In November 2018, the Connecticut governor’s office announced that the state’s economy is “growing at a much faster pace than it has (over) the last eight years.” That’s good for everyone living in the “Constitution State,” but unfortunately, financial crunches happen to everyone from time to time.
Unexpected bills, emergency expenses resulting from car accidents or hospital stays, major purchases – these situations require cash on hand (and fast), that you might not have readily available. Fortunately, personal loans can help see you through the challenge. Even if you have no collateral or bad credit, you are generally still able to request a personal loan from a lender.
Whatever you need your personal loan for, you’re not alone, as there are many reasons why someone may consider taking out a personal loan. For example, personal loans might be used to consolidate debt, making the process of getting debt free simpler to manage in some cases.
Here’s a comprehensive overview of what you need to know about personal loans in Connecticut.
Where can I get a personal loan in Connecticut?
Banks and local credit unions, the long-trusted sources for personal loans, have become increasingly difficult to borrow from in recent years. That, coupled with having to physically go to a local branch and fill out applications, can make them inconvenient.
However, with online personal loans, you can apply for an installment loan from your laptop or even your phone. LendGenius is not a lender but we provide one simple form that upon completion, may connect you with a lender.
What should I watch out for when requesting a personal loan in Connecticut?
Connecticut has a number of laws in place to protect borrowers from predatory loans. For example, the General Statutes of Connecticut 36a-56 caps the total interest a lender may charge at 12 percent.
As far as what to look out for, pay close attention to loan terms and understand what you are agreeing to before you sign any contract.
Ideal loans will:
- Only be approved after a credit check.
- Have terms that are clear.
- Be preceded by forms with questions about your income, your monthly expenses and how much you possess in assets.
Online personal loans can potentially be a convenient way to get the cash you might need for unexpected expenses.
Disclaimer: This is not legal or financial advice. Please consult a legal or financial advisor for your specific situation.