Learn More About Personal Loans in Connecticut

Learn More About Personal Loans in Connecticut
Luke Loftin
on March 24, 2020
Read in 1 min

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.

Need Cash? Get a Personal Loan Today

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Disclaimer: This is not legal or financial advice. Please consult a legal or financial advisor for your specific situation.

Luke Loftin Finance Journalist

Luke is a writer and editor based out of Los Angeles.

He specializes in finance, as well as health and wellness.

In his free time, he enjoys watching Astros baseball.

Important Disclosures. Please Read Carefully.

Persons facing serious financial difficulties should consider other alternatives or should seek out professional financial advice. This website is not an offer to lend. Lendgenius.com is not a lender or lending partner and does not make loan or credit decisions. Lendgenius.com connects interested persons with a lender or lending partner from its network of approved lenders and lending partners. Lendgenius.com does not control and is not responsible for the actions or inactions of any lender or lending partner, is not an agent, representative or broker of any lender or lending partner, and does not endorse any lender or lending partner. Lendgenius.com receives compensation from its lenders and lending partners, often based on a ping-tree model similar to Google AdWords where the highest available bidder is connected to the consumer. Regardless, Lendgenius.com’s service is always free to you. This service is not available in all states. If you request to connect with a lender or lending partner in a particular state where such loans are prohibited, or in a location where Lendgenius.com does not have an available lender or lending partner, you will not be connected to a lender or lending partner. You are urged to read and understand the terms of any loan offered by any lender or lending partner, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you. By submitting your information via this website, you are authorizing Lendgenius.com and/or lenders and lending partners in its network or other intermediaries to do a credit check, which may include verifying your social security number, driver license number or other identification, and a review of your creditworthiness. Credit checks are usually performed by one of the major credit bureaus such as Experian, Equifax and Trans Union, but also may include alternative credit bureaus such as Teletrack, DP Bureau or others. You also authorize Lendgenius.com to share your information and credit history with its network of approved lenders and lending partners. For qualified consumers, our lenders offer loans with an Annual Percentage Rate (APR) of 35.99% and below. For qualified consumers, the maximum APR (including the interest rates plus fees and other costs) is 35.99%. All loans are subject to the lender’s approval based on its own unique underwriting criteria. Example: Loan Amount: $4,300.00, Annual Percentage Rate: 35.99%. Number of Monthly Payments: 30. Monthly Payment Amount: $219.36. Total Amount Payable: $6,581.78 Loans include a minimum repayment plan of 12 months and a maximum repayment plan of 30 months. In some cases, you may be given the option of obtaining a loan from a tribal lender. Tribal lenders are subject to tribal and certain federal laws while being immune from state law including usury caps. If you are connected to a tribal lender, please understand that the tribal lender’s rates and fees may be higher than state-licensed lenders. Additionally, tribal lenders may require you to agree to resolve any disputes in a tribal jurisdiction. You are urged to read and understand the terms of any loan offered by any lender, whether tribal or state-licensed, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.

Lender’s or Lending Partner’s Disclosure of Terms.

The lenders and lending partners you are connected to will provide documents that contain all fees and rate information pertaining to the loan being offered, including any potential fees for late-payments and the rules under which you may be allowed (if permitted by applicable law) to refinance, renew or rollover your loan. Loan fees and interest rates are determined solely by the lender or lending partner based on the lender’s or lending partner’s internal policies, underwriting criteria and applicable law. Lendgenius.com has no knowledge of or control over the loan terms offered by a lender and lending partner. You are urged to read and understand the terms of any loan offered by any lenders and lending partners and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.

Late Payments Hurt Your Credit Score

Please be aware that missing a payment or making a late payment can negatively impact your credit score. To protect yourself and your credit history, make sure you only accept loan terms that you can afford to repay. If you cannot make a payment on time, you should contact your lenders and lending partners immediately and discuss how to handle late payments.