Payday Loans in East Killingly, Connecticut

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

Company nameAddressZip codePhone number
Dime Bank Stonington Cannon Square, 4, Stonington, CT 06378 +1 (860) 859 - 4300
Bank of America with Drive-thru ATM 25 Pennsylvania Ave, Niantic, CT 06357 +1 (800) 432 - 1000
Charles Schwab 869 Boston Post Rd Ste 102, Madison, CT 06443 +1 (800) 646 - 4710
United Bank - Big Y Branch 65 Palomba Dr, Enfield, CT 06082 +1 (860) 291 - 3821
Webster Bank 141 Hebron Ave, Glastonbury, CT 06033 +1 (860) 659 - 6280
Raymond James Financial Services 2572 Whitney Ave, Hamden, CT 06518 +1 (203) 288 - 1888
Connecticut Federal Credit Union 127 Washington Ave, North Haven, CT 06473 +1 (203) 239 - 0346
First Connecticut Credit 159 S Turnpike Rd, Wallingford, CT 06492 +1 (203) 269 - 8718
Homestead Funding Corporation 17 Boston Post Rd, Waterford, CT 06385
Nathan & Lewis Securities Inc 83 Mason St, Greenwich, CT 06830 +1 (203) 869 - 0033

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in East Killingly, CT, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Hamden, CT, Payday Loans in Hartford, CT, Payday Loans in Manchester, CT, Online Loans in Meriden, CT, Quick Loan in Middletown, CT, Quick Loan in Milford, CT, Payday Loan for Naugatuck, CT and Emergency Loan in New Britain, 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 East Killingly, CT.

Beautiful sights of East Killingly, CT

Are Payday Loans Legal In East Killingly, 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

East Killingly, CT payday loan calculator

Understanding Payday Loans in East Killingly, Connecticut

Payday loans are a type of short-term loan that’s usually due on your next payday. Essentially, you’re borrowing against your next paycheck.

Several states have outlawed payday loans, including Connecticut. However, that doesn’t mean there aren’t predatory lenders out there trying to circumvent state law. East Killingly is no exception.

Why Are Payday Loans Prohibited in Connecticut?

In 2010, the State of Connecticut passed legislation to restrict payday loans, as they were deemed detrimental to consumers’ financial health.

The law states that payday loans are illegal and that no lenders are allowed to charge interest rates higher than 12% annually. The law was passed to protect borrowers from lenders who would take advantage of their desperate financial situations.

Why Are Payday Loans so Controversial?

While payday loans may seem like a quick fix for those in a tight financial spot, they often have high interest rates and fees, which can put borrowers in an even worse situation once the loan is due.

The average payday loan in Connecticut comes with an APR of 391%, according to the Center for Responsible Lending. Unfortunately, many borrowers can’t repay the loan when it’s due. Given the short-term nature of payday loans, some borrowers end up rolling over their loans and paying more fees and interest.

What Are the Risks of Taking Out a Payday Loan?

The risks of taking out a payday loan include:

  • High interest rates: Payday loan lenders charge incredibly high interest rates, sometimes as high as 500% APR.
  • Debt traps: If you can’t pay it back when due, you can end up paying even higher interest rates and fees for months, pushing your balance higher and higher.
  • Bank account closure: Some lenders require access to a borrower’s bank account, and if there isn’t enough money to cover the payment, the bank might close the account, leaving the borrower without any banking options at all.

What Are Some of the Alternatives to Payday Loans?

If you need cash but don’t want to take on the risk associated with a payday loan, consider some of the following alternatives:

  • Personal loans: Banks and online lenders offer personal loans with lower rates than payday loans.
  • Credit card cash advances: If you have a credit card, you can take a cash advance with a lower interest rate than payday loans.
  • Borrow from friends or family: If you need to borrow cash, consider asking for help from friends or family members. While it can be awkward, it’s often a better choice than creating a debt trap for yourself.

Interesting Facts About Payday Loans in East Killingly, Connecticut

While it’s illegal to operate a payday loan business in Connecticut, there are still predatory lenders out there trying to take advantage of borrowers. According to a report by the Community Economic Development Fund in Connecticut:

  • Between 2010 and 2017, Connecticut-based lenders made more than 1.5 million payday loans in the state.
  • The average annual payday loan interest rate was 448%, and the average borrower took on eight loans per year, with an average loan size of $350.

Apply Now

At TheGuaranteedLoans, we don’t offer payday loans or title loans. Instead, we’ll connect you with the perfect short-term loan for you.

Just fill out our online application, and we’ll connect you with potential lenders that can help. Remember, we’re not a direct lender, but rather a connector service that helps you find the best short-term loan for your financial needs.

The Bottom Line

Payday loans may seem like an easy fix to a difficult financial situation, but they come with high risks and fees. If you need help with a short-term loan, consider alternatives like personal loans, credit card cash advances, or family and friend loans. And if you do decide to pursue a payday loan, make sure you understand the terms and conditions, as well as the risks associated with borrowing against your next paycheck.

F.A.Q.

Can I take out a payday loan online in East Killingly, Connecticut?

No, even if the lender is located outside of Connecticut, it is illegal to take out a payday loan online in this state.

Can I take out a payday loan from a lender in another state and use it in East Killingly, Connecticut?

No, it is illegal to use a payday loan from another state in East Killingly, Connecticut.