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Compare your loan options in New Jersey

While a payday loan may give you quick access to cash, can you get one in New Jersey?

You may be considering a payday loan if you’ve found yourself short on cash and needing to borrow a small amount of money. Read through this guide on payday lending if you live in New Jersey.

Are payday loans legal in New Jersey?

No. It is illegal to provide payday loans in New Jersey. As per New Jersey Revised Statutes 17:15A-47, a check cashing license holder cannot cash a postdated check or advance money. New Jersey Revised Statutes sets the small loan interest cap at 30% to deters lenders from providing payday loans in any form.

If you’re getting any kind of a consumer loan in New Jersey, the Consumer Loan Act as per the New Jersey Revised Statutes 17:1 et seq. applies. The interest rate is as agreed upon in the contract.

Keep in mind that if you choose to apply for any kind of loan or line of credit, it’s very important read all the paperwork (including all the fine print) before signing anything. Always have a solid plan to pay back your loan so you don’t find yourself needing to borrow more money to repay debt.

The hidden consequences of payday loans

Installment loans you can apply for

If you have poor or bad credit, you might consider applying for an installment loan. They are legal in New Jersey, but finding one might be a challenge because of the interest rate cap in place. Providers of these loans look at more than just your credit history. They take your existing financial situation and your ability to repay into account as well. Like payday loans, the interest is very high and there are some risks you should consider when applying.

Rates last updated September 25th, 2017
Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
Name Product Product Description Maximum Loan Amount Term of Loan Turnaround Time
OppLoans Installment Loans
Get a better installment loan repayment terms up to 36 months, depending on your state.
9 to 36 months
1 business day
Slam Dunk Loans
Get approved for a cash loan today with this lender matching service offering short term funding. Availability depends on your state of residence.
Varies by lender
As soon as next business day
NetCredit Installment Loan
Build a positive credit history with on-time payments through flexible repayment options that include credit card and money transfer.
Varies upon state
1-3 business days
HonestLoans Installment Loans
Varies by lender
As soon as one business day
Blue Trust Loans Installment Loans
Get an installment loan you don't have to pay back in one lump sum.
6 months
As soon as next business day
MaxLend Installment Loans
6 months
As soon as the next business day
Cash Central Installment Loan
Pay monthly or biweekly over six to 24 months with lower APRs over your typical payday loan.
6 to 24 months
Next Business Day

Compare up to 4 providers

Personal loans you can apply for

To apply for a personal loan through a standalone lender or a bank, you should ideally have fair to good credit, but you have some options even if you don’t. The interest of these loans is typically lower than what you’d have to pay towards an installment loan or an auto title loan, and the payments may be more flexible.

What other options do you have for a loan in New Jersey?

While payday loans in New Jersey remain illegal, you can consider other options:

  • Apply for a credit card. Whether you have good or bad creditworthiness, there is a huge selection of credit cards worth considering if you need extra money. Credit cards also have more reasonable payments and lower interest rates.
  • Tribal loans. If you live in a state like New Jersey where payday loans are illegal, you still have the option of getting one if you go through a tribal lender like SWIFT or Blue Trust Loans. Since these lenders are based on tribal land, they are considered a sovereign entity and abide by their own laws.
  • Payday loans from other states. If you’re in New Jersey temporarily but are normally a resident of a state where payday loans are legal, you can consider applying for an online payday loan. To do this you’ll have to provide documented evidence of your residence in another state. Also make sure the lender is backed by the Online Lenders Alliance or similar.
  • Pick up side work. Looking for side jobs, selling things online through a service like eBay or LetGo, or signing up to drive with a company like Uber are some of the many ways people get extra cash when they’re in a bind. It’s a great alternative to getting a loan or credit card because there is nothing to repay.

Find out your credit score here

What are the typical costs of a loan in New Jersey?

When you get credit in any form, you have to repay the amount you borrow along with other associated costs, such as interest and fees. The interest you have to pay depends on the type of credit, the amount you wish to borrow, the loan term, your credit and the lender you select. Even a small difference in interest rate percentage can have a significant effect on the total amount you end up paying.

You may also have to pay application fees depending on the lender you choose. Other applicable fees can include loan disbursement fees, late payment fees, prepayment fees and loan settlement fees. Going through a loan’s contract should give you a clear indication of how much it may end up costing.

Have any more questions about New Jersey payday loans?

Yes, but remember that your approval depends on your eligibility.

No. Both in-store and online lending are illegal in New Jersey. If you find a lender offering you a loan, report them to the New Jersey Department of Banking and Insurance.

You should get in touch with the New Jersey Department of Banking and Insurance.

No, due to the high interest rates, auto title loan are also illegal in New Jersey.

Yes. Under state regulations, lenders cannot charge an APR more than 30% for providing consumer loans.

Where are payday loans available?

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US Payday Loans Offers

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Slam Dunk Loans

Get approved for a cash loan today with this lender matching service offering short term funding. Availability depends on your state of residence.

LendUp Payday Loans

LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.

Check into Cash Payday Loan

With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.

OppLoans Installment Loans

Get a better installment loan repayment terms up to 36 months, depending on your state.