By: Michelle Kirby, Associate Analyst
You asked for an analysis for the legal limitations on payday loan providers who issue loans to Connecticut borrowers.
Pay day loans are small-dollar, short-term loans that borrowers vow to settle out of their pay that is next check. The effective yearly interest levels on payday advances have become high.
Connecticut legislation doesn’t especially deal with pay day loans. But, what’s needed of Connecticut ‘ s loan that is small and look casher law have actually the practical effectation of limiting payday lending by restricting who are able to make little loans therefore the number of interest they might charge.