Bristol, Connecticut is in Hartford county. It is 83 miles NE of New York, New York. Hartford-Brainard Airport is nearby. Total population is 60,308. 48.9% and 51.1% – male and female share of the population. Median age is 40. Median family income is $83,646. 10.8% is the poverty line. 51% is the rate of issued payday loans in Bristol, Connecticut. Median gross rent is $984. Median house rate is $195,900. Standard Zip code is 06010.
What are payday loans Bristol, CT?
Payday loans Bristol, CT are issued to meet the needs for timely liquidity: car breakdown at the end of the month, payment of a receipt for an amount exceeding the initially expected amount, payment for a course, cosmetic treatment, gift purchase and others.
What is a payday loan Bristol, CT?
- A small amount of money, which usually ranges from $100-$2,500.
- The refund term is from 5 to 30 days, in some cases it may be extended.
- The daily rate ranges from 1-2%, depending on the requested amount and the time required for a refund.
- A loan can be issued in a short term within 5-15 minutes.
- Every day, such online loans are becoming more and more in demand, since there are much more requirements in traditional banks.
- When it comes to applying for a quick loan for a small amount, it is necessary to have a clear set of guidelines so as not to jeopardize your financial situation.
How to apply for a payday loan Bristol, CT?
Everyone can handle the online loan processing. The procedure does not take much time and is not difficult.
- On the website page, select the amount you need.
- Determine the term required to repay the debt.
- Select the most appropriate option and click “Get Started”.
- Once on the page, fill in all the information and answer the questions.
- After prior approval for a loan, have a copy of the official documentation and proof of income at hand (upon request).
Differences between payday lenders vs banks
Despite the fact that both payday lenders and banks are participants in the same financial market, the principle of operation of payday loans Bristol, CT and bank loans is very different. Among the main differences in the activities of the credit institutions under consideration are:
the amount and duration of the loan. The most common size of payday loans is $100-$2,500 for a period of 14 to a month. Banks offer the possibility of approving larger amounts, and the duration of the loan agreement ranges from 3-6 months to several years;
The procedure for issuing money. Payday lenders are ready to issue a small loan to almost any client, even a problematic one. As a result, people without jobs, who have overdue debts to other financial organizations, etc. can receive money. At the same time, it is almost impossible to meet a bank that does not check the credit history of a potential client;
The interest rate. Fast loans issued by MFIs are much riskier than bank ones. The logical consequence of this is compensation in the form of a noticeably higher rate. Even after the introduction of legal restrictions, its size can reach up to three times the amount of the loan issued.
What are the repayment terms?
It is required to repay the loan until the last payment date inclusive. It is necessary to carefully study the terms of repayment at the conclusion of the contract. Some MFIs take into account the payment date when funds are actually credited to the account. Thus, if you transfer money on the last day during non-operational time, then in fact they will be able to debit to the account only on the next working day, which will result in a delay.
Who can take out a payday loan in Bristol?
Lenders issue payday loans in Bristol to a very wide audience of potential borrowers, for example, such as:
- without official employment and official payment of wages;
- who cannot confirm income;
- students, military personnel, pensioners, freelancers, private entrepreneurs;
- those who have an unsatisfactory credit history;
- recipients of social benefits or persons with disabilities and other categories of citizens of CT.
In what situations are payday loans the optimal solution?
The situations in which such quick loans are needed can be very different. But most often, there is not enough financial resources to live up until the salary. They are popularly called quick loans. But each situation is individual and the need can be very diverse:
- rent arrears or overdue bills;
- congratulate a loved one or a loved one on an important date;
- there are not enough funds to buy a smartphone, gadget or computer for work or clothes;
- money is needed for rest or treatment;
- pay for a sports section or repairs in the classroom for a beloved child, and so on.