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Payday loan alternatives in New Jersey

Payday loans are illegal in New Jersey, but you have other options.

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By

Elizabeth Barry

Edited by

Megan B. Shepherd

Updated

Fact checked

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Unplanned expenses when you're on a tight budget, can mean needing to borrow money to get by. Payday loans are illegal in New Jersey, but you have other short-term loan options that may help, and at a much lower cost.

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Payday loans are illegal in New Jersey

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, since payday loans can run APRs well over 700%.

4 short-term loan options you can get in New Jersey

If you need quick cash, or you’re just worried about being approved for cash due to a lower credit score, you have other options.

Cash advance apps

The top cash advance apps on the market offer a way to quick cash, as soon as the one to three days in most cases. And, you can even get your money instantly with a small fee. Plus, you can borrow without having to pass a credit check. Most cash advance apps offer advances on your next paycheck up to $250 or more. Though, advances typically start out lower at first, and limits increase as you show responsible borrowing and regular direct deposits from an employer or other source.

Some cash advance apps charge a monthly fee between $1 and $10, but others are free. Compare fees and requirements to find the best app for your situation.

Personal loans

Online lenders and even local lenders may offer bad credit personal loans that provide fast cash, as soon as same day in some cases. And, unlike payday loans, rates are capped around 35.99%. However, you’ll likely need to pass a credit check to be approved for a personal loan. Credit requirements in New Jersey generally start around 620, although some lenders can go lower.

Payday loan alternatives (PAL)

These loans are small, unsecured loans offered by some federal credit unions. PALs offer loans anywhere from $200 to $1,000, and you may even qualify without a credit check. You also won’t pay sky high interest rates, like with payday loans, since rates are capped around 28%. Repayment terms range from one to six months. One downside is that PALs aren’t a quick cash solution, you’ll likely need to be a member of a PAL credit union for at least a month.

Employer paycheck advance

It can’t hurt to check with your boss to see if you can get an advance on your paycheck. Some employers offer short-term loans or advances on paycheck for a low cost. And, much cheaper that you can get with any sort of bad credit loan.

How much do short-term 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.

Assistance programs in New Jersey

New Jersey is home to quite a few assistance programs that may help with various situations when you’re tight on cash. Here’s a few notable programs:

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 options to help make ends meet.

Frequently asked questions

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To make sure you get accurate and helpful information, this guide has been edited by Megan B. Shepherd as part of our fact-checking process.
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Senior editor

Elizabeth Barry is Digital Managing Editor for Entertainment at Are Media and formerly the lead editor for Finder's global financial niches which includes banking, crypto and investments. She has written about finance for 10 years and specialises in personal finance, including new and emerging areas of banking in Australia and globally. Elizabeth is regularly featured in a range of publications and media including Seven News, the ABC, MSN, the Irish Times and Singapore Business Review. See full bio

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6 Responses

    Default Gravatar
    RichardAugust 4, 2019

    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

      Default Gravatar
      nikkiangcoAugust 5, 2019

      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

    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.

      AvatarFinder
      JoshuaFebruary 24, 2019Finder

      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.

      I highly advise you get familiar with how to get a loan without an established credit history. If you click on that link, 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 fails and you still can’t find a lender for you, you might need to start asking for money from friends and relatives. Getting a consignee or guarantor would also help.

      I hope this answers your question. Should you have further queries, please don’t hesitate to reach out again.

      Have a wonderful day!

      Cheers,
      Joshua

    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

      AvatarFinder
      johnbasanesFebruary 21, 2019Finder

      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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