Connecticut Payday loans
Here is a guide that we put together to help you get to understand how Payday loans work in Connecticut. This will help you see if Connecticut payday loans are a good idea and what other options are available to you.
Are Connecticut payday loans legal?
It is illegal for companies to offer payday loans in Connecticut. They are not illegal per se, but there are regulations capping interest rates which make their operation impossible. The idea for the law is simple. Because payday loans can attract people with past financial problems such as credit card debt and other similar issues, high interest loans can multiply a lender's problems. We also recommend that you read the fine print before you sign up for any loan. The same goes for having a repayment plan that makes sense for you and allows payments to be on time.
Alternatives for Connecticut payday loans
Even with bad credit you can still get an installment loan. Remember that the insterest rates will still be high. LIST
Are there alternatives to Connecticut payday loans?
Yes it is true that it is illegal to take out a payday loans in connecticut. However, there are other ways to get out of a financial quagmire.
- Apply for a credit card Regardless of your credit there are plenty of credit cards that will still accept your application not to mention if you get approved their interest rates are much more attractive.
- Tribal Loans Connective payday loans are illegal but it does not mean you still cannot get one. There are payday loan companies operation in tribal lands with their own governments since they are sovereign territories. A couple of examples are SWIFT and Blue Trust Loans
- Loans from other states If you are temporarily located in Connecticut but still hold residence in a State that allows payday companies to operate, it is still possible to take out a payday loan in Connecticut. Just make sure you can prove your residence in said State.
- Side work Sell stuff on eBay, become an Uber driver, try a pawnshop.
Costs of payday loans
Credit comes with costs, always. There will always be fees, interest and various charges because this is how lenders offset the costs of losses when people fail to pay. APR will vary depending on your credit. If your credit is excellent, you will get a more competitive APR. In fact, in some cases people take out loans with rates nearing zero percent. Late payments will incur charges. If checks don't clear you will pay what is called a NSF fee (Non-sufficient funds fee).