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If you’re considering a payday loan in New Jersey, you may have to look elsewhere

When you’re down on your luck and in the middle of a financial crisis, a payday loan may seem appealing. Unfortunately, New Jersey usury law caps the interest rate at 30% and bans check cashing services from advancing money. If you need quick cash, our guide will give you other options to consider.

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  • Min. Loan Amount: $500
  • Max. Loan Amount: $5,000
  • Loan Term: 3 to 36 months
  • Turnaround Time: Varies

    Are payday loans legal in New Jersey?

    No. New Jersey Revised Statutes 17:15A-47 states that a check cashing licensee can’t advance money or cash a postdated check.

    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, and it can’t be over 30%. 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.

    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. Providers take your current financial situation and your ability to repay into account when you apply.

    Rates last updated August 19th, 2018
    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 Max. Loan Amount Turnaround Time Requirements
    OppLoans Installment Loans
    Installment loans with competitive rates from a top-rated direct lender.
    $5,000
    1 business day
    Open to residents of AL, AK, AZ, CA, DE, FL, GA, ID, IL, IN, KS, KY, MI, MN, MO, MS, NE, NV, NM, OH, OK, OR, SC, TN, TX, UT, VA, WI and WY. Must have direct deposit and meet minimum income requirements.
    CashUSA Installment Loans
    $10,000
    As early as 1 business day
    Monthly income of $1,000+ after taxes and valid checking account.
    LendYou Payday Loans
    Apply online with this loan-connection company offering unrestricted short-term loans at high maximums — fast turnaround.
    $15,000
    1 business day
    You must be a US citizen or permanent resident, age 18+ and have a regular income.
    Slam Dunk Loans
    Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.
    $2,500
    As soon as next business day
    Must be employed, receive regular income, earn at least $800 a month, have a checking account, be 18+ yrs old and a US citizen.
    BadCreditLoans.com
    With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.
    $5,000
    Varies
    Depending on lender requirements, people from all 50 states may not be eligible for a personal loan.
    CashNetUSA Loan
    Apply for a short-term loan with an easy online application and dedicated customer service.
    Varies by state
    1 business day
    You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
    Jora Installment Loans
    Installment loans with repayment terms up to 30 months, depending on your state.
    $2,600
    1–2 days
    Must have an active checking account, regular source of income and email address.
    Blue Trust Loans Installment Loans
    Get an installment loan from an online tribal lender. Perks for returning borrowers.
    $2,000
    As soon as next business day
    Must be at least 18 years old and have a verifiable source of income with direct deposit into your checking account.

    Compare up to 4 providers

    What other options do I have in New Jersey?

    If you have consistent financial troubles and need a loan, you might want to consider other loan and non-loan options.

    New Jersey has an Energey Assitance program and a Food Stamps program that can help you afford your everyday bills while you pay down your debt. In addition, you could also try some of the options below:

    • Debt consolidation loans. If you have multiple small loans out at once and are having trouble keeping up with all the payments, a debt consolidation loan may be a good idea. Your interest will likely be significantly reduced and you’ll only have one monthly bill.
    • Get a side job.If you have the time, a little extra work will put money in your pocket without costing you a cent. It might not be the most fun option, but when you’re working on paying down debt, a second job can make a big difference in your income.
    • Try credit counseling. There are many nonprofits out there that can help you with your budget. When you’re constantly having trouble making payments, professional advice can help you get on the right footing.

    How much does a traditional loan cost in New Jersey?

    All loans cost money, but since New Jersey law caps interest for all small consumer loans at 30%, you won’t have to worry about the loan being too costly. Unfortunatley, it’s impossible to guage how much a loan will cost without knowing the details of your credit and the requirements of the lender. Even a small difference in interest rate percentage can have a significant effect on the total amount you end up paying.

    Some general fees you might be charged include application fees and loan disbursement fees. Go through your loan’s contract to determine how much the total will be–principal plus interest–and to determine how much a possible late payment will cost you.

    Bottom line

    While you can’t get a payday loan, there are plenty of other options you can consider to get money quickly and without much hassle. No matter what you settle on, be sure you can pay it back before the due date to avoid further digging yourself into a cycle of debt.

    Have any more questions about New Jersey payday loan laws?

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    US Payday Loans Offers

    Important Information*
    Slam Dunk Loans

    Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.

    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

    Installment loans with competitive rates from a top-rated direct lender.

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