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Best Personal Loans in Connecticut

As the third smallest state in the country, Connecticut still boasts an impressive population of over 3.6 million residents. And this high population has various reasons for seeking personal loans in Connecticut.

Best Personal Loans in Connecticut
Ann Schreiber
Written by:Ann Schreiber
Seasoned Copywriter & Content Marketer
Best Personal Loans with Cosigner

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With over 25 Connecticut-chartered banks, seven banks with headquarters in the state, and even more national, out-of-state, and even foreign banks with brick-and-mortar locations, Connecticut residents have no issues finding financial institutions to serve their needs. Further, residents of the Constitution state have an average credit score of 723, which continues to rise, which is also higher than the U.S. average of 714. This makes Connecticut residents uniquely qualified to access some of the best personal loans, with competitive APRs, high borrowing limits, and plenty of flexible borrowing terms.

Best Personal Loans with Cosigner

Personal loans can positively impact your financial score if you make good borrowing decisions. But, when you don’t have the diligence to manage your loan and other credit, or you apply for too many loans in a short period of time, it can have adverse consequences. For example, taking out a new personal loan can favorably affect your credit mix, impacting 10% of your credit score. Plus, making your payments on time every month can positively impact your credit score by 35%. However, failing to pay on time can negatively impact your credit score by 180 points. 

Our financial experts at FinImpact conducted a ranking analysis of lenders based on our rating methodology for personal loans and found the best loans in Connecticut. This rating methodology evaluates multiple lenders based on average interest rates, loan length, repayment terms, user experience, customer service, credit score history, banking and credit union use, fees, and more.


Best Personal Loans in Connecticut - Full Overview 

Check out these personal loan options for people in the state of Connecticut who can also enjoy some of the most beautiful fall foliage in the country, a rich cultural heritage, and the home of ESPN.

SoFi - Best for installment loans


SoFi personal loans are a wise option for those searching for installment loans in Connecticut. These loans are geared toward those with a credit score of at least 680 who want to borrow from a reputable, well-known, online lender. SoFi has interest rates that are market competitive and offers flexible loan terms. You will need a gross income of at least $50,000 per year ($961 per week) to qualify for a SoFi loan, which is rarely a challenge for those in Connecticut as the state boasts higher-than-average median incomes

Better Business Bureau rating = A+
No hidden fees
Discount on auto payments
Unemployment protection
Minimum credit score of at least 680
Loan funding takes two to seven business days
High annual income requirement

SoFi boasts competitive interest rates and relatively flexible loan terms. However, those wanting to take out a loan from SoFi must know that they require a gross income of at least $50,000 per year ($961 per week) to qualify for a loan. Though you may be able to see your rate in under one minute, borrowers will not have access to their loan funds for two to seven business days.

The Bottom Line

SoFi is an excellent installment loan option for Connecticut residents because of its high borrowing limits, competitive APRs, and lack of hidden fees. Not only is SoFi a good choice for installment loans, but they are also best for fee-free debt consolidation loans.

Try SoFi

Best Egg - Best for debt consolidation

Best Egg

Best Egg offers loans for residents of Connecticut and most states but are not available in Iowa, Vermont, West Virginia, or Washington, D.C. Best Egg loans are good for those who want to consolidate their debt, refinance credit cards to get a lower monthly payment, or cover large expenses. Best Egg offers both unsecured and secured loans, though secured loans require permanent fixtures (such as a water heater, shutters, or window coverings) in your home as collateral.

You can prequalify with a soft credit check
Unsecured and secured loan options
Direct payments for debt consolidation
Minimum credit score of 600
Origination fee of 0.99% to 5.99%
No rate discounts for autopay
Set payment date (no option to choose)

Best Egg offers competitive interest rates (​​8.99-35.99%) for borrowers with fair credit. Repayment terms are available between three and five years, but the loan can take one to three days to fund. Further, Best Egg does charge an origination fee of .99% to 5.99% of the loan amount, and a returned check fee of $15 will be charged when applicable.

The Bottom Line

Best Egg is a smart personal loan option for Connecticuters looking to consolidate their debt. However, as the minimum credit score for the Best Egg loan is as low as 600, Connecticut residents with a score of 723 or higher may be able to get better rates elsewhere.

Marcus by Goldman Sachs - Best for large home improvement projects

Marcus by Goldman Sachs

Though many consumers have heard of Goldman Sachs, they might not realize that the company has a lending arm. Marcus’ fee-free loan structure, combined with an array of loan terms and loan amounts, makes it a flexible option for borrowers with good credit. Unfortunately, Marcus doesn’t share a requirement for a minimum credit score, but borrowers should strive for a credit score of at least 660 to 740 to increase their chances of approval for a personal loan. Borrowers who want to consolidate their debts, finance a large home improvement project, wedding, or vacation, or plan to move and relocate are best suited to a Marcus loan.

Good for those financing a large expense
Borrowers can change their payment date
No hidden fees
Offers direct payment to third-party lenders
Approval process can take less than 24 hours
Unknown minimum required credit score
Most likely requires a good credit score
Cannot be used to refinance a student loan
Takes between one to four days for funding
No co-signer, joint or secured loan options

Despite a challenging economy, homeowners all across the country are continuing to move forward with home renovations. According to a Houzz survey, 37% of respondents completed a home improvement project in 2022, and about 23% are planning to start a home improvement project in the next 12 months. This means that Connecticut consumers need access to good rates for home improvement projects. For this reason, Marcus is a great choice for homeowners who want to finance a project and seek unique features like the ability to customize your monthly payment amount and term. Marcus does not charge an origination fee, late payment fee, insufficient fund fee, or early payoff penalty. Borrowers also have the option to defer payment without paying interest after making 12 consecutive payments.

The Bottom Line

Marcus by Godman Sachs is a good choice for those with good to excellent credit scores that want to finance a large purchase or transaction. These loans are not well-suited for those seeking bad credit loans in Connecticut.

Upgrade - Best for bad credit loans


Though Connecticuters tend to have better-than-average credit, some still want to improve their credit. Upgrade offers a good option for loans for bad credit in Connecticut. These loans can help borrowers with fair credit get approved for a loan, but those with higher credit scores may want to look for an alternate lender. Upgrade does require a minimum credit score of 580, and borrowers can use their loan funds for debt consolidation, credit card refinancing, home improvement projects, and other large purchases if desired.

Multiple rate discounts
Secured and joint loans are available
Mobile app to help manage your loan payments
You can opt for direct payment to creditors
Long repayment terms for home improvement
Minimum credit score of 580
Origination fee of 1.85% to 8.99%
No option to choose initial payment date
Loans are only available up to $50,000
High-interest rates compared to competitors

Borrowers can get a secured or joint loan through Upgrade. Plus, eligible borrowers may receive a 0.5 percentage point discount for setting up automatic loan payments. If you are taking out an Upgrade personal loan for debt consolidation, you may get a rate reduction of 1 to 5 percentage points when you have Upgrade pay off your debts directly. To top it off, Upgrade offers a reward checking account that gives borrowers up to 20% off of their rate. 

The Bottom Line

Upgrade is a good choice for those with fair credit looking for personal loans in Connecticut. They offer a convenient mobile app that makes it easier for borrowers to make monthly payments. And the lower credit score requirement of 580 makes it a good alternative to a true credit builder loan.

American Eagle Financial Credit Union - Best for that hometown experience

American Eagle Financial Credit Union is a full-service credit union with headquarters in East Hartford, Connecticut. They offer savings accounts, checking accounts, credit cards, auto loans, personal loans, mortgages, and business accounts, and are open to everyone in Hartford, Middlesex, Tolland, and New Haven counties in Connecticut and Hampden County in Massachusetts. Credit unions offer a great opportunity for those wanting to secure a good personal loan rate while having access to a savings account, checking account, auto loan, or mortgage, all in the same place.

Credit unions are capped at an APR of 18%
Auto loans, credit cards, and home loans
Physical locations across CT
Apply online, over the phone, or in a branch
Mobile app to manage loan terms
Prequalification option
Higher-than-average starting APRs
Unclear if they charge fees

Borrowers at American Eagle Financial Credit Union can apply for a personal loan to use for home renovations, debt consolidation, to fund a vacation, or just about anything else they wish. Loans appear to start at 9.24% and are capped at 18.00%, but it is unclear as to how much you can borrow. The loan calculator on the American Eagle Financial Credit Union website implies that you can borrow as much as $250,000. They offer an app that can be downloaded to your mobile device to make loan management easy.

The Bottom Line

American Eagle Financial Credit Union is a sound option for those that want the comfort and hometown feel of a credit union. They offer many branches throughout the central portion of the state and make communication easy with their customers; call and chat features are available.


Read more in the full American Eagle Financial Credit Union review.

TD Bank - Best for those who want a CT presence

TD Bank operates in 15 states (including Connecticut) and Washington D.C., and boasts 57 stores and ATM locations throughout the state. TD bank is considered one of the most convenient banks in the country and offers loans to consumers wanting to finance anything from vacation to home renovation to debt consolidation. 

Vast network of branches APRs as low as 6.99%
Loans as high as $50,000
$0 origination fee
$0 prepayment fee
Late fee of $5

Customers can borrow $2,000 - $50,000 and can get one to five years to pay off their loan. There is no origination fee; though a late fee can apply, it is only $5. Borrowers may be able to access their loan funds as soon as the next business day after approval. Personal loan APRs range between 7.99% - 21.99%, making them quite competitive compared to more traditional online-only lenders.

The Bottom Line

TD Bank is well-rated with consumers and the BBB, making them a very reputable and trustworthy personal loan option for people in Connecticut who want the convenience of a brick-and-mortar location but the feel of a big-town bank.

Try TD Bank

Read more in the full TD Bank review.

Main Features of The Best Personal Loans in Connecticut

If you are looking for lenders in Connecticut, be sure to consider what is most important to you. Regardless of where you live, you likely desire a competitive APR, fast funding, and high borrowing limits. And occasionally, prospective borrowers simply look for a loan option to help them build or improve their credit. Check out this comparison of terms for the lenders we discussed above.

Company NameEst. APRMin. credit scoreLoan AmountLoan term
SoFi5.74% to 20.28%680$5,000 to $100,00012 to 60 months
Best Egg8.99% to 35.99%600$2,000 to $50,00036 to 60 months
Marcus by Goldman Sachs6.99% to 24.99%Unknown$3,500 to $40,00036 to 72 months
Upgrade8.24% to 35.97%580$1,000 to $50,00024 to 84 months
American Eagle Financial Credit Union9.24% to 18.00%UnknownUnknownUp to 60 months
TD Bank7.99% to 21.99%660$2,000 to $50,00036 to 60 months

How to Choose the Best Personal Loans in Connecticut 

Choosing personal loans in Connecticut doesn’t have to be that complicated. It simply takes time, patience, and a bit of homework. However, we have made it a bit easier for you by documenting best practices that you can use as a resource when choosing your personal loans. Our experts use these parameters to rank lenders, whether you are looking for installment loans in Connecticut for good credit or even a personal loan for bad credit. 

Here’s what to look for:

  • Loan features - Personal loans offer unique features that impact your monthly payments and the interest rate you pay. Before applying for a loan, you should be sure you understand the loan terms, the amount of the loan and any use limitations before they apply.
  • Interest rates and fees - Identify the APR for the loan and read the fine print for origination fees (this fee is usually due at the time you receive the loan and is generally 1% to 10% of the loan amount), late payment fees, or early payoff penalties.
  • Application process - The application process for a personal loan is generally consistent across lenders. When you apply for a loan from a Connecticut loan company, you will likely be subject to a hard credit check which impacts your credit score by five points and remains on your credit report for one to two years.
  • Qualification process - Most lenders require income information and a variety of personal information (name, address, phone number, social security number, etc.) during the application process.
  • Customer support - See the lender's options for communicating with them if you require help with your personal loan. Review their hours of operation and see what communication methods are available (in-person, phone, chat, or text).
  • Online user reviews - Check Trustpilot, Google, and the Connecticut Better Business Bureau for reviews from borrowers that have used the lender you are considering.
  • Perks and Bonuses - Some loan companies offer perks and bonuses such as payment flexibility or advanced technology (chat or text) for communications. You may even be able to get free regular access to your credit score, which can help you stay on top of your credit.

Reasons to Get a Personal Loan in Connecticut

Connecticuters seek personal loans for many reasons. However, the most common reasons include:

  • Desire to finance a large project such as home improvements, a dream vacation, or a wedding
  • Debt consolidation loan by combining the balances of other credit cards and loans into one balance with one easier-to-manage monthly payment  
  • Alternative to a payday loan that can have interest rates of 400% or higher
  • To fund a move or relocation
  • Unexpected expenses such as medical bills, funeral costs, etc.
  • To purchase a new or new-to-you vehicle
  • To finance a boat and enjoy and enjoy over 300 miles of beaches along Connecticut’s coast

How to Get a Personal Loan in Connecticut

The typical process to get a personal loan in Connecticut works as follows.

  1. Check your credit score. Even though the average credit score in Connecticut is 723, you should know your score and what range you fall in. A credit score of 723 fits in the good range of the FICO scoring system.
  2. Review your monthly budget. Take the time to review your finances and know what you have available for a loan payment each month. Set some money aside from emergencies, too, if you have a month where you come up short on cash.
  3. Identify the lender(s) you want to apply to. Every time you apply for a loan, a hard credit check will be conducted which can impact your credit score by up to five points and will remain on your credit report for up to two years.
  4. Complete the application and include any requested documentation (such as the identification information listed below).
  5. Wait for your loan approval - depending on the lender, this can take several minutes to several days. 
  6. Once you have been approved, thoroughly review your loan agreement for the loan terms and what you should expect throughout the course of the loan. Ensure the date of the agreement is accurate and that the interest rate and repayment terms are called out as part of the Truth in Lending Agreement.
  7. Sign the loan agreement and submit it as requested. Do not complete the loan agreement or accept the loan terms if you cannot meet the loan requirements.

Getting a personal loan in Connecticut is beneficial as the identification and verification requirements are easy to obtain. The lender will ask you for the following at the time of your application:

  • Proof of identity such as your driver’s license, birth certificate, passport, social security card, or military identification. For some lenders, you may need to provide two of these items.
  • Proof of income which could include bank statements, pay stubs, a W-2 from the previous year, and your employer’s contact information.
  • Proof of your residency in Connecticut, such as bank statements, a utility bill that has come in the mail, etc.

Types of Personal Loans Available in Connecticut

Personal loans can take various forms. Here are the most common types of personal loans available to Connecticuters.

  • Debt consolidation loans - These loans are designed to help you consolidate your credit card or other installment loan debt. Rather than owing to multiple creditors and worrying about multiple minimum monthly payments, a debt consolidation loan effectively pays off those other debts, providing you with one lower monthly payment, usually at an interest rate lower than your lowest-rate credit card.
  • Home improvement loans - A home improvement project in Connecticut can easily cost $50,000 or more. Home improvement projects are a great way to increase your home’s value while providing you with new features you didn’t have before.
  • Installment loans - Installment loans run the gamut from auto loans to mortgage loans to personal loans and even student loans. The beauty of these loans is that they come with lower interest rates and flexible terms based on your needs.
  • Title loansTitle loans in Connecticut are short-terms loans that use the title of your car as collateral. However, these loans are often expensive and you may be able to save money with an alternate secured personal loan. 
  • Secured personal loans - Secured personal loans require some sort of collateral, or you need to pay a deposit before taking on the loan. 
  • Unsecured personal loans - Opposite of secured personal loans, unsecured personal loans do not require a deposit or collateral.
  • Medical loans - A medical loan is a personal loan used to consolidate existing medical debt, cover emergency medical or dental expenses, pay for cosmetic procedures, or pay for high deductibles and out-of-network charges.

How to Deal with Loan Scams in Connecticut 

There are a variety of loan and financial scams in Connecticut that borrowers should be aware of. For loan scams, in particular, you should know that a legitimate lender will never guarantee you will get a loan before applying. Further, they should never ask for money up front.

If you feel that you have been the victim of a loan scam in Connecticut or that you were targeted for a loan or other financial scam, be sure to report the issue as soon as possible, 

Personal Loan Alternatives in Connecticut 

If you cannot get a personal loan in Connecticut, other options are available.

  • Take out a personal line of credit from your credit card issuer.
  • Use the available credit on your credit card provided you can keep your balance below 30% of your credit limit.
  • Take out a home equity loan or home equity line of credit against your mortgage.
  • Apply for a peer-to-peer (P2P) loan from an investor.
  • Take out a small business loan or grant if you are a small business owner in Connecticut.
  • Take a 401(k) loan from your employer or investment firm.
  • Ask for a salary advance from your employer.
  • Consider a payday loan. However, while payday loans are legal in the state of Connecticut, borrowers should know that these loans are often expensive and your loan will need to be paid in full at the time of your next paycheck. Asking for a salary advance from your employer or borrowing from a family member or friend may be a better option.
  • Get a second job or a side hustle is a great way to earn some extra money to help you pay off debt or save up for a big purchase.

You may be eligible for one of Connecticut’s economic security programs if you need financial assistance. Contact the Connecticut Department of Social Services for more information.


Though Connecticut is one of the smallest states in the U.S., it has a large and bustling population. And, there is no shortage of great personal loan places for your financial needs. Whether you are looking for title loans in Connecticut or want to learn more about payday loans in Connecticut, you won’t have trouble finding what you are looking for.

Frequently Asked Questions(FAQ)

Can I use a personal loan for any reason?

Most consumers take out personal loans for debt consolidation, to fund a home improvement project, or to pay for another large expense such as a wedding or dream vacation. Lenders will vary based on how you can use the funds from your personal loan, but many offer the flexibility you need in a personal loan or one of their other financing credit products.

Will applying for a personal loan affect my credit score?

Applying for a new personal loan can affect your credit score in three ways. First, every time you apply for new credit, a hard credit inquiry will be made on your credit report, impacting your credit score by five points. However, 10% of your credit score is impacted by your credit mix and another 10% by new credit. This means that if you have a healthy credit mix and are simply adding a personal loan, it could benefit you. Likewise, if you haven’t applied for credit in some time, your new personal loan could help you down the road.

How many points does a hard inquiry affect credit score?

Every time you apply for a new loan and the lender conducts a hard credit check, it can reduce your score by five points which will remain on your credit report for up to two years. However, you may be able to look at loan options in batches. In this situation, you complete one loan application and participating lenders can determine if you have the creditworthiness they seek. In these cases, a batch application process will only appear as one inquiry on your credit report.

About the Author

Ann Schreiber

Written by: Ann Schreiber

Seasoned Copywriter & Content Marketer

Ann has been a marketer and a content writer for over 20 years. She worked for financial institutions such as FICO, Experian, and BlueChip Financial as a director of content and brand marketing.

More about me

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