Looking for an Unsecured Personal Loan in Connecticut?
Have you been shopping around for a loan, only to be rejected by each of the 12 lenders you requested money from? If you have been struggling to obtain a personal loan but have been denied by multiple loan providers, then you need to stop submitting those applications and work with us! Each time you submit an application to a lender, that company then pulls a copy of your credit report. Doing so puts a hard inquiry on your report. This essentially reduces your credit score incrementally; and as with all things that come in increments, all 12 of those hard inquiries will add up, leaving you in worse shape than you were prior to requesting the funds. Our Loan Discovery Process does not initially affect your credit score!
Are you looking to consolidate your existing debt with an unsecured personal loan? Part of the reason lenders are denying your request may be because of that debt. You may be using too much of the credit you have been extended (called credit utilization), and doing so has lowered your credit score and increased the risk you present to lenders. While your credit score is a component of the decision-making process, Loans Now will look at more than the number your credit history has generated. We will look at all factors affecting that score — including the 12 hard inquiries, including your credit utilization — to find a solution for your situation.
Unsecured Loans for People with Bad or No Credit
Bad credit can occur from many different scenarios. It does not mean you have failed, it does not mean you have mismanaged your money. Unfortunately, it does mean that you will usually pay extra for a personal loan through higher interest rates attached to those loans. Unlike the majority of lenders in the market, our loan specialists work with you and your individual scenario to keep that interest rate as low as possible. Visit our How It Works page to see the steps involved, then fill out the simple questionnaire as your first step in getting over this denial-hump.
- There are no fees for using our service
- It does not affect your credit score
- 60 seconds is all it takes to get started
As part of the questionnaire, you will need to input your credit score. If you do not know your current credit score, you can find out how on our Check Your Credit Score page. You may be apprehensive to pull your own credit score since you may have multiple hard inquiries on your report, but you do not need to be. Pulling a copy of your own report does not affect your score. It also does the following for you:
- Checking your credit score saves you money — we do not have to charge a fee
- Checking your credit score preserves it — no hard inquiries
- Checking your credit score gives you the opportunity to clean up issues on your report
Connecticut’s economy is unfortunately stagnant right now. While few of the state’s residents are moving away — a testament to the quality of life Connecticut has developed — few people are moving to the state. Business development is struggling, well below the national average, which means job creation is at a standstill. This can make it hard for people to improve their living situations, potentially making it necessary to take out an unsecured personal loan to cover unforeseen expenses or to get out of a financial bind.
The state is home to a number of fishing towns typical of the New England coast. And while people in these seafood-gathering communities are able to hold their own, those living in the cities are finding it harder and harder to make ends meet. This is where Loans Now can help. To help cover the expenses that can’t be covered otherwise, a personal loan will allow you to pay the bills, give you time to pay it back, and allow you to breathe a sigh of relief.
Connecticut Laws and Regulations for Bad Credit Personal Loans
The State of Connecticut has put a cap on the interest rates lenders can assess to the principal of a loan. While historically this was between six and seven percent, the current interest rate set within the General Statutes of Connecticut, §37-4, is topped out at 12%. This was part of an effort to bring the state more in-line with the majority of the country, allowing for better competition in the consumer finance industry while at the same time preventing the residents of Connecticut from falling into unrestricted debt that borrowers would not be able to escape from.
The state legislature has also put stipulations in §37-1 of the state statutes specifying a percentage in the absence of an interest rate in the agreement terms. If the courts have to render a judgement over a contended debt where the interest rate was not predetermined and in writing, then the interest rate for such a loan is set automatically at 8%. These are typically cases where an individual will agree to provide a loan to another, but can also include usurious lending institutions which would intentionally leave out the interest rate in an agreement in an attempt to charge a borrower more than is acceptable.
Loans Now: Core Policies & Procedures
- Never collect or share sensitive customer information: SSN, DOB, Address.
- Never collect up-front payment to process a customer’s loan application / or fund a loan. Loans Now will NEVER ask you to send us money in any form.
- Introduce customers to our Loan Discovery Process. A one-on-one loan service strategy that fits every customer’s unique needs with the right lender for them
Connecticut Personal Loan for Bad Credit Lending Regulator
The State of Connecticut Department of Banking is responsible for the oversight and regulation of “small loan” providers, including personal loans up to $15,000. This is the department that issues licenses to lenders, approving them to conduct business within the state, as well as the department that handles any complaints against lending institutions or practices.
- Loan Discovery Process
- Credit Scores Reviewed to 450
- 2, 3, 5 & 7 Year Terms
- Loan Amounts $500 - 70K