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Compare short-term loans in Connecticut

There's safer alternatives to payday loans when you're in a bad fix.

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By

Elizabeth Barry

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When you have unplanned expenses and are on a tight budget, a payday loan could be helpful. Payday loans, a type of short-term loan, give you quick access to money when you need it. Read on to find out about the laws in Connecticut and everything else you should know about how payday advances work.

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Name Product Filter Values Loan amount Turnaround time Requirements
Brigit
Not rated yet
Brigit
Up to $250
1 to 3 days or same-day in some circumstances
Bank account must have at least 60 days of activity, Balance must be above $0 and have an average minimum balance on pay day
Have up to $250 automatically deposited into your account — for a $9.99 membership fee.
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OppLoans Installment Loans
Finder Rating: 4.4 / 5: ★★★★★
OppLoans Installment Loans
$500 to $4,000
As soon as the same business day.
+18 years old, Receive paychecks through direct deposit, Meet minimum income requirements, Live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
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Possible Finance Mobile Installment Loans
Up to $500
As fast as 1 business day
Checking account with 3+ months of banking history, $750+ monthly income, live in eligible state, ages 18+
Borrow up to $500 with just a few swipes — but only for residents of 21 states.
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LendYou Short-term Loans
Finder Rating: 2.5 / 5: ★★★★★
LendYou Short-term Loans
$100 to $2,500
Same business day to 1 business day
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
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MoneyLion Instacash advances
$250, $1000 with RoarMoney account
3 to 5 business days to external checking account, 12 to 48 hours to RoarMoney account
Bank account must have at least 60 days of activity, show recurring deposits and must have a positive balance
Fee-free, interest-free cash advances up to $250.
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Fast5kLoans Short-term Loans Connection Service
Finder Rating: 3.5 / 5: ★★★★★
Fast5kLoans Short-term Loans Connection Service
$100 to $35,000
As soon as the next business day
Regular source of income, Verifiable bank account, US citizen, Ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
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CashNetUSA Loan
Finder Rating: 3.6 / 5: ★★★★★
CashNetUSA Loan
Varies by state
As fast as same business day
Regular source of income, bank account, US citizen or permanent resident, age of majority in your state
Sign up for its discount program to get access to coupons and deals on everything from dining out to tax services.
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Because of the predatory nature of short-term loans, many states have outlawed them completely — including Connecticut. While you won’t be able to take out a payday loan if you live here, there are other options if you’re short on cash and don’t have the best credit.

Must read: Tribal lenders under strict regulations.

Tribal lenders in Oklahoma have recently brought up claims that Connecticut’s cap on interest at 12% violates their sovereign rights. Since lenders aren’t allowed to charge more than this under Connecticut’s usury laws, tribal lenders are effectively banned from offering payday loans in the state. These laws are in place to protect consumers, and the legal battle is still unsettled as of October 2017.

For now, consider all payday loans in Connecticut illegal–even if they’re offered by an online tribal lender.

Can I get a payday loan in Connecticut?

No. Payday loans are illegal in Connecticut. The General Statutes of Connecticut 36a-563 et seq. apply to all small loans. There is a cap of 12% in place on the total interest a lender may charge, effectively making payday loans illegal. These laws were put in place to protect consumers due to the predatory practices of many payday lenders in the past.

Keep in mind that if you choose to apply for another type of loan or a line of credit, you should examine the loan contract carefully and have a budget in place to pay back what you owe. Otherwise, you may fall into a debt trap similar to that caused by a payday loan.

Can I still get a short-term loan in Connecticut?

Technically yes, although it will likely be difficult. Currently, lenders are prohibited from setting an APR above 12% on loans up to $10,000 in amount. As a result, it will likely be hard for you to find any sort of other short-term loans, such as installment loans.

However, you may be able to find a short-term loan from a tribal lender since they don’t have to follow state payday loan laws. Read our guide to tribal lending to learn more about the risks and benefits before taking out a loan.

Struggling with debt? Other options to consider

Although payday loans aren’t an option, there are other alternatives. Here are four alternatives to payday loans in Connecticut:

  1. Settle your debt. If you have multiple loans at high interest rates and are struggling with high monthly payments, consider working with a debt settlement company to come up with a payment plan and possibly pay less than you originally owed. Although our article focuses on getting out of a payday loan debt cycle, these services information does apply to any debt you may be in.
  2. Create a budget. Determining how much you make and how much you spend each pay period is one of the easiest ways to find out where you’re losing money. A budget will help you get your financial life in order.
  3. Contact your creditors. Lenders are in the business to make money, and many are willing to set up payment plans in order to make it easier for you to pay off your debt. Negotiate a lower monthly payment and remember: it’s better to make small payments than to make none at all.
  4. Local assistance. You may also want to apply for the Connecticut Food Stamp Program or Winter Heating Assistance Program so you can lower the cost of food and energy bills while you pay for other bills, whether unexpected or not.

What to consider before you apply

All forms of credit come at a cost to the consumer. In addition to interest rates based on your credit and origination fees, you may have to pay other charges depending on if you miss a payment or default on your loan.

Borrowing safely involves budgeting for the total amount of your loan, which includes the principal and all the interest. If you know how much you’ll have to pay back, you’re less likely to fall into more debt.

Bottom Line

While you can’t obtain a payday loan in Connecticut, that might just be a blessing in disguise — you have some other options to choose from.

Read our guide to payday loan alternatives to learn more about the local resources available in your state to get out of long-term debt.

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