Payday Loans in Montville, Connecticut

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

Company nameAddressZip codePhone number
Groton Municipal Employees Fcu 44 Plaza Court, Groton, CT 06340 +1 (860) 446 - 4121
Newtown Savings Bank - Bethel: Dolan Plaza 211 Greenwood Ave, Bethel, CT 06801 +1 (203) 744 - 3233
Ion Bank 218 Maple Ave, Cheshire, CT 06410 +1 (203) 729 - 4442
Sam Chang - Thrivent 71 Raymond Rd, West Hartford, CT 06107 +1 (860) 474 - 3601
People's United Bank 310 W Main St, Avon, CT 06001 +1 (860) 409 - 7365
Shantok Motors 2246 Norwich-New London Turnpike 1224, Uncasville, CT 06382 +1 (860) 848 - 7731
KeyBank 220 N Main St, Manchester, CT 06042 +1 (860) 533 - 5055
Citizens Bank 263 Hemingway Ave, East Haven, CT 06512 +1 (203) 466 - 7565
Liberty Bank 27 Coogan Blvd Building 21, Mystic, CT 06355 +1 (888) 570 - 0773
Raymond James Financial Services 909 N Colony Rd, Wallingford, CT 06492 +1 (203) 294 - 4594

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Montville, CT, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in New Haven, CT, Payday Loans in Newington, CT, Payday Loans in Norwalk, CT, No Credit Check Loans in Norwich, CT, Same Day Loans in Shelton, CT, Online Loans in Southington, CT, Payday Loans in Stamford, CT and Payday Loans in Stratford, 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 Montville, CT.

Beautiful sights of Montville, CT

Payday Loans Available in Montville, CT By The Following ZIP Codes:

06353

Are Payday Loans Legal In Montville, 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

Montville, CT payday loan calculator

Comprehensive Guide to Payday Loans in Montville, Connecticut

Payday loans are a type of high-interest, short-term loan that is typically due on the borrower’s next payday. In Montville, Connecticut, this type of loan is illegal. Connecticut is one of the few states that prohibit payday loans, and this is for good reason. These loans often have absurdly high interest rates and can trap borrowers in a cycle of debt. In this article, we will explain what payday loans are, why they are illegal in Connecticut, and what alternatives people in Montville have if they need quick cash.

What are Payday Loans?

Payday loans are small-dollar loans that are due on the borrower’s next payday. They are typically taken out by people who need quick cash for an unexpected expense, such as a medical bill or car repair. The borrower writes a post-dated check to the lender for the loan amount plus fees, and the lender agrees not to deposit the check until the borrower’s next payday. If the borrower can’t repay the loan on their next payday, they may be forced to roll over the loan, incurring additional fees and interest.

Why are Payday Loans Illegal in Connecticut?

Payday loans are illegal in Connecticut because lawmakers recognize that they are predatory and harmful to consumers. In 2010, Connecticut passed a law capping interest rates on short-term loans at 36%. This effectively ended the payday loan industry in the state. The law also prohibits lenders from rolling over loans or making loans to people who already have outstanding payday loans, which helps prevent borrowers from getting trapped in a cycle of debt.

Alternatives to Payday Loans in Montville

While payday loans are illegal in Montville and the rest of Connecticut, there are still other options available for people who need quick cash. Here are a few alternatives:

  • Credit Cards: If you have a credit card, you can use it to pay for unexpected expenses. While credit card interest rates can be high, they are typically much lower than payday loan rates.
  • Personal Loans: Many banks and credit unions offer personal loans that can be used for a variety of purposes, including unexpected expenses. Personal loan interest rates are usually much lower than payday loan rates, and the repayment terms are more favorable.
  • Side Hustles: If you need quick cash, you may be able to pick up some extra work on the side. This could include driving for a ride-sharing service or doing odd jobs for people in your community.

Interesting Facts and Statistics

  • In 2019, Connecticut lawmakers considered lifting the ban on payday loans, but the proposal was ultimately defeated.
  • A typical payday loan in Connecticut carries an interest rate of 400% or higher.
  • In 2016, the average payday loan borrower in Connecticut took out 12 loans, with an average loan amount of $408.
  • Payday lenders in Connecticut have been known to use aggressive and illegal tactics to collect debts from borrowers.

Apply Now

If you need quick cash, you can fill out an online application on TheGuaranteedLoans website. We are a connector service that can help you connect with potential lenders who offer personal loans, installment loans, and other types of loans that are legal in Connecticut. We are not a direct lender, but we work with a network of trusted lenders who can provide you with the cash you need. Apply now and see if you qualify.

Conclusion

While payday loans are illegal in Montville, Connecticut, there are still plenty of options available for people who need quick cash. By exploring alternatives such as credit cards, personal loans, and side hustles, you can avoid falling into a cycle of debt and take control of your finances. And if you do need to borrow money, TheGuaranteedLoans is here to help you find a safe and reliable lender.

F.A.Q.

Can a payday loan company file a lawsuit against me in Montville, Connecticut?

No, a payday loan company cannot file a lawsuit against you in Montville, Connecticut because these loans are illegal in the state.

Are there any federal laws that apply to payday loans in Montville, Connecticut?

Yes, there are federal laws that apply to payday loans in Montville, Connecticut, including the Military Lending Act and the Truth in Lending Act. These laws provide protections for consumers and regulate the practices of payday lenders.