Connecticut at a glance
- Personal loansAllowed 36% APR (top tier)
- Installment loansAllowed 36% APR (top tier)
- Emergency loansAllowed 36% APR (top tier)
- Payday loansNot allowed
- Title loansNot allowed
Loan options in Connecticut
Every loan type we cover is listed, including the ones Connecticut law does not allow, so you can see why and what else can work.
- Personal loansAllowedA lump sum you repay in fixed monthly payments. See what your state allows and what a loan can cost.
- Installment loansAllowedFixed payments over months, not weeks. See your state's rate limits and a worked cost example.
- Emergency loansAllowedMoney for an urgent bill, usually a smaller installment loan. Check your state's limits before you borrow.
- Payday loansNot allowedA short loan usually due in one payment on your next payday. Allowed in fewer states, so read the fee limits first.
- Title loansNot allowedA loan secured by your car title. Allowed in fewer states, and your car is at risk if you cannot repay.
Other ways to borrow
- Credit union payday alternative loans: small loans from federal credit unions with an APR capped at 28% under NCUA rules. (12 CFR 701.21)
- 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.
- Payment plans: many utilities, hospitals and lenders offer hardship plans if you ask before you miss a payment.
What a loan can cost in Connecticut
Worked examples at an illustrative rate, never above Connecticut's rate cap for that loan amount where the law sets one. They are examples, 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 places to turn in Connecticut, each linked to its official source and dated when we last checked it.
Lending regulator and complaints
Connecticut Department of Banking licenses lenders in Connecticut. Check a lender's license here, and file a complaint if something goes wrong.
Check a lender's license File a complaint
portal.ct.gov Checked September 23, 2026
Attorney general consumer protection
The attorney general's consumer protection office takes complaints about scams, unfair debt collection and other business practices.
portal.ct.gov Checked September 23, 2026
211
Call 211 or visit your local 211 site to reach help with rent, utilities, food and other urgent bills.
211ct.org Checked September 23, 2026
Legal aid
Free civil legal help for people with low incomes, including debt collection, repossession and eviction problems. Income limits vary.
slsct.org Checked September 23, 2026
Nonprofit credit counseling
Nonprofit counselors can help you build a budget or set up a debt management plan. Look for an NFCC or FCAA member agency.
nfcc.org Checked September 23, 2026
Benefits portal
The official site for checking whether you qualify for food, cash or other benefits in Connecticut, and for signing up.
portal.ct.gov Checked September 23, 2026
Federal complaints
Submit a complaint 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.
- Nonprofit credit counseling. A counselor accredited by the National Foundation for Credit Counseling can help you build a budget or a debt management plan.
- 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.
- Local assistance. Call 211, or visit 211.org, for emergency help with rent, utilities and food in Connecticut.
The rules lenders follow in Connecticut
These rules protect you as a borrower and explain the labels above. Each one links to the source we took it from. 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 issued by the Connecticut Department of Banking | 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.
Money snapshot for Connecticut
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.
Can I get a loan in Connecticut with a 500 credit score?
Lenders look at more than your score, such as income and existing debts, and each sets its own rules. BadCreditMD cannot tell you whether a lender will approve you.
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. Census Bureau, Population Division. Vintage 2024 National and State Population Estimates. 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
Illustrative range for installment loans in Connecticut: APRs from 5.99% to 35.99%, where the state APR cap is 36% at most and lower on larger loans. This range is not a quote; each lender sets its own rates. Your APR depends on your credit, income, state and the lender.
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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.