Bantam at a glance
- Population: the Census estimates 763 residents, ranking 27th of 29 places in Connecticut (Vintage 2023).
- 2020 Census base: 754 residents (US Census Bureau, 2020 Census).
- 2020 to 2023 change: roughly 1.2% higher than at the 2020 Census (US Census Bureau).
- Rank among Connecticut places: the 27th-largest of 29 (US Census Bureau, 2023 estimate).
- Size percentile: larger than about 7% of the Census places in Connecticut (US Census Bureau).
- Coordinates: 41.7247, -73.2423 (US Census Bureau Gazetteer).
- Nearest larger cities: Litchfield, CT (3 mi); Torrington, CT (9 mi); Waterbury, CT (16 mi); Bristol, CT (16 mi); Naugatuck, CT (19 mi); US Census Bureau population estimates.
- Nearest smaller communities: Nelsonville, NY (42 mi); Asharoken, NY (55 mi); Fenwick, CT (56 mi) (Census populations).
What a personal loan costs in Bantam
A personal loan is structured as an installment plan, with a set number of monthly payments and a fixed amount due each time.
The advertised interest rate leaves out fees that the APR captures, which is why APR is the number to weigh; try the personal loan calculator before you apply.
Choosing a longer term eases the monthly budget but adds interest over the life of the loan; a shorter term costs more per month and less overall.
Shop with more than one lender and treat pre-qualification as an estimate, since the final terms follow a full application.
Connecticut lending rules that apply in Bantam
The sourced rows below are the rules a licensed lender must follow when lending in Connecticut, and therefore in Bantam.
| Rule | Detail | Source |
|---|---|---|
| Small-loan / installment lender licensing | Small loan license required for loans of $50,000 or less with an APR greater than 12% (Small Loan Lending and Related Activities Act, C.G.S. §§ 36a-555 to 36a-573) Source says: "Without having first obtained a small loan license from the commissioner pursuant to section 36a-565, no person shall". | Connecticut General Assembly — C.G.S. § 36a-556 (2026 Supplement) as of 2026-09-16 |
| State lending regulator | Connecticut Department of Banking Source says: "The Department of Banking considers payday loan companies as unlicensed small loan lenders". | Connecticut Department of Banking as of 2026-09-16 |
| Small-loan APR caps (§ 36a-558(d)) | Loans under $5,000: lesser of 36% APR or the Military Lending Act rate cap; loans $5,000–$50,000: 25% APR Source says: "an APR that exceeds the lesser of thirty-six per cent"; "an APR that exceeds twenty-five per cent". | Connecticut General Assembly — C.G.S. § 36a-558(d) (2026 Supplement) as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 12% per annum (consumer loans; statutory exceptions apply, e.g., banks, credit unions, small loan licensees) Source says: "charge, demand, accept or make any agreement to receive therefor interest at a rate greater than twelve per cent per annum". | Connecticut General Assembly — C.G.S. § 37-4 as of 2026-09-16 |
| Payday lending status | Not permitted — payday loans (small loans at more than 12% APR) are void and unenforceable unless made by exempt persons; licensed small loan companies may charge up to 36% APR Source says: "Connecticut Banking Law considers such loans as void and unenforceable"; "Small Loan licensees can charge up to 36% annual percentage rate (APR)". | Connecticut Department of Banking as of 2026-09-16 |
How to compare offers in Bantam
The order below is a sensible way to approach a loan in Bantam:
- Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
- Run your figures through the personal loan calculator on this site so you know the payment before a lender quotes one.
- Pre-qualify with at least three lenders and compare the APR, not the interest rate.
- Check that the lender is licensed in Connecticut using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.