Best Loans in Connecticut, Payday, Auto Title Laws of October 2024
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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 stipulates that licensed businesses cannot charge more than 2% for cashing a check.
Best Bad Credit Loans in Connecticut of October 2024
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