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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.

Our top pick: CashUSA Installment Loans

  • Min. Loan Amount: $500
  • Max. Loan Amount: $10,000
  • Turnaround Time: As early as 1 business day
  • Loan Term: 90 days to 72 months
  • Requirements: Must have a monthly income of $1,000+ after taxes and valid checking account.
  • Bad credit is OK
  • No application fee
  • Debt education resources

Our top pick: CashUSA Installment Loans

An online connection service for quick cash loans.

  • Min. Loan Amount: $500
  • Max. Loan Amount: $10,000
  • Turnaround Time: As early as 1 business day
  • Loan Term: 90 days to 72 months
  • Requirements: Must have a monthly income of $1,000+ after taxes and valid checking account.
Promoted

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.

Updated April 24th, 2019
Name Product Filter Values Max. Loan Amount Turnaround Time Requirements
$5,000
1 business day
Must have direct deposit and meet minimum income requirements
Installment loans with competitive rates from a top-rated direct lender.
$2,600
1 to 2 business days
Must have an active checking account, regular source of income and email address.
Installment loans with repayment terms up to 30 months, depending on your state.
$2,500
1 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.
Get a flexible installment loan with fast funding through one easy online application form.
$2,500
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.
Get an installment loan from an online tribal lender. Perks for returning borrowers.
$15,000
1 business day
You must be a US citizen or permanent resident, age 18+ and have a regular income.
Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.
$10,000
As early as 1 business day
Must have a monthly income of $1,000+ after taxes and valid checking account.
An online connection service for quick cash loans.
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.
Apply for a short-term loan with an easy online application and dedicated customer service.

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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4 Responses

  1. Default Gravatar
    JayFebruary 22, 2019

    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.

    • finder Customer Care
      JoshuaFebruary 24, 2019Staff

      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

  2. Default Gravatar
    TanishaFebruary 20, 2019

    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

    • finder Customer Care
      johnbasanesFebruary 21, 2019Staff

      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

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