Derby at a glance
- Population: roughly 12,406 people; 19th of 29 places in Connecticut (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 12,327 residents (US Census Bureau, 2020 Census).
- 2020 to 2023 change: up about 0.6% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Connecticut places: 19th of 29 by population (US Census Bureau, Vintage 2023).
- Size percentile: it is larger than about 34% of the places in Connecticut (US Census Bureau).
- Coordinates: latitude 41.3261, longitude -73.0826 (US Census Bureau Gazetteer).
- Nearest larger cities: Ansonia, CT (1 mi); Shelton, CT (3 mi); West Haven, CT (7 mi); New Haven, CT (8 mi); Bridgeport, CT (11 mi) — straight-line distances, US Census Bureau populations.
- Smaller places nearby: Woodmont, CT (9 mi); Newtown, CT (13 mi); Old Field, NY (25 mi), per US Census Bureau estimates.
What a personal loan costs in Derby
A personal loan hands you a single sum and a repayment schedule of equal monthly installments over an agreed term.
APR, not the simple interest rate, reflects what the loan actually costs once fees are included; the personal loan calculator puts a figure on it.
The term is the lever: extend it and the payment falls while total interest climbs; shorten it and the reverse happens.
A useful rule is to keep the new payment inside the room your budget already has, so the loan eases pressure instead of adding to it.
Connecticut lending rules that apply in Derby
The Connecticut rate caps and licensing rules that reach Derby are listed below, each with its source and retrieval date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Derby
A few practical steps will make the process in Derby less costly:
- 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.