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The modern financial market in Connecticut offers solutions for different tastes and wallets. Customers can choose from an amazing variety of services and offers that are able to meet even the highest expectations of the borrower. One such solution is an installment loan. It is a modern form of loan that can be used even without leaving home, taking out a loan quickly and conveniently online. As the name suggests, this type of liability can be repaid in parts, monthly or at another time specified by the lender.

What Is An Installment Loan In Connecticut?

How can you define the concept of an installment loan and what exactly is this solution? An installment loan is a form of a non-bank loan that the customer can repay in part (otherwise in installments) over a longer period. The lender decides on the number of loan installments and the repayment schedule. As a rule, these issues depend on the total loan amount in installments and the client’s financial capacity. This type of loan can be taken online by submitting an application to a selected online loan company in Connecticut. An installment loan is actually something between a bank loan and a payday loan. On the one hand, you do not have to pay back the entire loan amount at once, but you can spread it out in installments, and on the other hand, you do not take it from a bank, but only from a non-bank institution. In this way, you can therefore gain several benefits: firstly, you repay your liability in the long term and partially, and secondly, the loan process is not complicated and does not involve a large number of formalities (as in the case of bank loans).

To sum up – the following features of installment loans can be distinguished:

  • are provided by non-bank companies;
  • they can be taken online, without unnecessary formalities;
  • are long-term;
  • they can be repaid in installments at monthly intervals;
  • they can be contracted to meet any life and/or consumer needs.

Connecticut Installment Loans – Rates and Fees

Before applying for an installment loan in Connecticut, you should learn about rates and fees in this state.

Minimum Loan Amount 1,000 $
Maximum Loan Amount 5,000 $
Minimum Loan Term 90 days
Maximum Loan Term 36 months
Minimum APR 6,63 %

Who Can Get An Installment Loan In Connecticut?

Any adult person in Connecticut can apply for an installment loan. Nevertheless, each separate loan company imposes its own restrictions and requirements on potential borrowers. This may be the client’s age, current employment, monthly income, repayment history of previous financial liabilities, etc. Depending on the selected loan company, the customer must adapt to its requirements.

The most common limitation is the age of the borrowers. Loan companies define their lower and upper limits. This type of limitation increases the credibility of the client and gives greater certainty that he is employed, and thus, is characterized by greater solvency than people below or above certain age limits. An installment loan is a good solution for indebted people to whom most banks do not grant traditional loans and credits.

Before applying for an installment loan, it is recommended that you familiarize yourself with the requirements for customers who can use the services of the loan company of your choice.

How To Choose An Installment Loan Online In Connecticut?

As mentioned before – when choosing a loan company that will grant you an installment loan, it is not worth rushing. You should carefully analyze all aspects that may have a greater or lesser impact on the convenience of using the company’s services, as well as your benefits as a borrower. It is also worth taking care of your own safety and carefully examining the credibility of the company. Here are the basic rules to follow when choosing a lender:

  1. Make sure the company is safe and credible by researching its history and customer reviews online. Reliable lenders always have a large number of satisfied customers.
  2. Analyze all the terms on which the company grants installment loans, including paying particular attention to:
  • minimum and maximum loan amount;
  • money withdrawal time;
  • loan repayment date;
  • the number and amount of installments;
  • interest.
  1. Take into account the APR indicator – it is its amount that determines the total amount of fees paid by the borrower.
  2. Check what the commission for an installment loan is in the selected company, and compare it with several other lenders to make sure it is not too high.
  3. Use comparison websites and rankings of companies that grant loans in installments and without creditworthiness.
  4. Do not take out too much loan amount in installments, even if the lender offers you more.
  5. Before applying for an installment loan, analyze your own financial capabilities and do not exceed them to be able to repay the installment loan on time.

Installment Loan Alternatives

If you are not satisfied with the conditions of a payday loan in Connecticut, you can use one of several alternatives.

  • Payday loans: this type of loan is the smallest among non-bank companies and is usually issued for only 30 days. As you can understand by the name, the essence of such a loan is the provision of funds before payday. These loans range from $100 to $1,000 and are ideal for paying bills and car repairs.
  • Personal loans: in terms of their structure, this type of loan practically does not differ from installment loans but is issued for a larger amount for more serious purchases. A personal loan is also repaid in installments but is issued for up to 60 months and in amounts ranging from $1,000 to $35,000. The APR for such loans is often slightly lower than for installment loans. Such a loan is ideal for large purchases, paying for expensive medical services, and traveling.
  • Car title loans: this type of loan is designed specifically for car owners who would like to receive money against the security of their car. The lender evaluates the value of your car on the market and based on this information gives you an amount equal to 80% of the value of your car.  A huge advantage of such a loan is the ability to use the car throughout the entire repayment period. You can get up to $50,000 both short and long-term.

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