State law means you won’t be able to borrow from a payday lender.
New Jersey usury law caps the interest rate at 30% and bans check cashing services from advancing money. But that doesn’t mean you’re out of options. There are multiple payday loan alternatives available to residents of New Jersey.
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. The Consumer Loan Act, New Jersey Revised Statutes 17:1 et seq., also keeps payday lenders out of New Jersey. It sets the maximum APR for a loan at 30%. With these two regulations in place, payday loans are effectively banned in the state.
Compare installment loan options in New Jersey
What other options do I have in New Jersey?
New Jersey has a number of social services you may be eligible for if you’re in a difficult financial situation:
- WorkFirst NJ General Assistance (WFNJ/GA)
- WorkFirst NJ Temporary Assistance for Needy Families (WFNJ/TANF)
- Supportive Assistance to Individuals and Families (SAIF) program
- Emergency Assistance (EA)
- End Hunger NJ
- Low Income Home Energy Assistance Program (LIHEAP)
- Medicaid
- NJ SNAP
- Transportation assistance
- Supplemental Work Support
Are there any other short-term options in Massachusetts?
If you have consistent financial troubles and need a loan, you might want to consider other loan and non-loan options, including:
- 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 do other loans cost in New Jersey?
New Jersey law caps interest for all small consumer loans at 30%. Unfortunately, it’s impossible to gauge 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 in New Jersey, there are other options you can consider if you need help supplementing your budget or are facing an emergency. And provided your lender follows New Jersey’s usury laws, you may qualify for an installment loan or other short-term lending option to help make ends meet.
Looking for a loan with bad credit to pay my rent tomorrow or I get evicted can you or someone help me get a loan for 1495 dollars if you can please thank you
Hi Richard,
Thanks for getting in touch! Sorry to hear about your current situation. It looks like you’re on the accurate page to apply for loans in New Jersey. To get started simply enter your state on the blue box saying “personalise your loan options” and it will show the lenders listed on our page. You can compare them by lender, loan amount, turnaround time, requirements. Note that you can compare up to 4 providers side by side by ticking the box below the brand’s logo. When you have chosen the right one for you, click the MORE INFO button if you want to read more about the brand through Finder page reviews or click the green GO TO SITE button to bring you to the main provider’s webpage. This is where you can start your application or get a quote. As a friendly reminder, carefully review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy.
Hope this helps and best of luck on your application!
Cheers,
Nikki
Hey! I live in NJ. I’m 17 turning 18 years old soon. I have no credit history yet. Is it possible to take a 5,000 loan without a cosigner? I also work for a part-time job.
Hi Jay,
Thanks for getting in touch with Finder. I hope all is well with you. :)
Most lenders would require you to have a credit history. For this reason, you might have a hard time finding a lender who might help you. Nevertheless, it is still possible to find lenders who can help you. You can start looking for lenders online. Be sure that you are just applying for a smaller loan to increase your chance of getting approved.
You can learn more how to get a loan without an established credit history through this page.On that page, you will learn more about where to get a loan with no credit history.
Before you apply for a loan, please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision. Moreover, check the eligibility requirements as well and consider whether the product is right for you.
If all else fail and you still can’t find a lender for you, you might need to start asking money from friends and relatives. Getting a consignee or guarantor would also help.
I hope this answers your question. Should you have further qeuries, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
I live in NJ, What if you didnt know it is illegal and already taken out loans and you already in a payment agreement but paid past what you borrowed and still paying
Hi Tanisha,
Thank you for reaching out to Finder.
Though it is not clear what makes the loan taken out as illegal, it is advisable that you speak to an attorney or law enforcement to know the legality of the loan as well as options available for you regarding the matter. Hope this helps!
Cheers,
Reggie