Groton at a glance
- Population: about 9,302, 20th by size in Connecticut of 29 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 count put the population at 9,385 (US Census Bureau).
- 2020 to 2023 change: a loss of about 0.9% since the 2020 count (US Census Bureau).
- Rank among Connecticut places: 20th out of 29 Census places (US Census Bureau).
- Size percentile: it exceeds roughly 31% of Connecticut's Census places by population (US Census Bureau).
- Coordinates: 41.3251 latitude, -72.0669 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: New London, CT (2 mi); Norwich, CT (15 mi); Middletown, CT (34 mi); Newport, RI (40 mi); Meriden, CT (40 mi); each population is a US Census Bureau estimate.
- Nearest smaller communities: Groton Long Point, CT (3 mi); Stonington, CT (9 mi); Fenwick, CT (15 mi), each a US Census place.
What a personal loan costs in Groton
Personal loans are installment credit — one lump sum, repaid in equal monthly installments across a fixed term you agree to up front.
Because the APR includes origination and finance charges, it is the honest comparison number; the personal loan calculator turns an APR and term into a monthly payment.
A longer term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
Before you borrow, decide what the loan is for and whether the monthly payment fits a budget you can already meet without taking on new debt.
Connecticut lending rules that apply in Groton
The sourced rows below are the rules a licensed lender must follow when lending in Connecticut, and therefore in Groton.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Groton
These steps are the ones that most affect the offer you receive in Groton:
- 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.