title Laws 2020

EPF Last Update: April 6, 2020

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Connecticut’s usury law puts a 12% APR-cap on all non-regulated loans. However, lenders registered with Connecticut’s Department of Banking (DOB) can levy APRs upwards of 36% for loans up to $15,000. These include licensed banks, credit unions and pawnbrokers.

For open-ended loans, licensed lenders can charge up to 19.8%.

For closed-end loans, licensed lenders can charge:

  • $17 per $100 on the first $600.
  • $11 per $100 on any excess from $601 to $1,800 for unsecured loans and loans secured by credit life insurance.
  • $11 per $100 on all secured loans > $1,800.

Connecticut’s check casher law also stipulates that licensed businesses cannot charge more than 2% for cashing a check.

Best Bad Credit Loans In Connecticut 2020

Amount

$500 – $5,000

Min Credit Score

0

APR

5.99% – 35.99%

Approval

< 1 Day

Terms

3 – 36 Months

Licensed in Connecticut

Not a direct lender

Amount

$100 - $2,500

Min Credit Score

0

APR

Vary by State

Approval

< 1 Day

Terms

1 - 36 Months

Licensed in Connecticut

Yes

Amount

$1,000 – $5,000

Min Credit Score

0

APR

Vary By State

Approval

< 1 Day

Terms

9 – 36 Months

Licensed in Connecticut

Yes

Amount

$100 – $1,000

Min Credit Score

0

APR

Vary By State

Approval

< 1 Day

Terms

7 – 30 Days

Licensed in Connecticut

Yes

Amount

$1,000 – $10,000

Min Credit Score

0

APR

5.99% – 35.99%

Approval

< 1 Day

Terms

2 – 5 Years

Licensed in Connecticut

Not a direct lender

Amount

$1,000 – $50,000

Min Credit Score

500

APR

3.99% – 35.99%

Approval

< 1 Day

Terms

1 – 5 Years

Licensed in Connecticut

Yes

Amount

$1,000 – $35,000

Min Credit Score

0

APR

5.99% – 35.99%

Approval

< 1 Day

Terms

2 – 5 Years

Licensed in Connecticut

Yes

Amount

$1,000 – $100,000

Min Credit Score

500

APR

5.34% – 35.99%

Approval

< 1 Day

Terms

90 Days – 72 Months

Licensed in Connecticut

Yes

Amount

$1,000 - $100,000

Min Credit Score

0

APR

4.99 - 35.99%

Approval

< 1 Day

Terms

12 - 120 months

Licensed in Connecticut

Yes

Amount

$1,000 – $35,000

Min Credit Score

580

APR

5.99% – 35.99%

Approval

< 1 Day

Terms

90 Days – 72 Months

Licensed in Connecticut

Not a direct lender

For a complete list of reputable lenders, see our  guide on bad credit loans.

Best Personal Loans for Good Credit In Connecticut 2020

Amount

$1,000 - $100,000

Min Credit Score

0

APR

4.99 - 35.99%

Approval

1 Day

Terms

12 - 120 months

Licensed in Connecticut

Yes

Amount

$2,000 - $40,000

Min Credit Score

640

APR

6.95% - 35.99%

Approval

1 - 3 Days

Terms

36 - 60 months

Licensed in Connecticut

Yes

Amount

$1,000 – $100,000

Min Credit Score

0

APR

4.99 - 35.99%

Approval

1 Day

Terms

12 - 120 months

Licensed in Connecticut

Yes

Amount

$1,000 – $35,000

Min Credit Score

580

APR

5.99% – 35.99%

Approval

< 1 Day

Terms

90 Days – 72 Months

Licensed in Connecticut

Yes

Amount

$1,000 – $50,000

Min Credit Score

500

APR

3.99% – 35.99%

Approval

< 1 Day

Terms

1 – 5 Years

Licensed in Connecticut

Yes

Amount

$1,000 – $35,000

Min Credit Score

0

APR

5.99% – 35.99%

Approval

< 1 Day

Terms

2 – 5 Years

Licensed in Connecticut

Yes

Amount

$1,000 – $50,000

Min Credit Score

600

APR

6.98% – 35.89%

Approval

< 1 Day

Terms

3 - 5 Years

Licensed in Connecticut

Yes

Amount

$5,000 – $35,000

Min Credit Score

640

APR

5.99% – 24.99%

Approval

1 – 7 Days

Terms

2 -5 Years

Licensed in Connecticut

Yes

Amount

$2,500-$35,000

Min Credit Score

660

APR

6.99-24.99%

Approval

1 Day

Terms

24 - 84 Months

Licensed in Connecticut

Yes

Amount

$7,500 - $40,000

Min Credit Score

680

APR

6 - 15%

Approval

1 - 7 Days

Terms

36 - 84 months

Licensed in Connecticut

Yes

If you need more help, see our list of recommended lenders.

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Payday Loans in Connecticut

Payday loans are prohibited in Connecticut.

Payday Loan Laws in Connecticut by Country

ElitePersonalFinance analysis of payday loan laws by countries in the State of Connecticut.

We haven’t found a significant difference between the payday loan laws in Connecticut. If you are with bad credit, here are the laws in Connecticut by country.

CityAmount AllowedAPR AllowedStatus
BridgeportN/A12%Prohibited
New HavenN/A12%Prohibited
StamfordN/A12%Prohibited
HartfordN/A12%Prohibited
WaterburyN/A12%Prohibited
NorwalkN/A12%Prohibited
DanburyN/A12%Prohibited
New BritainN/A12%Prohibited
West HartfordN/A12%Prohibited
GreenwichN/A12%Prohibited
FairfieldN/A12%Prohibited
HamdenN/A12%Prohibited
BristolN/A12%Prohibited
MeridenN/A12%Prohibited
ManchesterN/A12%Prohibited
West HavenN/A12%Prohibited
Milford city and MilfordN/A12%Prohibited
StratfordN/A12%Prohibited
East HartfordN/A12%Prohibited
MiddletownN/A12%Prohibited
WallingfordN/A12%Prohibited
EnfieldN/A12%Prohibited
SouthingtonN/A12%Prohibited
SheltonN/A12%Prohibited
NorwichN/A12%Prohibited
GrotonN/A12%Prohibited
TrumbullN/A12%Prohibited
TorringtonN/A12%Prohibited
GlastonburyN/A12%Prohibited
NewingtonN/A12%Prohibited
CheshireN/A12%Prohibited
VernonN/A12%Prohibited
WindsorN/A12%Prohibited
East HavenN/A12%Prohibited
BranfordN/A12%Prohibited
NewtownN/A12%Prohibited
WestportN/A12%Prohibited
New MilfordN/A12%Prohibited
New LondonN/A12%Prohibited
WethersfieldN/A12%Prohibited
MansfieldN/A12%Prohibited
South WindsorN/A12%Prohibited
FarmingtonN/A12%Prohibited
RidgefieldN/A12%Prohibited
WindhamN/A12%Prohibited
SimsburyN/A12%Prohibited
North HavenN/A12%Prohibited
GuilfordN/A12%Prohibited
WatertownN/A12%Prohibited
DarienN/A12%Prohibited
BloomfieldN/A12%Prohibited
BerlinN/A12%Prohibited
New CanaanN/A12%Prohibited
Rocky HillN/A12%Prohibited
SouthburyN/A12%Prohibited
MonroeN/A12%Prohibited
BethelN/A12%Prohibited
MontvilleN/A12%Prohibited
WaterfordN/A12%Prohibited
AnsoniaN/A12%Prohibited
East LymeN/A12%Prohibited
WiltonN/A12%Prohibited
StoningtonN/A12%Prohibited
AvonN/A12%Prohibited
MadisonN/A12%Prohibited
PlainvilleN/A12%Prohibited
KillinglyN/A12%Prohibited
BrookfieldN/A12%Prohibited
WolcottN/A12%Prohibited
SeymourN/A12%Prohibited
EllingtonN/A12%Prohibited
ColchesterN/A12%Prohibited
SuffieldN/A12%Prohibited
PlainfieldN/A12%Prohibited
LedyardN/A12%Prohibited
TollandN/A12%Prohibited
North BranfordN/A12%Prohibited
New FairfieldN/A12%Prohibited
CromwellN/A12%Prohibited
OrangeN/A12%Prohibited
OxfordN/A12%Prohibited
ClintonN/A12%Prohibited
East HamptonN/A12%Prohibited
Windsor LocksN/A12%Prohibited
DerbyN/A12%Prohibited
CoventryN/A12%Prohibited
StaffordN/A12%Prohibited
PlymouthN/A12%Prohibited
GriswoldN/A12%Prohibited
East WindsorN/A12%Prohibited
GranbyN/A12%Prohibited
SomersN/A12%Prohibited
WinchesterN/A12%Prohibited
CantonN/A12%Prohibited
WestonN/A12%Prohibited
Old SaybrookN/A12%Prohibited
ProspectN/A12%Prohibited
WoodburyN/A12%Prohibited
BurlingtonN/A12%Prohibited
HebronN/A12%Prohibited
PortlandN/A12%Prohibited
PutnamN/A12%Prohibited
ThompsonN/A12%Prohibited
ReddingN/A12%Prohibited
East HaddamN/A12%Prohibited
WoodbridgeN/A12%Prohibited
HaddamN/A12%Prohibited
BrooklynN/A12%Prohibited
LitchfieldN/A12%Prohibited
WoodstockN/A12%Prohibited
MiddleburyN/A12%Prohibited
ThomastonN/A12%Prohibited
EastonN/A12%Prohibited
Old LymeN/A12%Prohibited
LebanonN/A12%Prohibited
DurhamN/A12%Prohibited
WestbrookN/A12%Prohibited
New HartfordN/A12%Prohibited
EssexN/A12%Prohibited
KillingworthN/A12%Prohibited
MarlboroughN/A12%Prohibited
Beacon FallsN/A12%Prohibited
WillingtonN/A12%Prohibited
BethanyN/A12%Prohibited
HarwintonN/A12%Prohibited
ColumbiaN/A12%Prohibited
East GranbyN/A12%Prohibited
North StoningtonN/A12%Prohibited
CanterburyN/A12%Prohibited
BoltonN/A12%Prohibited
PrestonN/A12%Prohibited
Deep RiverN/A12%Prohibited
MiddlefieldN/A12%Prohibited
LisbonN/A12%Prohibited
ChesterN/A12%Prohibited
AshfordN/A12%Prohibited
PomfretN/A12%Prohibited
SalemN/A12%Prohibited
SterlingN/A12%Prohibited
BarkhamstedN/A12%Prohibited
ShermanN/A12%Prohibited
SalisburyN/A12%Prohibited
WashingtonN/A12%Prohibited
BethlehemN/A12%Prohibited
North CanaanN/A12%Prohibited
AndoverN/A12%Prohibited

Car Title Loans in Connecticut

Car title loans are legal in Connecticut.

However, their APRs are also capped:

  • For new cars, the maximum APR a lender can charge is 15%.
  • For used cars < 2 years old, the maximum APR a lender can charge is 17%.
  • For used cards ≥ 2 years old, the maximum APR a lender can charge is 19%.

Best Auto Loans for Bad Credit in Connecticut 2020

Best Auto Loans for Good Credit in Connecticut 2020

Credit Unions In Connecticut

Name:APR:Amount:
Connecticut State Employees Credit Union7.9% – 12.9%Up to $15,000
Connex Credit Union6.99%+Up to $20,000

Connecticut State Employees Credit Union

The Connecticut State Employees Credit Union offers personal loans to all employees and retirees of the state of Connecticut. Immediate family members are also eligible for services.

  • Personal Loans come with fixed APRs of 12.9%. You can borrow upwards of $15,000 and repayment terms reach upwards of 60 months. As well, all loans are unsecured so no collateral is required.
  • Vacation Loans also allow you to borrow up to $15,000, but APRs are set at 7.9%. Repayment terms are stretched over a 1-year term.
  • Share Secured Loans use your CSE savings account as collateral. Your APR is the dividend rate + 2%. You can borrow up to the full balance of your account and the loan is eligible for renewal.
  • Share Certificate Loans are similar to Share Secured Loans, only a certificate of deposit (CD) is used as collateral. Your APR is the dividend rate + 2%, but you can only borrow up to 70% of your CD’s value. As well, you must repay the loan when your CD matures.

CSE operates 7 branches across Connecticut, with locations in Hartford, New Haven, Norwich, Southbury as well as others.

Connex Credit Union

With a Connex Credit Union Personal/Signature Loan, you can borrow up to $20,000 and APRs are as low as 6.99%. Terms extend up to 60 months and loans can be used to consolidate credit card debt, pay off holiday bills, pay your taxes, buy gifts for special occasions, take a family vacation as well as many other purposes.

Connex Credit Union operates 8 branches across Connecticut, with locations in North Haven, Branford, Guilford, Hamden as well as others.

All Licensed Credit Unions in Connecticut

NameCitySize (Millions)Members
AMERICAN EAGLE FEDERAL CREDIT UNIONEast Hartford$1,325.9198947
CONNECTICUT STATE EMPLOYEES CREDIT UNIONHartford$1,609.2970098
CHARTER OAK FEDERAL CREDIT UNIONGroton$702.0266765
SIKORSKY FINANCIAL CREDIT UNIONStratford$644.0554609
CONNEX CREDIT UNIONNorth Haven$363.0244862
MUTUAL SECURITY CREDIT UNIONShelton$234.6934405
NUTMEG STATE FEDERAL CREDIT UNIONRocky Hill$338.1328478
GENERAL ELECTRIC EMPLOYEES FEDERAL CREDIT UNIONMilford$152.8024080
COREPLUS FEDERAL CREDIT UNIONNorwich$192.2720965
360 FEDERAL CREDIT UNIONWindsor Locks$200.0816332
DUTCH POINT CREDIT UNIONWethersfield$186.3916177
WATERBURY CONNECTICUT TEACHER FEDERAL CREDIT UNIONWaterbury$221.1415607
ACHIEVE FINANCIAL CREDIT UNIONBerlin$103.4915160
SEASONS FEDERAL CREDIT UNIONMiddletown$117.7114862
LEDGE LIGHT FEDERAL CREDIT UNIONGroton$211.5914380
HARTFORD FEDERAL CREDIT UNIONHartford$76.6513411
HARTFORD HEALTHCARE FEDERAL CREDIT UNIONHartford$31.2710910
UNITED BUSINESS & INDUSTRY FEDERAL CREDIT UNIONPlainville$78.2410783
FIRST NEW ENGLAND FEDERAL CREDIT UNION (FNEFCU)East Hartford$74.3710627
WEPAWAUG-FLAGG FEDERAL CREDIT UNIONHamden$74.059983
FIRST CONNECTICUT CREDIT UNIONWallingford$35.879854
PITNEY BOWES EMPLOYEES FEDERAL CREDIT UNIONStamford$78.828896
FIRST BRISTOL FEDERAL CREDIT UNIONBristol$83.538270
WATERBURY FIREFIGHTERS FEDERAL CREDIT UNIONWaterbury$57.938173
NORTHWEST HILLS CREDIT UNIONTorrington$30.557482
TORRINGTON MUNICIPAL AND TEACHERS FEDERAL CREDIT UNIONTorrington$32.556611
NORTHEAST FAMILY FEDERAL CREDIT UNIONManchester$69.756493
YALE-NEW HAVEN HEALTHCARE FEDERAL CREDIT UNIONNew Haven$27.846067
FRANKLIN TRUST FEDERAL CREDIT UNIONHartford$40.766030
WATERBURY TELEPHONE FEDERAL CREDIT UNIONWaterbury$33.725823
CAPITOL REGION FEDERAL CREDIT UNIONWethersfield$29.875399
MERIDEN SCHOOLS FEDERAL CREDIT UNIONMeriden$56.815229
CONNECTICUT COMMUNITY CREDIT UNIONStonington$20.535179
NEW HAVEN COUNTY CREDIT UNIONNorth Haven$19.805059
UNITED SHORELINE FEDERAL CREDIT UNIONBranford$30.545021
BRIDGEPORT CITY EMPLOYEES FEDERAL CREDIT UNIONBridgeport$29.714855
HARTFORD MUNICIPAL EMPLOYEES FEDERAL CREDIT UNIONHartford$30.004756
STAMFORD FEDERAL CREDIT UNIONStamford$52.384689
SOUNDVIEW FINANCIAL CREDIT UNIONBethel$30.074588
FAIRFIELD COUNTY FEDERAL CREDIT UNIONFairfield$29.434509
WINDSOR LOCKS FEDERAL CREDIT UNIONWindsor Locks$49.464488
WESTERN CONNECTICUT FEDERAL CREDIT UNIONBethel$26.714364
GREATER WEST HAVEN FEDERAL CREDIT UNIONWest Haven$26.174307
MEMBERS CREDIT UNIONStamford$26.534245
WORKERS FEDERAL CREDIT UNIONStafford$25.844218
TOBACCO VALLEY TEACHERS FEDERAL CREDIT UNIONEnfield$35.073732
STATE POLICE CREDIT UNION INC.Meriden$56.163701
PERSONAL CARE AMERICA FEDERAL CREDIT UNIONTrumbull$17.773652
GREATER WATERTOWN FEDERAL CREDIT UNIONWatertown$19.913639
MCKESSON FEDERAL CREDIT UNIONStratford$23.043590
THE GREATER NORWALK AREA CREDIT UNIONNorwalk$20.763586
ENFIELD COMMUNITY FEDERAL CREDIT UNIONEnfield$22.573500
LAWRENCE MEMORIAL HOSPITAL EMPLOYEE FEDERAL CREDIT UNIONNew London$26.793444
MIDDCONN FEDERAL CREDIT UNIONMiddletown$19.973312
NEW HAVEN POSTAL EMPLOYEES FEDERAL CREDIT UNIONNew Haven$10.573227
NORWALK HOSPITAL CREDIT UNIONNorwalk$32.072959
GHA FEDERAL CREDIT UNIONGreenwich$19.622876
UKRAINIAN SELFRELIANCE NEW ENGLAND FEDERAL CREDIT UNION (USNEFCU)Wethersfield$34.902836
ST. VINCENT’S MEDICAL CENTER FEDERAL CREDIT UNIONBridgeport$17.932703
NEWINGTON VA FEDERAL CREDIT UNIONNewington$9.142639
STAMFORD HEALTHCARE CREDIT UNIONStamford$15.112582
MERRITT FEDERAL CREDIT UNIONWilton$15.442518
COMMUNITY HEALTHCARE CREDIT UNIONManchester$8.332451
HARTFORD POSTAL EMPLOYEES CREDIT UNIONWethersfield$9.672363
STAMFORD POSTAL EMPLOYEES FEDERAL CREDIT UNIONStamford$12.102314
BRIDGEPORT HOSPITAL FEDERAL CREDIT UNIONBridgeport$18.432277
TRI-TOWN TEACHERS FEDERAL CREDIT UNIONWestport$16.602266
WALLINGFORD MUNICIPAL FEDERAL CREDIT UNIONWallingford$15.412216
COMMUNITY CU OF NEW MILFORD, INC. CREDIT UNIONNew Milford$10.132089
GREENWICH MUNICIPAL EMPLOYEES FEDERAL CREDIT UNIONGreenwich$18.671989
GREATER WATERBURY HEALTHCARE FEDERAL CREDIT UNIONWaterbury$11.581983
BRIDGEPORT POLICE FEDERAL CREDIT UNIONBridgeport$13.381969
MIDDLESEX HEALTHCARE FEDERAL CREDIT UNIONMiddletown$7.711960
CONNECTICUT FEDERAL CREDIT UNIONNorth Haven$6.451907
GREATER HARTFORD POLICE FEDERAL CREDIT UNIONHartford$18.531882
HARTFORD FIREFIGHTERS FEDERAL CREDIT UNIONHartford$16.781848
CONNECTICUT LABOR DEPT FEDERAL CREDIT UNIONWethersfield$12.611840
FAIRFIELD MUNICIPAL FEDERAL CREDIT UNIONFairfield$15.191831
METROPOLITAN DISTRICT EMPLOYEES CREDIT UNIONHartford$23.741799
HOUSATONIC TEACHERS FEDERAL CREDIT UNIONStratford$18.131737
ASA FEDERAL CREDIT UNIONBloomfield$7.681687
NORTHEASTERN CT. HEALTH CARE CREDIT UNIONPutnam$8.131648
C S P EMPLOYEES FEDERAL CREDIT UNIONSomers$7.641634
MILFORD FEDERAL CREDIT UNIONMilford$11.871623
EAST HARTFORD FEDERAL CREDIT UNIONEast Hartford$10.171615
MANCHESTER MUNICIPAL FEDERAL CREDIT UNIONManchester$16.831613
NEW HAVEN TEACHERS FEDERAL CREDIT UNIONNew Haven$9.151597
BRISTOL MUNICIPAL EMPLOYEES FEDERAL CREDIT UNIONBristol$10.071516
CONNECTICUT POSTAL FEDERAL CREDIT UNIONNew Britain$14.301450
CNG FEDERAL CREDIT UNION (CNGFCU)East Hartford$9.761395
DANBURY CYANAMID EMPLOYEES CREDIT UNIONDanbury$7.611204
BRIDGEPORT FAIRFIELD TEACHERS FEDERAL CREDIT UNIONBridgeport$6.061174
WATERBURY POSTAL EMPLOYEES FEDERAL CREDIT UNIONWaterbury$11.581152
ASSOCIATES FEDERAL CREDIT UNIONWindsor$6.791140
QUINNIPIAC VALLEY COMMUNITY FEDERAL CREDIT UNIONWallingford$6.681030
WATERBURY POLICE FEDERAL CREDIT UNIONWaterbury$6.25995
GROTON MUNICIPAL EMPLOYEES FEDERAL CREDIT UNIONGroton$7.13970
BRIDGEPORT POST OFFICE FEDERAL CREDIT UNIONBridgeport$4.26886
NEW HAVEN POLICE FEDERAL CREDIT UNIONNew Haven$4.99856
SCIENCE PARK FEDERAL CREDIT UNIONNew Haven$5.95839
ROGERS EMPLOYEES FEDERAL CREDIT UNIONWall Township$4.98814
STRATFORD MUNICIPAL EMPLOYEES FEDERAL CREDIT UNIONStratford$4.84807
SARGENT & COMPANY EMPLOYEES FEDERAL CREDIT UNIONNew Haven$3.27752
CONNECTICUT TRANSIT FEDERAL CREDIT UNIONHartford$1.51751
HARTFORD COURANT EMP CREDIT UNIONHartford$1.59725
NEW HAVEN FIREFIGHTERS CREDIT UNIONNew Haven$6.06721
TRUMBULL CREDIT UNIONTrumbull$4.22652
REGIONAL WATER AUTHORITY EMPLOYEES CREDIT UNIONNew Haven$6.60629
QUIET CORNER COMMUNITY CREDIT UNIONPutnam$1.67623
NEW LONDON MUNICIPAL EMPLOYEES CREDIT UNIONNew London$2.97578
CONNECTICUT ENERGY EMPLOYEES CREDIT UNIONBridgeport$3.01551
EAST HAVEN MUNICIPAL EMPLOYEES CREDIT UNIONEast Haven$2.39544
FARREL FEDERAL CREDIT UNIONAnsonia$2.92538
ARNOLD BAKERS EMPLOYEES FEDERAL CREDIT UNIONGreenwich$3.68472
EAST END BAPTIST TABERNACLE FEDERAL CREDIT UNIONBridgeport$0.21422
IMMANUEL BAPTIST CHURCH FEDERAL CREDIT UNIONNew Haven$0.10318
WIREMOLD FEDERAL CREDIT UNIONWest Hartford$0.84308
FIRST BAPTIST CHURCH (STRATFORD) FEDERAL CREDIT UNIONStratford$0.30300
NORWALK POSTAL EMPLOYEES FEDERAL CREDIT UNIONStratford$0.62289
VALLEY CATHOLIC FEDERAL CREDIT UNIONSimsbury$1.11278
CONSOLIDATED CONTROLS CORP. FEDERAL CREDIT UNIONBethel$1.16261
ENBIC COMPANY EMPLOYEES CREDIT UNIONSimsbury$0.31253
VICTORY/PIATERER MUTUAL BENEFIT ASS CREDIT UNIONEast Hartford$2.43250
WARNACO EMPLOYEES FEDERAL CREDIT UNIONMilford$0.66242
KIEF PROTECTIVE MUTUAL BENEFIT ASS. CREDIT UNIONBloomfield$1.24241
FAITH TABERNACLE BAPTIST FEDERAL CREDIT UNIONStamford$0.21235
BRAND-REX EMPLOYEES CREDIT UNIONWindham$0.68195
CURTIS FEDERAL CREDIT UNIONNewtown$0.53144
MERIDEN POSTAL EMPLOYEES FEDERAL CREDIT UNIONMeriden$0.98131

Student Loans In Connecticut

Connecticut Higher Education Trust (CHET)

The CHET Program is a 529 savings plan that allows your money to grow tax-free. It takes about 15 minutes to set up and offers a variety of low-cost investment options. Funds are exempt from federal and state income tax and you also receive an income tax deduction for all contributions.

Best of all, you can withdraw up to $10,000 per year tax-free. As long as the funds are used for “qualified higher education expenses” like tuition, books, supplies, computers, room and board etc. you can access your savings worry-free. As well, the proceeds can be used at most accredited colleges and universities across the United States and even some institutions abroad.

Roberta B. Willis Merit Scholarship Program

The scholarship program is open to Connecticut high school seniors and graduates who have a junior year class rank of 20% or higher and an SAT score of at least 1200 or ACT score of at least 25. The beneficiary also has to attend a Connecticut public or non-profit private college.

Amounts include:

  • Up to $5,250 per year for full-time students in a 4-year program.
  • Up to $4,650 per year for full-time students in a 2-year program.

To apply, visit your high school guidance office. The deadline is February 15 of each year.

For students in need of financial aid, you can also apply for the Need-Based grant. When enrolled full-time in a 2 or 4-year program, you can receive up to $4,500 per year. To apply, contact your college’s financial aid office.

Federal Housing Administration (FHA) Loans In Connecticut

Like other U.S. states, FHA loan limits in Connecticut vary by county. Fairfield offers the highest loan amount at $1,156,650, while New Haven and New London offer the lowest loan amount at $314,827.

CountySingle Unit Limit (lowest)Four-Plex Limit (highest)
Fairfield County$601,450$1,156,650
Hartford County$353,050$678,950
Litchfield County$357,650$687,800
Middlesex County$353,050$678,950
New Haven County$331,760$638,100
New London County$331,760$638,100
Tolland County$353,050$678,950
Windham County$339,250$652,400

Business Loans in Connecticut

If you’re looking for convenience, these online lenders offer great service and affordable rates:

Amount

Up to $10,000,000

APR

Vary

Min Credit Score

0

Licensed in Connecticut

Yes

Amount

$5,000 - $500,000

APR

9.77% - 35.98%

Min Credit Score

600

Licensed in Connecticut

Yes

Amount

$5,000 - $500,000

APR

5.99% – 35.99%

Min Credit Score

500

Licensed in Connecticut

Yes

Amount

Up to $250,000

APR

24% – 99%

Min Credit Score

560

Licensed in Connecticut

Yes

Amount

Up to $350,000

APR

9.28 - 10.52%

Min Credit Score

650

Licensed in Connecticut

Yes

Amount

Up to $350,000

APR

10.00 - 25.00%

Min Credit Score

680

Licensed in Connecticut

Yes

Amount

$75,000 - $5,000,000

APR

5.50 - 8.25%

Min Credit Score

650

Licensed in Connecticut

Yes

Amount

Up to $500,000

APR

12.18 - 36.00%

Min Credit Score

660

Licensed in Connecticut

Yes

Amount

Up to $500,000

APR

9.00 - 99.00%

Min Credit Score

600

Licensed in Connecticut

Yes

Amount

Up to $5,000,000

APR

15.00 - 78.00%

Min Credit Score

600

Licensed in Connecticut

Yes

Amount

Up to $1,000,000

APR

Vary

Min Credit Score

0

Licensed in Connecticut

Yes

Amount

$6,000 to $250,000

APR

Vary

Min Credit Score

0

Licensed in Connecticut

Yes

If you prefer to deal with a local lender in Connecticut, consider the options below:

The Community Economic Development Fund (CEDF)

The CEDF is a non-profit organization that provides loans and lines of credit to small businesses in low-to-moderate income areas of Connecticut.

The organization works with:

  • Borrowers who have low credit scores.
  • Borrowers with limited collateral.
  • Borrowers who don’t qualify for bank loans.

The CEDF has three loan options to choose from:

  • A CEDF Term Loan provides funding for equipment, inventory, working capital and debt refinancing. For loans with terms up to 6 years, you can borrow anywhere from $1,000 to $50,000. For loans with terms up to 10 years, you can borrow anywhere from $5,000 to $250,000. APRs are fixed, but they vary by borrower.
  • A CEDF Commercial Real Estate Loan provides up to $500,000 for the purchase of owner-occupied commercial property. Terms extend up to 20 years, but fixed APRs vary by borrower.
  • A CEDF Line of Credit provides anywhere from $5,000 to $250,000 to help with cyclical or seasonal cash flow needs. Terms are renewable after one year and APRs are variable.

To contact the CEDF, you can call them toll-free at 1-888-835-2333 or you can fill out the form on their website.

The Community Investment Corporation (CIC)

The CIC offers small business loans to entrepreneurs in Connecticut and Rhode Island. The organization has helped create more than 700 jobs in Connecticut over the last four years.

Its Community Advantage Loan is made for start-ups and includes consulting services to help entrepreneurs succeed. You can borrow up to $150,000 ($250,000 in certain cases) and variable APRs are set as the Wall Street Journal Prime Rate + 2% to 6%.

Loan terms are:

  • 7-10 years for working capital, acquisitions, renovations and start-up expenses.
  • Up to 25 years for real estate.

As a secondary product, CIC’s Microloans allow you to borrow up to $50,000 for standard businesses and up to $25,000 for childcare businesses.

Funds can be used for:

  • Equipment
  • Working capital
  • Insurance
  • Marketing
  • Inventory (except for childcare businesses)

Conclusion

Connecticut’s 12% APR-cap on non-regulated loans keeps payday lenders from operating in the state. And while it’s not explicitly outlawed, payday lenders find it unprofitable to conduct business in Connecticut. Car title loans face a similar issue. While not illegal, the rate caps make their APRs similar to personal loans. And though using your car as collateral is a risky endeavor, the option is affordable if needed.

Elite Personal Finance

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