Payday Loans in Yantic, Connecticut

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No payday loan companies in Yantic, CT. Consider companies in other cities:

Company nameAddressZip codePhone number
Community Economic Development Fund 965 E Main St, Meriden, CT 06450 +1 (203) 235 - 2333
Guaranteed Rate 83 Bank St, Waterbury, CT 06702 +1 (203) 346 - 1226
First Financial LLC 25 Lorenz Dr, Wolcott, CT 06716 +1 (203) 879 - 5295
The First Bank of Greenwich 444 E Putnam Ave, Cos Cob, CT 06807 +1 (203) 629 - 8400
TD Bank 185 Main St, Westport, CT 06880 +1 (203) 341 - 0490
Bank of America with Drive-thru ATM 1815 Post Rd E, Westport, CT 06880 +1 (203) 418 - 4316
Santander Bank 1765 Ellington Rd, South Windsor, CT 06074 +1 (860) 644 - 5183
Grow Bridgeport Fund 177 State St 500, Bridgeport, CT 06604 +1 (203) 335 - 1562
Wells Fargo Bank 665 Boston Post Rd Ste 22, Old Saybrook, CT 06475 +1 (860) 388 - 4623
Golden Hill Pawn Shop 3898 Main St, Bridgeport, CT 06606 +1 (203) 333 - 2766

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Yantic, CT, you can try to find different companies in big cities near by. Check out the following pages here: Quick Loan in Stamford, CT, Guaranteed Loans in Stratford, CT, 24-Hour Loan in Torrington, CT, Payday Loans in Trumbull, CT, Payday Loan for Wallingford, CT, Bad Credit Loans in Waterbury, CT, Payday Loans in West Hartford, CT and No Credit Check Loans in West Haven, CT. But also, you can apply for a loan online, not coming out of your home. Just fill out a simple application on our website and we will connect you with trusted direct lenders in Yantic, CT.

Beautiful sights of Yantic, CT

Are Payday Loans Legal In Yantic, Connecticut?

Payday Lending is Prohibited in Connecticut

Connecticut Loan Regulations

Legal StatusProhibited
Interest Rate (APR, %)Prohibited
Maximum Loan AmountProhibited
Minimum Loan TermProhibited
Maximum Loan TermProhibited
Number of Rollovers AllowedProhibited
Finance ChargesProhibited

Yantic, CT payday loan calculator

Payday Loans in Yantic, Connecticut: Understanding the Prohibition

When it comes to financial emergencies, many people resort to taking out payday loans. Payday loans are short-term loans meant to tide people over until their next paycheck arrives. However, in Connecticut, payday loans are prohibited by state law. This means that residents of Yantic, Connecticut, cannot get a payday loan legally.

While the easy availability of payday loans may seem attractive, it’s important to understand why they are prohibited in Connecticut and the alternative options available to residents of Yantic.

Why are Payday Loans Prohibited in Connecticut?

In Connecticut, payday loans are banned due to the high interest rates and fees they charge. Connecticut has implemented laws that prohibit loans with finance charges of more than 36%. Payday lenders charge much higher interest rates, making it impossible for lenders to operate in the state legally.

Another reason why payday loans are banned in Connecticut is that they trap borrowers in a cycle of debt. Payday loans are often marketed as a quick fix for short-term financial emergencies. However, the high fees and interest rates associated with these loans can make it hard for borrowers to repay them on time. In some cases, borrowers have to take out another loan to pay off their previous one, leading to a cycle of debt.

Alternative Options for Residents of Yantic

While payday loans are prohibited in Yantic, Connecticut, there are alternative options available to residents in need of financial assistance. These options include:

  • Personal Loans: Personal loans are a popular alternative to payday loans. They are usually available at lower interest rates and often provide more flexible repayment terms. Credit unions, banks, and online lenders offer personal loans to people with good credit.
  • Installment Loans: Installment loans are similar to personal loans but are repaid in installments over a longer period. This option provides a more affordable repayment schedule.
  • Credit Counseling: Free credit counseling services are available for people who need help managing their finances. Credit counselors can help develop a budget, negotiate with creditors, and provide other financial advice.

Interesting Facts and Statistics

  • Connecticut is not the only state to ban payday loans. In fact, there are currently 16 states that have prohibited payday loans.
  • Average APR of payday loan in United States is over 400%.
  • The payday loan industry generates over $9 billion in revenue annually.

Apply Now

While payday loans are prohibited in Yantic, Connecticut, TheGuaranteedLoans can connect you with lenders who can offer alternative loan options. Click the button below to fill out an application and get in touch with our trusted lending partners. We are a connector service, not a direct lender, and we prioritize the safety and privacy of our clients.

Disclaimer: TheGuaranteedLoans is not a lender and doesn’t make any loan decisions. We are a loan connecting service that matches borrowers with lenders. TheGuaranteedLoans does not control the loan terms, fees, and APR offered by lenders. TheGuaranteedLoans is not responsible for the actions of any lender. TheGuaranteedLoans cannot guarantee that the borrower will be approved for a loan or that the loan terms will be favorable. Loan approval and terms are dependent on factors such as credit score, income, debt, and employment history. Loan amounts and repayment terms vary.

F.A.Q.

Why are payday loans illegal in Yantic, Connecticut?

Payday loans are illegal in Yantic, Connecticut because they often have high interest rates and fees that can trap borrowers in a cycle of debt. The state's regulations are designed to protect consumers from predatory lending practices.

What are some alternative options for getting quick access to cash in Yantic, Connecticut?

in Yantic, Connecticut, consumers can seek out alternative forms of financing, such as small personal loans, credit union loans, or even borrowing from friends or family.