Groton Long Point at a glance
- Population: 517 residents, the 28th-largest of 29 places in Connecticut (US Census Bureau, Vintage 2023).
- 2020 Census base: 519 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: about 0.4% below the 2020 Census base (US Census Bureau).
- Rank among Connecticut places: 28th-largest of 29 (US Census Bureau, Vintage 2023 estimate).
- Size percentile: it exceeds roughly 3% of Connecticut's Census places by population (US Census Bureau).
- Coordinates: 41.3142, -72.0102 (Census Gazetteer, US Census Bureau).
- Nearest larger cities: Groton, CT (3 mi); New London, CT (5 mi); Stonington, CT (6 mi); Norwich, CT (17 mi); Jewett City, CT (20 mi) (Census populations, approximate straight-line distance).
- Nearest smaller communities: Fenwick, CT (18 mi); Dering Harbor, NY (23 mi); West Hampton Dunes, NY (52 mi), each a US Census place.
What a personal loan costs in Groton Long Point
Personal loans are installment credit — one lump sum, repaid in equal monthly installments across a fixed term you agree to up front.
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.
A lender weighs your credit profile, income and debts when setting the rate, and a longer term lowers the payment at the cost of more interest overall.
A payment that strains the budget is a warning sign; a smaller loan or a little more saving time is the safer route.
Connecticut lending rules that apply in Groton Long Point
The Connecticut rate caps and licensing rules that reach Groton Long Point 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 Groton Long Point
These steps are the ones that most affect the offer you receive in Groton Long Point:
- 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.