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Compare your loan options in New Jersey

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.

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 November 20th, 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 Requirements
OppLoans Installment Loans
Installment loans with competitive rates from a top-rated direct lender.
$4,000
9 to 36 months
1 business day
Open only to residents of AL, CA, DE, GA, KS, ID, IL, MO, MS, NV, NM, OH, SC, TN, TX, UT, VA and WI. Must have direct deposit to demonstrate sufficient monthly income.
Slam Dunk Loans
Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.
$2,500
Varies by lender
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.
CashNetUSA Loan
Apply for a short-term loan with an easy online application and dedicated customer service.
Varies by state
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.
Blue Trust Loans Installment Loans
Get an installment loan from an online tribal lender. Perks for returning borrowers.
$2,000
6 months
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.
HonestLoans Installment Loans
Get a flexible installment loan with fast funding through one easy online application form.
$2,500
Varies by lender
As soon as one business day
Must be employed and receive regular income, earn at least $800 a month, have a checking account and be an 18+ years old legal US citizen.
MoneyKey-arranged or MoneyKey Installment Loan
*Apply for money when you need it and receive your funds in as quickly as one business day.
$1,000 (unless otherwise stated)
Varies by state
1 business day*
You must be a permanent US resident or citizen, at least 18 years old, and have regular income.

Compare up to 4 providers

Are there other loan option 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?

No. Both in-store and online payday lending are illegal in New Jersey.

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.

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US Payday Loans Offers

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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.