October 26th, 2012 by Shawn Martin
One has to wonder when reading Connecticut payday loan banking laws.
There are 23 states that allow payday loans, and 19 that prohibit them completely.
Connecticut is on of the latter states, but they have made provisions in their small loan laws
They allow Payday Loans and really have no limits on how much you can borrow, as long as you stay under the small loan cap of $15000.00
There is also no limit on how long or how many payday loans a person can take out at any given time.
Interest rates are set up as any amount a borrower agrees to pay, and with unlimited roll overs this could lead to some seriously high rates.
This state is set up for the borrower to find themselves into a real payday loan trap if they do not pay the loan off in the first term, and get caught up in the cycle of having to roll over of the loan.
The checks they hold until your next payday become due and you roll it over, you get hit with the high-interest rate charge, then the loan is set to go through the same process on your next payday, and on and on.
You never pay on the principal, only the interest. We recommend that the ,best Connecticut payday loans are no Connecticut payday loans.
We can help!
If you have found yourself in need of payday loan debt help in Connecticut or any other state we can help.
Please read our Payday Loan Repayment Plan to find out what we can do for you to help you pay these loans off and get some peace of mind!!