Litchfield at a glance
- Population: 1,210 — 25th in Connecticut, which has 29 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 1,194 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: up about 1.3% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Connecticut places: 25th out of 29 Census places (US Census Bureau).
- Size percentile: roughly 14% of Connecticut's places have fewer residents (US Census Bureau).
- Coordinates: latitude 41.7457, longitude -73.1892 (US Census Bureau Gazetteer).
- Nearest larger cities (within 120 miles): Torrington, CT (7 mi); Bristol, CT (14 mi); Waterbury, CT (15 mi); Naugatuck, CT (19 mi); New Britain, CT (21 mi) (US Census Bureau populations).
- Smaller places close by: Bantam, CT (3 mi); Millerton, NY (22 mi); Tivoli, NY (43 mi) (US Census Bureau).
What a personal loan costs in Litchfield
Most personal loans are unsecured, meaning no collateral is pledged, and they are repaid in equal installments over a fixed term.
Judge an offer by its APR, which blends the interest rate with fees, and use the personal loan calculator to see the total cost.
Your credit, income and existing debts drive the rate a lender offers, while the term you pick sets how much interest builds on top.
If you are consolidating debt, the loan only helps if you stop adding to the balances it clears; otherwise the total debt grows.
Connecticut lending rules that apply in Litchfield
Each row below is a Connecticut rule with its publisher and the date it was retrieved.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Litchfield
Here is a short checklist for comparing personal loans in Litchfield:
- 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.