Best Loans in Connecticut, Payday, Auto Title Laws 2020

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Last Update: October 12, 2020 Loans By State
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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 – $10,000

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 - $10,000

Min Credit Score

0

APR

Vary by State

Approval

< 1 Day

Terms

1 - 60 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

7.95% - 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

7.99% - 35.97%

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 Loan Laws in Connecticut 2020

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.

City Amount Allowed APR Allowed Status
Bridgeport N/A 12% Prohibited
New Haven N/A 12% Prohibited
Stamford N/A 12% Prohibited
Hartford N/A 12% Prohibited
Waterbury N/A 12% Prohibited
Norwalk N/A 12% Prohibited
Danbury N/A 12% Prohibited
New Britain N/A 12% Prohibited
West Hartford N/A 12% Prohibited
Greenwich N/A 12% Prohibited
Fairfield N/A 12% Prohibited
Hamden N/A 12% Prohibited
Bristol N/A 12% Prohibited
Meriden N/A 12% Prohibited
Manchester N/A 12% Prohibited
West Haven N/A 12% Prohibited
Milford city and Milford N/A 12% Prohibited
Stratford N/A 12% Prohibited
East Hartford N/A 12% Prohibited
Middletown N/A 12% Prohibited
Wallingford N/A 12% Prohibited
Enfield N/A 12% Prohibited
Southington N/A 12% Prohibited
Shelton N/A 12% Prohibited
Norwich N/A 12% Prohibited
Groton N/A 12% Prohibited
Trumbull N/A 12% Prohibited
Torrington N/A 12% Prohibited
Glastonbury N/A 12% Prohibited
Newington N/A 12% Prohibited
Cheshire N/A 12% Prohibited
Vernon N/A 12% Prohibited
Windsor N/A 12% Prohibited
East Haven N/A 12% Prohibited
Branford N/A 12% Prohibited
Newtown N/A 12% Prohibited
Westport N/A 12% Prohibited
New Milford N/A 12% Prohibited
New London N/A 12% Prohibited
Wethersfield N/A 12% Prohibited
Mansfield N/A 12% Prohibited
South Windsor N/A 12% Prohibited
Farmington N/A 12% Prohibited
Ridgefield N/A 12% Prohibited
Windham N/A 12% Prohibited
Simsbury N/A 12% Prohibited
North Haven N/A 12% Prohibited
Guilford N/A 12% Prohibited
Watertown N/A 12% Prohibited
Darien N/A 12% Prohibited
Bloomfield N/A 12% Prohibited
Berlin N/A 12% Prohibited
New Canaan N/A 12% Prohibited
Rocky Hill N/A 12% Prohibited
Southbury N/A 12% Prohibited
Monroe N/A 12% Prohibited
Bethel N/A 12% Prohibited
Montville N/A 12% Prohibited
Waterford N/A 12% Prohibited
Ansonia N/A 12% Prohibited
East Lyme N/A 12% Prohibited
Wilton N/A 12% Prohibited
Stonington N/A 12% Prohibited
Avon N/A 12% Prohibited
Madison N/A 12% Prohibited
Plainville N/A 12% Prohibited
Killingly N/A 12% Prohibited
Brookfield N/A 12% Prohibited
Wolcott N/A 12% Prohibited
Seymour N/A 12% Prohibited
Ellington N/A 12% Prohibited
Colchester N/A 12% Prohibited
Suffield N/A 12% Prohibited
Plainfield N/A 12% Prohibited
Ledyard N/A 12% Prohibited
Tolland N/A 12% Prohibited
North Branford N/A 12% Prohibited
New Fairfield N/A 12% Prohibited
Cromwell N/A 12% Prohibited
Orange N/A 12% Prohibited
Oxford N/A 12% Prohibited
Clinton N/A 12% Prohibited
East Hampton N/A 12% Prohibited
Windsor Locks N/A 12% Prohibited
Derby N/A 12% Prohibited
Coventry N/A 12% Prohibited
Stafford N/A 12% Prohibited
Plymouth N/A 12% Prohibited
Griswold N/A 12% Prohibited
East Windsor N/A 12% Prohibited
Granby N/A 12% Prohibited
Somers N/A 12% Prohibited
Winchester N/A 12% Prohibited
Canton N/A 12% Prohibited
Weston N/A 12% Prohibited
Old Saybrook N/A 12% Prohibited
Prospect N/A 12% Prohibited
Woodbury N/A 12% Prohibited
Burlington N/A 12% Prohibited
Hebron N/A 12% Prohibited
Portland N/A 12% Prohibited
Putnam N/A 12% Prohibited
Thompson N/A 12% Prohibited
Redding N/A 12% Prohibited
East Haddam N/A 12% Prohibited
Woodbridge N/A 12% Prohibited
Haddam N/A 12% Prohibited
Brooklyn N/A 12% Prohibited
Litchfield N/A 12% Prohibited
Woodstock N/A 12% Prohibited
Middlebury N/A 12% Prohibited
Thomaston N/A 12% Prohibited
Easton N/A 12% Prohibited
Old Lyme N/A 12% Prohibited
Lebanon N/A 12% Prohibited
Durham N/A 12% Prohibited
Westbrook N/A 12% Prohibited
New Hartford N/A 12% Prohibited
Essex N/A 12% Prohibited
Killingworth N/A 12% Prohibited
Marlborough N/A 12% Prohibited
Beacon Falls N/A 12% Prohibited
Willington N/A 12% Prohibited
Bethany N/A 12% Prohibited
Harwinton N/A 12% Prohibited
Columbia N/A 12% Prohibited
East Granby N/A 12% Prohibited
North Stonington N/A 12% Prohibited
Canterbury N/A 12% Prohibited
Bolton N/A 12% Prohibited
Preston N/A 12% Prohibited
Deep River N/A 12% Prohibited
Middlefield N/A 12% Prohibited
Lisbon N/A 12% Prohibited
Chester N/A 12% Prohibited
Ashford N/A 12% Prohibited
Pomfret N/A 12% Prohibited
Salem N/A 12% Prohibited
Sterling N/A 12% Prohibited
Barkhamsted N/A 12% Prohibited
Sherman N/A 12% Prohibited
Salisbury N/A 12% Prohibited
Washington N/A 12% Prohibited
Bethlehem N/A 12% Prohibited
North Canaan N/A 12% Prohibited
Andover N/A 12% Prohibited

Car Title Loans in Connecticut 2020

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

Amount

$1,000 - $100,000

Min Credit Score

0

APR

From 1.99%

Licensed in Connecticut

Yes

Amount

$1,000 - $100,000

Min Credit Score

0

APR

From 1.99%

Licensed in Connecticut

Yes

Amount

Up to $100,000

Min Credit Score

0

APR

Vary

Licensed in Connecticut

Yes

Amount

Up to $100,000

Min Credit Score

0

APR

Vary

Licensed in Connecticut

Yes

Amount

Up to $100,000

Min Credit Score

0

APR

Vary

Licensed in Connecticut

Yes

Amount

$8,000 - $100,000

Min Credit Score

500

APR

2.74% - 27%

Licensed in Connecticut

Yes

Amount

$1,000 - $100,000

Min Credit Score

500

APR

From 3.09%

Licensed in Connecticut

Yes

Amount

$250 - $500,000

Min Credit Score

640

APR

2.99% - 21.99%

Licensed in Connecticut

Yes

Amount

$1,500 - $20,000

Min Credit Score

0

APR

18.00% - 35.99%

Licensed in Connecticut

Yes

Amount

$1,000 - $45,000

Min Credit Score

0

APR

From 0.99%

Licensed in Connecticut

Yes

Amount

$1,000 - $35,000

Min Credit Score

0

APR

From 1.99%

Licensed in Connecticut

Yes

Amount

$7,500 - $50,000

Min Credit Score

500

APR

From 3.39%

Licensed in Connecticut

Yes

Amount

$5,000 – $55,000

Min Credit Score

510

APR

3.99% - 24.99%

Licensed in Connecticut

Yes

Amount

$1,000 - $100,000

Min Credit Score

0

APR

3.90% - 27.90%

Licensed in Connecticut

Yes

Best Auto Loans for Good Credit in Connecticut 2020

Amount

$1,000 - $100,000

Min Credit Score

0

APR

From 1.99%

Licensed in Connecticut

Yes

Amount

$1,000 - $100,000

Min Credit Score

0

APR

From 1.99%

Licensed in Connecticut

Yes

Amount

$1,000 - $100,000

Min Credit Score

500

APR

From 3.09%

Licensed in Connecticut

Yes

Amount

$250 - $500,000

Min Credit Score

640

APR

2.99% - 21.99%

Licensed in Connecticut

Yes

Amount

$5,000-$100,000

Min Credit Score

660

APR

4.99% to 9.19%

Licensed in Connecticut

Yes

Amount

$7,500 - $50,000

Min Credit Score

500

APR

From 3.39%

Licensed in Connecticut

Yes

Amount

$8,000 - $100,000

Min Credit Score

500

APR

2.74% - 27%

Licensed in Connecticut

Yes

Amount

$1,000 - $100,000

Min Credit Score

0

APR

3.90% - 27.90%

Licensed in Connecticut

Yes

Amount

$3,000 - $100,000

Min Credit Score

650

APR

From 3.12%

Licensed in Connecticut

Yes

Amount

$5,000 - $100,000

Min Credit Score

640

APR

From 3.54%

Licensed in Connecticut

Yes

Amount

$5,000 – $55,000

Min Credit Score

510

APR

3.99% - 24.99%

Licensed in Connecticut

Yes

Amount

$5,000 - $100,000

Min Credit Score

600

APR

3.54% - 10.24%

Licensed in Connecticut

Yes

Amount

$1,500 - $20,000

Min Credit Score

0

APR

18.00% - 35.99%

Licensed in Connecticut

Yes

Credit Unions in Connecticut

Name: APR: Amount:
Connecticut State Employees Credit Union 7.9% – 12.9% Up to $15,000
Connex Credit Union 6.99%+ 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

Name City Size (Millions) Members
AMERICAN EAGLE FEDERAL CREDIT UNION East Hartford $1,325.91 98947
CONNECTICUT STATE EMPLOYEES CREDIT UNION Hartford $1,609.29 70098
CHARTER OAK FEDERAL CREDIT UNION Groton $702.02 66765
SIKORSKY FINANCIAL CREDIT UNION Stratford $644.05 54609
CONNEX CREDIT UNION North Haven $363.02 44862
MUTUAL SECURITY CREDIT UNION Shelton $234.69 34405
NUTMEG STATE FEDERAL CREDIT UNION Rocky Hill $338.13 28478
GENERAL ELECTRIC EMPLOYEES FEDERAL CREDIT UNION Milford $152.80 24080
COREPLUS FEDERAL CREDIT UNION Norwich $192.27 20965
360 FEDERAL CREDIT UNION Windsor Locks $200.08 16332
DUTCH POINT CREDIT UNION Wethersfield $186.39 16177
WATERBURY CONNECTICUT TEACHER FEDERAL CREDIT UNION Waterbury $221.14 15607
ACHIEVE FINANCIAL CREDIT UNION Berlin $103.49 15160
SEASONS FEDERAL CREDIT UNION Middletown $117.71 14862
LEDGE LIGHT FEDERAL CREDIT UNION Groton $211.59 14380
HARTFORD FEDERAL CREDIT UNION Hartford $76.65 13411
HARTFORD HEALTHCARE FEDERAL CREDIT UNION Hartford $31.27 10910
UNITED BUSINESS & INDUSTRY FEDERAL CREDIT UNION Plainville $78.24 10783
FIRST NEW ENGLAND FEDERAL CREDIT UNION (FNEFCU) East Hartford $74.37 10627
WEPAWAUG-FLAGG FEDERAL CREDIT UNION Hamden $74.05 9983
FIRST CONNECTICUT CREDIT UNION Wallingford $35.87 9854
PITNEY BOWES EMPLOYEES FEDERAL CREDIT UNION Stamford $78.82 8896
FIRST BRISTOL FEDERAL CREDIT UNION Bristol $83.53 8270
WATERBURY FIREFIGHTERS FEDERAL CREDIT UNION Waterbury $57.93 8173
NORTHWEST HILLS CREDIT UNION Torrington $30.55 7482
TORRINGTON MUNICIPAL AND TEACHERS FEDERAL CREDIT UNION Torrington $32.55 6611
NORTHEAST FAMILY FEDERAL CREDIT UNION Manchester $69.75 6493
YALE-NEW HAVEN HEALTHCARE FEDERAL CREDIT UNION New Haven $27.84 6067
FRANKLIN TRUST FEDERAL CREDIT UNION Hartford $40.76 6030
WATERBURY TELEPHONE FEDERAL CREDIT UNION Waterbury $33.72 5823
CAPITOL REGION FEDERAL CREDIT UNION Wethersfield $29.87 5399
MERIDEN SCHOOLS FEDERAL CREDIT UNION Meriden $56.81 5229
CONNECTICUT COMMUNITY CREDIT UNION Stonington $20.53 5179
NEW HAVEN COUNTY CREDIT UNION North Haven $19.80 5059
UNITED SHORELINE FEDERAL CREDIT UNION Branford $30.54 5021
BRIDGEPORT CITY EMPLOYEES FEDERAL CREDIT UNION Bridgeport $29.71 4855
HARTFORD MUNICIPAL EMPLOYEES FEDERAL CREDIT UNION Hartford $30.00 4756
STAMFORD FEDERAL CREDIT UNION Stamford $52.38 4689
SOUNDVIEW FINANCIAL CREDIT UNION Bethel $30.07 4588
FAIRFIELD COUNTY FEDERAL CREDIT UNION Fairfield $29.43 4509
WINDSOR LOCKS FEDERAL CREDIT UNION Windsor Locks $49.46 4488
WESTERN CONNECTICUT FEDERAL CREDIT UNION Bethel $26.71 4364
GREATER WEST HAVEN FEDERAL CREDIT UNION West Haven $26.17 4307
MEMBERS CREDIT UNION Stamford $26.53 4245
WORKERS FEDERAL CREDIT UNION Stafford $25.84 4218
TOBACCO VALLEY TEACHERS FEDERAL CREDIT UNION Enfield $35.07 3732
STATE POLICE CREDIT UNION INC. Meriden $56.16 3701
PERSONAL CARE AMERICA FEDERAL CREDIT UNION Trumbull $17.77 3652
GREATER WATERTOWN FEDERAL CREDIT UNION Watertown $19.91 3639
MCKESSON FEDERAL CREDIT UNION Stratford $23.04 3590
THE GREATER NORWALK AREA CREDIT UNION Norwalk $20.76 3586
ENFIELD COMMUNITY FEDERAL CREDIT UNION Enfield $22.57 3500
LAWRENCE MEMORIAL HOSPITAL EMPLOYEE FEDERAL CREDIT UNION New London $26.79 3444
MIDDCONN FEDERAL CREDIT UNION Middletown $19.97 3312
NEW HAVEN POSTAL EMPLOYEES FEDERAL CREDIT UNION New Haven $10.57 3227
NORWALK HOSPITAL CREDIT UNION Norwalk $32.07 2959
GHA FEDERAL CREDIT UNION Greenwich $19.62 2876
UKRAINIAN SELFRELIANCE NEW ENGLAND FEDERAL CREDIT UNION (USNEFCU) Wethersfield $34.90 2836
ST. VINCENT’S MEDICAL CENTER FEDERAL CREDIT UNION Bridgeport $17.93 2703
NEWINGTON VA FEDERAL CREDIT UNION Newington $9.14 2639
STAMFORD HEALTHCARE CREDIT UNION Stamford $15.11 2582
MERRITT FEDERAL CREDIT UNION Wilton $15.44 2518
COMMUNITY HEALTHCARE CREDIT UNION Manchester $8.33 2451
HARTFORD POSTAL EMPLOYEES CREDIT UNION Wethersfield $9.67 2363
STAMFORD POSTAL EMPLOYEES FEDERAL CREDIT UNION Stamford $12.10 2314
BRIDGEPORT HOSPITAL FEDERAL CREDIT UNION Bridgeport $18.43 2277
TRI-TOWN TEACHERS FEDERAL CREDIT UNION Westport $16.60 2266
WALLINGFORD MUNICIPAL FEDERAL CREDIT UNION Wallingford $15.41 2216
COMMUNITY CU OF NEW MILFORD, INC. CREDIT UNION New Milford $10.13 2089
GREENWICH MUNICIPAL EMPLOYEES FEDERAL CREDIT UNION Greenwich $18.67 1989
GREATER WATERBURY HEALTHCARE FEDERAL CREDIT UNION Waterbury $11.58 1983
BRIDGEPORT POLICE FEDERAL CREDIT UNION Bridgeport $13.38 1969
MIDDLESEX HEALTHCARE FEDERAL CREDIT UNION Middletown $7.71 1960
CONNECTICUT FEDERAL CREDIT UNION North Haven $6.45 1907
GREATER HARTFORD POLICE FEDERAL CREDIT UNION Hartford $18.53 1882
HARTFORD FIREFIGHTERS FEDERAL CREDIT UNION Hartford $16.78 1848
CONNECTICUT LABOR DEPT FEDERAL CREDIT UNION Wethersfield $12.61 1840
FAIRFIELD MUNICIPAL FEDERAL CREDIT UNION Fairfield $15.19 1831
METROPOLITAN DISTRICT EMPLOYEES CREDIT UNION Hartford $23.74 1799
HOUSATONIC TEACHERS FEDERAL CREDIT UNION Stratford $18.13 1737
ASA FEDERAL CREDIT UNION Bloomfield $7.68 1687
NORTHEASTERN CT. HEALTH CARE CREDIT UNION Putnam $8.13 1648
C S P EMPLOYEES FEDERAL CREDIT UNION Somers $7.64 1634
MILFORD FEDERAL CREDIT UNION Milford $11.87 1623
EAST HARTFORD FEDERAL CREDIT UNION East Hartford $10.17 1615
MANCHESTER MUNICIPAL FEDERAL CREDIT UNION Manchester $16.83 1613
NEW HAVEN TEACHERS FEDERAL CREDIT UNION New Haven $9.15 1597
BRISTOL MUNICIPAL EMPLOYEES FEDERAL CREDIT UNION Bristol $10.07 1516
CONNECTICUT POSTAL FEDERAL CREDIT UNION New Britain $14.30 1450
CNG FEDERAL CREDIT UNION (CNGFCU) East Hartford $9.76 1395
DANBURY CYANAMID EMPLOYEES CREDIT UNION Danbury $7.61 1204
BRIDGEPORT FAIRFIELD TEACHERS FEDERAL CREDIT UNION Bridgeport $6.06 1174
WATERBURY POSTAL EMPLOYEES FEDERAL CREDIT UNION Waterbury $11.58 1152
ASSOCIATES FEDERAL CREDIT UNION Windsor $6.79 1140
QUINNIPIAC VALLEY COMMUNITY FEDERAL CREDIT UNION Wallingford $6.68 1030
WATERBURY POLICE FEDERAL CREDIT UNION Waterbury $6.25 995
GROTON MUNICIPAL EMPLOYEES FEDERAL CREDIT UNION Groton $7.13 970
BRIDGEPORT POST OFFICE FEDERAL CREDIT UNION Bridgeport $4.26 886
NEW HAVEN POLICE FEDERAL CREDIT UNION New Haven $4.99 856
SCIENCE PARK FEDERAL CREDIT UNION New Haven $5.95 839
ROGERS EMPLOYEES FEDERAL CREDIT UNION Wall Township $4.98 814
STRATFORD MUNICIPAL EMPLOYEES FEDERAL CREDIT UNION Stratford $4.84 807
SARGENT & COMPANY EMPLOYEES FEDERAL CREDIT UNION New Haven $3.27 752
CONNECTICUT TRANSIT FEDERAL CREDIT UNION Hartford $1.51 751
HARTFORD COURANT EMP CREDIT UNION Hartford $1.59 725
NEW HAVEN FIREFIGHTERS CREDIT UNION New Haven $6.06 721
TRUMBULL CREDIT UNION Trumbull $4.22 652
REGIONAL WATER AUTHORITY EMPLOYEES CREDIT UNION New Haven $6.60 629
QUIET CORNER COMMUNITY CREDIT UNION Putnam $1.67 623
NEW LONDON MUNICIPAL EMPLOYEES CREDIT UNION New London $2.97 578
CONNECTICUT ENERGY EMPLOYEES CREDIT UNION Bridgeport $3.01 551
EAST HAVEN MUNICIPAL EMPLOYEES CREDIT UNION East Haven $2.39 544
FARREL FEDERAL CREDIT UNION Ansonia $2.92 538
ARNOLD BAKERS EMPLOYEES FEDERAL CREDIT UNION Greenwich $3.68 472
EAST END BAPTIST TABERNACLE FEDERAL CREDIT UNION Bridgeport $0.21 422
IMMANUEL BAPTIST CHURCH FEDERAL CREDIT UNION New Haven $0.10 318
WIREMOLD FEDERAL CREDIT UNION West Hartford $0.84 308
FIRST BAPTIST CHURCH (STRATFORD) FEDERAL CREDIT UNION Stratford $0.30 300
NORWALK POSTAL EMPLOYEES FEDERAL CREDIT UNION Stratford $0.62 289
VALLEY CATHOLIC FEDERAL CREDIT UNION Simsbury $1.11 278
CONSOLIDATED CONTROLS CORP. FEDERAL CREDIT UNION Bethel $1.16 261
ENBIC COMPANY EMPLOYEES CREDIT UNION Simsbury $0.31 253
VICTORY/PIATERER MUTUAL BENEFIT ASS CREDIT UNION East Hartford $2.43 250
WARNACO EMPLOYEES FEDERAL CREDIT UNION Milford $0.66 242
KIEF PROTECTIVE MUTUAL BENEFIT ASS. CREDIT UNION Bloomfield $1.24 241
FAITH TABERNACLE BAPTIST FEDERAL CREDIT UNION Stamford $0.21 235
BRAND-REX EMPLOYEES CREDIT UNION Windham $0.68 195
CURTIS FEDERAL CREDIT UNION Newtown $0.53 144
MERIDEN POSTAL EMPLOYEES FEDERAL CREDIT UNION Meriden $0.98 131

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.

County Single 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.

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