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Payday Loans In The State Of Connecticut, How Do They Effect You?
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Payday Loans In the State Of Connecticut, How Do they Effect You?

This is an interesting state when it comes to payday loan laws, as the payday loan laws in the state of Connecticut actually prohibit payday loans. Lucky us, the state has made provisions under the small banking loan laws to allow payday loans to fall under their definition, thus making them legal.

By doing this the state has made it really easy for the borrower to get in over their head with the greatest of ease. As long as the lender stays under the small loan cap of $1500.00 they can sign you right up.

There are also no limits on how long a payday loan term is, or how many times you can roll it over. This can be extremely dangerous to the borrower, as every roll over is like a new loan, complete with roll over charges and fees.

Since the average borrower will roll over a payday loan between 4 to 5 times before they pay off the balance in full, you can be paying up to 700 plus percent on these loans.

Now comes the best part for the lender. The payday loan company may charge any interest rate the borrower agrees to pay. Now this is a setup for failure for sure.

Imagine you have to keep rolling this loan over, and you just keep getting farther and farter behind, so you take out another loan to pay this one, and the the process keeps repeating itself over and over. You are now stuck in the payday loan trap.

Before I let you in on some information that can help you out of this mess I must make it clear that payday loans are a last ditch resource to be used only if you can pay them off the first time they come due, period! This is how they were originally set up to work, until the loan companies started seeing how much money they could make if the borrower had to roll the loan over.

There is some good news here,. Help is available through a payday loan debt consolidation company. They can help you consolidate all your loans into one easy payment that will help clear up your paycheck so you can live.

You must make sure you use a company that has your best interests in mind, and are not there to take advantage of you and your situation, as you have had enough of this already by the payday loan companies.

There are good honest companies that can stop the phone calls and interest rates and give you some breathing room in your finances.

I hope this information on the Connecticut payday loan banking laws and the help that is available is of use in your daily financial planning!

Please feel free to share this article and leave any comments and questions below!

Street Talk

Terrific advice!

  about 7 years ago

Thanks Sheri!

  about 7 years ago
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