What a loan can cost in Connecticut
Examples at an illustrative rate, never above Connecticut's cap for the amount. They are not quotes.
Representative example
- Amount borrowed
- $500
- Annual percentage rate (APR)
- 29.99%
- Repayment
- 12 monthly payments
- Payment
- $48.74
- Finance charge
- $84.88
- Total of payments
- $584.88
Example: a $500 installment loan at 29.99% APR repaid in 12 monthly payments of $48.74 costs $584.88 in total, including a finance charge of $84.88. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
Representative example
- Amount borrowed
- $1,000
- Annual percentage rate (APR)
- 29.99%
- Repayment
- 12 monthly payments
- Payment
- $97.48
- Finance charge
- $169.76
- Total of payments
- $1,169.76
Example: a $1,000 installment loan at 29.99% APR repaid in 12 monthly payments of $97.48 costs $1,169.76 in total, including a finance charge of $169.76. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
Representative example
- Amount borrowed
- $3,000
- Annual percentage rate (APR)
- 29.99%
- Repayment
- 12 monthly payments
- Payment
- $292.45
- Finance charge
- $509.40
- Total of payments
- $3,509.40
Example: a $3,000 installment loan at 29.99% APR repaid in 12 monthly payments of $292.45 costs $3,509.40 in total, including a finance charge of $509.40. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
Resources in Connecticut
Free and low-cost help in Connecticut, each with its official link and the date we checked it.
Lending regulator and complaints
Connecticut Department of Banking licenses lenders in Connecticut.
Check a lender's license File a complaint
portal.ct.gov Checked September 23, 2026
Attorney general consumer protection
Takes complaints about scams and unfair debt collection.
portal.ct.gov Checked September 23, 2026
211
Help with rent, utilities, food and other urgent bills.
211ct.org Checked September 23, 2026
Legal aid
Free civil legal help if your income is low; income limits vary.
slsct.org Checked September 23, 2026
Nonprofit credit counseling
Help with a budget or a debt management plan.
nfcc.org Checked September 23, 2026
Benefits portal
Check whether you qualify for food, cash or other benefits in Connecticut.
portal.ct.gov Checked September 23, 2026
Federal complaints
Complaints about any lender, to the Consumer Financial Protection Bureau.
Submit a complaint to the CFPB
consumerfinance.gov Checked September 23, 2026 Available in Spanish
Cheaper options to try first
Worth checking whatever your credit: these can cost less than a high-rate loan.
- Credit union payday alternative loans (PALs). Federal credit unions may offer small loans of up to $2,000 with terms of up to 12 months and an APR no higher than 28%, under NCUA rules (12 CFR 701.21). You usually need to be a member.
- Ask your creditor for a payment plan. Utilities, hospitals and many lenders offer hardship or extended payment plans if you ask before you miss a payment.
- Credit-builder loans: a small loan held in savings while you pay it off, which can help build a payment history.
- Secured credit cards: a card backed by a deposit you make, which can help build credit when you pay on time.
The rules lenders follow in Connecticut
Each rule links to its source. How we research state rules.
Allowed in Connecticut: installment and personal loans. Not allowed: title loans and payday loans.
| Product | Status | APR cap | Amount | Term | License | Law |
|---|---|---|---|---|---|---|
| Installment and personal loans[1][2][3] | Allowed | 36% APR (top tier) | Up to $50,000 | Not set by statute | Small Loan Act license | Conn. Gen. Stat. Section 36a-555 to 36a-573, as amended by SB 1033 |
| Title loans[4][5][6] | Not allowed | Not allowed | Not set by statute | Not set by statute | Not applicable | Conn. Gen. Stat. Section 36a-555 et seq. and pawnbroker statutes, which do not permit title-secured lending |
| Payday loans[7][3] | Not allowed | Not allowed | Not set by statute | Not set by statute | Not applicable as a distinct product | Conn. Gen. Stat. Section 37-4, 37-9; Section 36a-555 et seq. |
| Verified against the statute and regulator on September 23, 2026. Laws change; confirm with the regulator before you borrow. | ||||||
Bars place each APR cap on a 0 to 400% scale; the pin marks the cap. A striped bar means the statute sets no numeric cap.
Rate, fee and license rules in Connecticut
Installment and personal loans
- Rate cap
- Connecticut's general usury cap is 12% APR for unlicensed lenders. Licensed Small Loan Act lenders (Conn. Gen. Stat. Section 36a-555 to 36a-573, as amended by P.A. 23-126) may make small loans up to $50,000; the all-in APR (calculated under the federal Military Lending Act, including fees) may not exceed the lesser of 36% or the MLA rate for loans under $5,000, and 25% for loans of $5,000 to $50,000.
- Fees
- All fees and charges must be folded into the all-in APR calculation under the 2023 amendments; no separate uncapped fees are allowed for licensed small loans.
- License
- Small Loan Act license issued by the Connecticut Department of Banking.
Title loans
- Rate cap
- Connecticut does not authorize car title lending. Pawnbrokers are not permitted to lend against a certificate of title, and no license type exists for title-secured consumer loans at market rates.
- License
- Not applicable; title lending is not a licensable product in Connecticut.
Payday loans
- Rate cap
- No payday-specific statute exists; because Connecticut's general usury cap is 12% APR and only Small Loan Act licensees can exceed that (capped at 36%/25% per the tiers above), traditional triple-digit-APR payday loans cannot be lawfully made by storefront or online lenders to Connecticut residents.
- License
- Not applicable as a distinct product; would need a Small Loan Act license and comply with its 36%/25% all-in APR caps, which precludes typical payday economics.
Rent and jobs in Connecticut
Typical rent and the jobless rate, to weigh before a loan payment.
Guides for Connecticut borrowers
Check your options in Connecticut
Connecticut questions
Does Connecticut law allow payday loans?
Connecticut law does not allow payday loans. Source: Conn. Gen. Stat. Section 37-4, 37-9; Section 36a-555 et seq..
What is the most a lender can charge in Connecticut?
By loan type in Connecticut: Installment and personal loans: 36% APR (top tier). Title loans: Not allowed. Payday loans: Not allowed.
Where can I file a complaint about a lender in Connecticut?
You can file a complaint with Connecticut Department of Banking, and you can also submit one to the Consumer Financial Protection Bureau. Both links are under Resources in Connecticut on this page.
How do I check a lender's license in Connecticut?
Connecticut Department of Banking licenses lenders in Connecticut. Use the license link under Resources in Connecticut on this page to check a lender before you share your information.
Is there free help paying bills in Connecticut?
Yes. Resources in Connecticut on this page lists free help, including 211, legal aid, nonprofit credit counseling and benefits portal.
Nearby states
- Rhode IslandAllowed 36% APR (top tier)
- MassachusettsAllowed 23% APR
- New JerseyAllowed 30% APR
- New HampshireAllowed 36% APR
- VermontAllowed 24% APR (top tier)
Sources
- americanbar.org/groups/business_law/resources/business-law-today/2023-november/connecticut-broadens-scope-small-loan-act. Retrieved September 23, 2026.
- cga.ct.gov. Conn. Gen. Stat. Section 36a-555 to 36a-573, as amended by SB 1033. Retrieved September 23, 2026.
- portal.ct.gov. Connecticut Department of Banking. Retrieved September 23, 2026.
- responsiblelending.org/media/new-research-brief-provides-fresh-evidence-car-title-lenders-operating-illegally-22-states. Retrieved September 23, 2026.
- cga.ct.gov. Conn. Gen. Stat. Section 36a-555 et seq. and pawnbroker statutes, which do not permit title-secured lending. Retrieved September 23, 2026.
- portal.ct.gov. Connecticut Department of Consumer Protection / Department of Banking. Retrieved September 23, 2026.
- cga.ct.gov/2013/rpt/2013-R-0084.htm. Retrieved September 23, 2026.
- National Low Income Housing Coalition. Out of Reach 2026: Connecticut. Retrieved September 23, 2026.
- U.S. Bureau of Labor Statistics. Local Area Unemployment Statistics (LAUS), All States, Seasonally Adjusted. Retrieved September 23, 2026.
Important disclosures
APRs vary by lender and state in Connecticut. Each lender sets its own rates and terms and must show you the APR before you sign.
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- Questions about a lender licensed in Connecticut? Contact the Connecticut Department of Banking or file a state complaint.
- You can submit a complaint about any lender to the Consumer Financial Protection Bureau at consumerfinance.gov/complaint.