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 stipulates that licensed businesses cannot charge more than 2% for cashing a check.
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 your account’s full balance, and the loan is eligible for renewal.
Share Certificate Loans are like 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, located in Hartford, New Haven, Norwich, Southbury, etc.
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, and many other purposes.
Connex Credit Union operates 8 branches across Connecticut, located in North Haven, Branford, Guilford, Hamden, etc.
All Licensed Credit Unions in Connecticut
AMERICAN EAGLE FEDERAL CREDIT UNION
CONNECTICUT STATE EMPLOYEES CREDIT UNION
CHARTER OAK FEDERAL CREDIT UNION
SIKORSKY FINANCIAL CREDIT UNION
CONNEX CREDIT UNION
MUTUAL SECURITY CREDIT UNION
NUTMEG STATE FEDERAL CREDIT UNION
GENERAL ELECTRIC EMPLOYEES FEDERAL CREDIT UNION
COREPLUS FEDERAL CREDIT UNION
360 FEDERAL CREDIT UNION
DUTCH POINT CREDIT UNION
WATERBURY CONNECTICUT TEACHER FEDERAL CREDIT UNION
ACHIEVE FINANCIAL CREDIT UNION
SEASONS FEDERAL CREDIT UNION
LEDGE LIGHT FEDERAL CREDIT UNION
HARTFORD FEDERAL CREDIT UNION
HARTFORD HEALTHCARE FEDERAL CREDIT UNION
UNITED BUSINESS & INDUSTRY FEDERAL CREDIT UNION
FIRST NEW ENGLAND FEDERAL CREDIT UNION (FNEFCU)
WEPAWAUG-FLAGG FEDERAL CREDIT UNION
FIRST CONNECTICUT CREDIT UNION
PITNEY BOWES EMPLOYEES FEDERAL CREDIT UNION
FIRST BRISTOL FEDERAL CREDIT UNION
WATERBURY FIREFIGHTERS FEDERAL CREDIT UNION
NORTHWEST HILLS CREDIT UNION
TORRINGTON MUNICIPAL AND TEACHERS FEDERAL CREDIT UNION
NORTHEAST FAMILY FEDERAL CREDIT UNION
YALE-NEW HAVEN HEALTHCARE FEDERAL CREDIT UNION
FRANKLIN TRUST FEDERAL CREDIT UNION
WATERBURY TELEPHONE FEDERAL CREDIT UNION
CAPITOL REGION FEDERAL CREDIT UNION
MERIDEN SCHOOLS FEDERAL CREDIT UNION
CONNECTICUT COMMUNITY CREDIT UNION
NEW HAVEN COUNTY CREDIT UNION
UNITED SHORELINE FEDERAL CREDIT UNION
BRIDGEPORT CITY EMPLOYEES FEDERAL CREDIT UNION
HARTFORD MUNICIPAL EMPLOYEES FEDERAL CREDIT UNION
STAMFORD FEDERAL CREDIT UNION
SOUNDVIEW FINANCIAL CREDIT UNION
FAIRFIELD COUNTY FEDERAL CREDIT UNION
WINDSOR LOCKS FEDERAL CREDIT UNION
WESTERN CONNECTICUT FEDERAL CREDIT UNION
GREATER WEST HAVEN FEDERAL CREDIT UNION
MEMBERS CREDIT UNION
WORKERS FEDERAL CREDIT UNION
TOBACCO VALLEY TEACHERS FEDERAL CREDIT UNION
STATE POLICE CREDIT UNION INC.
PERSONAL CARE AMERICA FEDERAL CREDIT UNION
GREATER WATERTOWN FEDERAL CREDIT UNION
MCKESSON FEDERAL CREDIT UNION
THE GREATER NORWALK AREA CREDIT UNION
ENFIELD COMMUNITY FEDERAL CREDIT UNION
LAWRENCE MEMORIAL HOSPITAL EMPLOYEE FEDERAL CREDIT UNION
MIDDCONN FEDERAL CREDIT UNION
NEW HAVEN POSTAL EMPLOYEES FEDERAL CREDIT UNION
NORWALK HOSPITAL CREDIT UNION
GHA FEDERAL CREDIT UNION
UKRAINIAN SELFRELIANCE NEW ENGLAND FEDERAL CREDIT UNION (USNEFCU)
ST. VINCENT’S MEDICAL CENTER FEDERAL CREDIT UNION
NEWINGTON VA FEDERAL CREDIT UNION
STAMFORD HEALTHCARE CREDIT UNION
MERRITT FEDERAL CREDIT UNION
COMMUNITY HEALTHCARE CREDIT UNION
HARTFORD POSTAL EMPLOYEES CREDIT UNION
STAMFORD POSTAL EMPLOYEES FEDERAL CREDIT UNION
BRIDGEPORT HOSPITAL FEDERAL CREDIT UNION
TRI-TOWN TEACHERS FEDERAL CREDIT UNION
WALLINGFORD MUNICIPAL FEDERAL CREDIT UNION
COMMUNITY CU OF NEW MILFORD, INC. CREDIT UNION
GREENWICH MUNICIPAL EMPLOYEES FEDERAL CREDIT UNION
GREATER WATERBURY HEALTHCARE FEDERAL CREDIT UNION
BRIDGEPORT POLICE FEDERAL CREDIT UNION
MIDDLESEX HEALTHCARE FEDERAL CREDIT UNION
CONNECTICUT FEDERAL CREDIT UNION
GREATER HARTFORD POLICE FEDERAL CREDIT UNION
HARTFORD FIREFIGHTERS FEDERAL CREDIT UNION
CONNECTICUT LABOR DEPT FEDERAL CREDIT UNION
FAIRFIELD MUNICIPAL FEDERAL CREDIT UNION
METROPOLITAN DISTRICT EMPLOYEES CREDIT UNION
HOUSATONIC TEACHERS FEDERAL CREDIT UNION
ASA FEDERAL CREDIT UNION
NORTHEASTERN CT. HEALTH CARE CREDIT UNION
C S P EMPLOYEES FEDERAL CREDIT UNION
MILFORD FEDERAL CREDIT UNION
EAST HARTFORD FEDERAL CREDIT UNION
MANCHESTER MUNICIPAL FEDERAL CREDIT UNION
NEW HAVEN TEACHERS FEDERAL CREDIT UNION
BRISTOL MUNICIPAL EMPLOYEES FEDERAL CREDIT UNION
CONNECTICUT POSTAL FEDERAL CREDIT UNION
CNG FEDERAL CREDIT UNION (CNGFCU)
DANBURY CYANAMID EMPLOYEES CREDIT UNION
BRIDGEPORT FAIRFIELD TEACHERS FEDERAL CREDIT UNION
WATERBURY POSTAL EMPLOYEES FEDERAL CREDIT UNION
ASSOCIATES FEDERAL CREDIT UNION
QUINNIPIAC VALLEY COMMUNITY FEDERAL CREDIT UNION
WATERBURY POLICE FEDERAL CREDIT UNION
GROTON MUNICIPAL EMPLOYEES FEDERAL CREDIT UNION
BRIDGEPORT POST OFFICE FEDERAL CREDIT UNION
NEW HAVEN POLICE FEDERAL CREDIT UNION
SCIENCE PARK FEDERAL CREDIT UNION
ROGERS EMPLOYEES FEDERAL CREDIT UNION
STRATFORD MUNICIPAL EMPLOYEES FEDERAL CREDIT UNION
SARGENT & COMPANY EMPLOYEES FEDERAL CREDIT UNION
CONNECTICUT TRANSIT FEDERAL CREDIT UNION
HARTFORD COURANT EMP CREDIT UNION
NEW HAVEN FIREFIGHTERS CREDIT UNION
TRUMBULL CREDIT UNION
REGIONAL WATER AUTHORITY EMPLOYEES CREDIT UNION
QUIET CORNER COMMUNITY CREDIT UNION
NEW LONDON MUNICIPAL EMPLOYEES CREDIT UNION
CONNECTICUT ENERGY EMPLOYEES CREDIT UNION
EAST HAVEN MUNICIPAL EMPLOYEES CREDIT UNION
FARREL FEDERAL CREDIT UNION
ARNOLD BAKERS EMPLOYEES FEDERAL CREDIT UNION
EAST END BAPTIST TABERNACLE FEDERAL CREDIT UNION
IMMANUEL BAPTIST CHURCH FEDERAL CREDIT UNION
WIREMOLD FEDERAL CREDIT UNION
FIRST BAPTIST CHURCH (STRATFORD) FEDERAL CREDIT UNION
NORWALK POSTAL EMPLOYEES FEDERAL CREDIT UNION
VALLEY CATHOLIC FEDERAL CREDIT UNION
CONSOLIDATED CONTROLS CORP. FEDERAL CREDIT UNION
ENBIC COMPANY EMPLOYEES CREDIT UNION
VICTORY/PIATERER MUTUAL BENEFIT ASS CREDIT UNION
WARNACO EMPLOYEES FEDERAL CREDIT UNION
KIEF PROTECTIVE MUTUAL BENEFIT ASS. CREDIT UNION
FAITH TABERNACLE BAPTIST FEDERAL CREDIT UNION
BRAND-REX EMPLOYEES CREDIT UNION
CURTIS FEDERAL CREDIT UNION
MERIDEN POSTAL EMPLOYEES FEDERAL CREDIT UNION
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, you can access your savings worry-free. The proceeds can also 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 with a junior year class rank of 20% or higher and an SAT score of at least 1200 or an ACT score of at least 25. The beneficiary also has to attend a Connecticut public or non-profit private college.
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. New Haven and New London offer the lowest loan amount at $314,827.
Single Unit Limit (lowest):
Four-Plex Limit (highest):
New Haven County
New London County
Business Loans in Connecticut
If you’re looking for convenience, these online lenders offer great service and affordable rates:
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 the borrower.
A CEDF Commercial Real Estate Loan provides up to $500,000 to purchase an owner-occupied commercial property. Terms extend up to 20 years, but fixed APRs vary by the 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 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:
Inventory (except for childcare businesses)
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.