Connecticut

Payday lenders charge exorbitant fees to borrowers without assessing their ability to repay, and the annual interest rates on these loans are in the triple digits.

Students at Connecticut’s for-profit colleges graduate at lower rates than their peers at public and private non-profit institutions. Those who do graduate carry higher levels of debt and higher default rates on that debt. Because African Americans and Hispanics are disproportionately enrolled in Connecticut’s for-profit colleges, these poor outcomes fall more heavily on people of color. This report uses the...

Payday and car title loans are small-dollar, high-cost products that thrive on keeping consumers in a cycle of debt. With lenders doing essentially no underwriting, consumers find it easy to obtain these loans, often marketed as a solution to financial emergency. However, the unaffordability of the loan and the lenders extreme leverage over the borrowers – either through direct access...

This written testimony shares our work and insight into the subject of Raised Bill 5071, a bill that has the potential to cause significant harm to Connecticut residents seeking distance education opportunities. Two of key the consequences of the Uniform State Authorization Reciprocity Agreement (SARA) are: Elimination of local, state-centered control over distance education in the state Holding distance education...

This color-coded map of payday stores by household reveals a disturbing pattern. Southern states are among the most targeted for these high-cost, low-dollar loans.