New Jersey Short-term Loan Terms and Rules in 2025

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Short-term Loans Terms in New Jersey

Legal Status Illegal
Interest Rate (APR) 30% usury cap

Top Personal Loan Lenders in New Jersey

Lender
User Ratings
Branches
Cities
Category
Movement Mortgage
User Raiting:
5.00
Branches: 9
Cities: 4
Category: Financial institution
NFM Lending
User Raiting:
5.00
Branches: 6
Cities: 4
Category: Financial institution
Fairway
User Raiting:
5.00
Branches: 3
Cities: 3
Category: Financial institution
Cherry Creek Mortgage
User Raiting:
5.00
Branches: 4
Cities: 2
Category: Financial institution
U.S. Bank
User Raiting:
5.00
Branches: 26
Cities: 11
Category: Financial institution
Oportun
User Raiting:
4.95
Branches: 2
Cities: 2
Category: Loan agency
Cardinal Financial
User Raiting:
4.95
Branches: 9
Cities: 6
Category: Financial institution
loanDepot
User Raiting:
4.93
Branches: 8
Cities: 7
Category: Financial institution
Caliber Home Loans
User Raiting:
4.90
Branches: 4
Cities: 3
Category: Financial institution
Finance of America Mortgage
User Raiting:
4.88
Branches: 13
Cities: 5
Category: Financial institution
RoundPoint Mortgage
User Raiting:
4.75
Branches: 5
Cities: 2
Category: Financial institution
Envoy Mortgage
User Raiting:
4.73
Branches: 3
Cities: 3
Category: Financial institution
Mariner Finance
User Raiting:
4.70
Branches: 5
Cities: 5
Category: Loan agency
Primary Residential Mortgage, Inc
User Raiting:
4.70
Branches: 3
Cities: 3
Category: Financial institution
CrossCountry Mortgage (CCM)
User Raiting:
4.50
Branches: 22
Cities: 13
Category: Financial institution
Guaranteed Rate
User Raiting:
4.46
Branches: 65
Cities: 20
Category: Financial institution
CMG Financial
User Raiting:
4.45
Branches: 3
Cities: 2
Category: Financial institution
Navy Federal Credit Union
User Raiting:
4.20
Branches: 2
Cities: 2
Category: Credit union
OneMain Financial
User Raiting:
3.97
Branches: 20
Cities: 20
Category: Loan agency
Gateway First Bank
User Raiting:
3.95
Branches: 24
Cities: 13
Category: Financial institution
Investors Bank
User Raiting:
3.83
Branches: 41
Cities: 38
Category: Bank
Fulton Bank
User Raiting:
3.83
Branches: 21
Cities: 20
Category: Bank
Homebridge
User Raiting:
3.70
Branches: 27
Cities: 9
Category: Financial institution
Express Loans Of America
User Raiting:
3.70
Branches: 7
Cities: 6
Category: Check cash
Advance Financial
User Raiting:
3.65
Branches: 29
Cities: 28
Category: Loan agency
Santander
User Raiting:
3.55
Branches: 34
Cities: 32
Category: Bank
Provident Bank
User Raiting:
3.51
Branches: 61
Cities: 55
Category: Bank
Valley National Bank
User Raiting:
3.49
Branches: 61
Cities: 56
Category: Bank
Wells Fargo
User Raiting:
3.40
Branches: 72
Cities: 66
Category: Financial institution
JPMorgan Chase
User Raiting:
3.37
Branches: 125
Cities: 99
Category: Financial institution
PNC
User Raiting:
3.30
Branches: 85
Cities: 79
Category: Bank
AnnieMac Home Mortgage
User Raiting:
3.27
Branches: 17
Cities: 9
Category: Financial institution
Capital One
User Raiting:
3.23
Branches: 20
Cities: 18
Category: Bank
TD Bank
User Raiting:
3.14
Branches: 95
Cities: 81
Category: Financial institution
M&T Bank
User Raiting:
3.08
Branches: 38
Cities: 37
Category: Bank
Citizens Bank
User Raiting:
3.07
Branches: 18
Cities: 9
Category: Bank
Flagstar
User Raiting:
3.00
Branches: 3
Cities: 2
Category: Bank
Bank of America
User Raiting:
2.80
Branches: 88
Cities: 73
Category: Financial institution
Truist
User Raiting:
2.75
Branches: 5
Cities: 4
Category: Bank

New Jersey Short-term Loan Regulations

In New Jersey, payday lending is essentially prohibited through the state's strong usury laws. The New Jersey Check Casher Laws, which governs small loans, caps interest rates at 30% per annum, which is significantly lower than the rates typically charged by payday lenders. This interest rate cap makes traditional payday lending unprofitable in the state. As a result, there are no payday loan storefronts in New Jersey.

Furthermore, payday lenders in New Jersey, as in all states, must comply with federal regulations. This includes the Truth in Lending Act, which mandates that lenders, including those operating online, disclose the cost of the loan in terms of the finance charge and the annual percentage rate (APR). Additionally, the Fair Debt Collection Practices Act regulates how debts are collected, prohibiting abusive, deceptive, and unfair collection practices.

Due to these stringent regulations, consumers in New Jersey are largely protected from the high-interest rates and potentially predatory practices associated with payday lending.

What Are the Alternatives for Short-term Loans in New Jersey?

When searching for alternatives to payday loans, residents have several options to consider. These include installment loans, which offer structured repayment plans, and personal loans, providing flexibility and potentially lower interest rates. Exploring these alternatives can help borrowers manage their finances more effectively and avoid the high costs associated with payday lending

Guaranteed Installment Loans

In New Jersey, guaranteed installment loans provide a structured repayment plan, ideal for those needing predictable monthly payments. Unlike payday loans, these loans require a credit check and proof of income, offering longer terms and potentially lower interest rates. They are suitable for New Jersey residents looking to manage larger expenses or consolidate debts more effectively.

Fast Title Loans

Fast title loans in New Jersey offer immediate funding using a vehicle as collateral. Different from short-term loans, they require ownership of a car but can offer larger loan amounts based on the vehicle's value. This option is a quick solution for urgent cash needs without the stringent credit checks of traditional loans.

Emergency Loan without a Bank Account

For New Jersey residents without traditional banking, an emergency loan without a bank account offers a crucial alternative. These loans differ from cash advances as they don't always require a checking account for approval, ideal for those facing unexpected expenses but lacking standard banking services.

Debt Consolidation Loan

A debt consolidation loan in New Jersey is designed to combine multiple debts into a single loan. Unlike payday loans, it offers longer repayment terms and potentially lower interest rates, making it an excellent strategy for New Jersey residents looking to streamline their finances and reduce overall debt costs.

Instant Personal Loans

Instant personal loans provide quick financial relief in New Jersey, often with same-day approval. Unlike payday lending options, they may require a credit check but offer more flexibility in loan amounts and repayment terms, making them an ideal solution for immediate personal financial needs.

Cash Loans with No Credit

In New Jersey, cash loans with no credit cater to individuals without a strong credit history. Unlike payday loans, these loans don't always require a credit check, making them accessible to a broader range of people in need of immediate cash but with limited credit options.

Bad Credit Loans

Bad credit loans in New Jersey offer individuals with poor credit scores a chance to borrow, despite past financial challenges. Different from payday loans, these loans may have more favorable terms and focus on the borrower's ability to repay, providing a valuable opportunity for those aiming to rebuild their credit history.

Quick P2P Loans

Quick P2P (peer-to-peer) loans in New Jersey connect borrowers directly with individual lenders, bypassing traditional financial institutions. These loans differ from cash advances, by offering potentially lower interest rates and more flexible terms, appealing to those in New Jersey seeking alternative lending options outside of conventional banking systems.

Basic Information about New Jersey State

Metrics
Value
State Capital
Trenton
Population
Approximately 9.3 million (as of 2021)
Location
New Jersey is located in the northeastern part of the United States, known for its diverse landscapes, including the Jersey Shore and metropolitan areas.
Largest City by Population
Newark
Biggest National Parks
New Jersey does not have any national parks, but it has several state parks and forests.

Submit a Complaint Against a Lender in New Jersey

If you need to submit a complaint against a payday lender in New Jersey, the primary regulatory body is the New Jersey Department of Banking and Insurance. They ensure compliance with state laws governing payday loans. You can reach them at:

  • New Jersey Department of Banking and Insurance, P.O. Box 471, Trenton, NJ 08625-0471
  • (609) 292-7272
Submit a Complaint

FAQ

Are Payday Loans Legal in New Jersey?

No, payday loans are not legal in New Jersey. The state has stringent laws and regulations in place that effectively ban payday lending to protect consumers from predatory practices and high interest rates. These regulations are designed to safeguard the financial well-being of New Jersey residents.

Why are Payday Loans Prohibited?

Payday loans are prohibited in New Jersey due to concerns about the harm they can cause to borrowers. The high-cost structure of payday loans can lead individuals into cycles of debt, making it challenging to achieve financial stability. The state government has implemented these laws to prevent payday lenders from exploiting vulnerable consumers.

What Alternatives Are Available for Short-Term Financial Needs?

New Jersey offers various alternatives for individuals facing short-term financial needs. These alternatives prioritize responsible lending practices and borrower protection. Residents can explore traditional bank loans, credit unions, personal installment loans, and assistance programs provided by nonprofit organizations and government agencies.

Can Out-of-State Lenders Offer Payday Loans?

No, out-of-state payday lenders are not allowed to offer payday loans to residents in New Jersey. The state's regulations extend beyond its borders to ensure that borrowers are protected from predatory lending practices, regardless of the lender's location.

What Should I Do If I Have an Existing Payday Loan in New Jersey?

If you have an existing payday loan, it's important to know that it is not legally enforceable in New Jersey. The state's laws render such loans void. If you're facing challenges related to an existing payday loan, you can seek guidance from the New Jersey Department of Banking and Insurance. They can provide assistance and resources to help resolve any issues associated with the loan.

Where Can I Report Unlawful Payday Lending Practices?

If you encounter any unlawful payday lending practices or believe you have been targeted by predatory lenders, it's essential to report these issues. You can report them to the New Jersey Department of Banking and Insurance. Your report can contribute to investigations and efforts to curb predatory lending practices in the state, protecting other consumers from similar experiences. Your actions can make a difference in promoting fair and responsible lending practices in New Jersey.

New Jersey Short-term Loans Near Me

Aberdeen Township Absecon Allendale Allenhurst Allentown Alloway Alloway Township Annandale Asbury Asbury Park Atco Atlantic City Atlantic Highlands Audubon Augusta Avenel Bank Barnegat Barnegat Light Barnegat Township Barrington Basking Ridge Bay Head Bayonne Bayville Beach Beach Haven Beachwood Bedminster Belford Belle Mead Belleville Bellmawr Belmar Belvidere Bergenfield Berkeley Heights Berlin Bernardsville Blackwood Blairstown Bloomfield Bloomingdale Bogota Boonton Bordentown Bound Brook Bradley Beach Branch Branchburg Branchville Brick Township Bridgeton Bridgewater Township Brielle Brigantine Brook Brooklawn Browns Mills Budd Lake Burlington Burlington Township Butler Byram Township Caldwell Califon Camden Cape May Cape May Court House Carlstadt Carneys Point Carteret Cedar Grove Cedar Knolls Cedarville Chatham Chatham Township Cherry Hill Chester Cinnaminson City Clark Clarksboro Clementon Cliffside Park Cliffwood Clifton Clinton Closter Collingswood Colonia Colts Neck Columbia Columbus Cranbury Cranford Cream Ridge Cresskill Dayton Deal Deepwater Delanco Delran Dennis Dennisville Denville Deptford Dover Dumont Dunellen East Brunswick East Hanover East Orange East Rutherford Eatontown Edgewater Edison Egg Harbor City Egg Harbor Township Egypt Elizabeth Elmer Elmwood Park Emerson Englewood Englewood Cliffs Englishtown Evesham Ewing Township Fair Haven Fair Lawn Fairfield Fairview Fanwood Far Hills Fells Fieldsboro Fl Flanders Flemington Florham Park Fords Forked River Fort Dix Fort Lee Fort Monmouth Franklin Franklin Lakes Franklin Park Franklin Township Franklinville Fredon Township Freehold Freehold Township Frenchtown Galloway Garfield Garwood Gibbsboro Gibbstown Gillette Girt Gladstone Glassboro Glen Ridge Glen Rock Gloucester City Great Meadows Green Brook Township Green Village Guttenberg Hackensack Hackettstown Haddon Heights Haddon Township Haddonfield Hainesport Haledon Hamburg Hamilton Square Hamilton Township Hammonton Hampton Hancocks Bridge Hanover Harrington Park Harrison Hasbrouck Heights Haskell Haworth Hawthorne Hazlet Heights High Bridge Highland Park Highlands Hightstown Hill Hillsborough Hillsborough Township Hillsdale Hillside Ho ho kus Hoboken Holmdel Hopatcong Hope Hopewell House Howell Township Interlaken Irvington Iselin Island Heights Jackson Township Jamesburg Jersey City Keansburg Kearny Keasbey Kendall Park Kenilworth Keyport Kingston Kinnelon Lacey Township Lafayette Lake Lake Como Lake Hiawatha Lake Hopatcong Lakehurst Lakes Lakewood Lambertville Lanoka Harbor Laurel Springs Laurence Harbor Lavallette Lawn Lawnside Lawrence Township Lawrenceville Lebanon Ledgewood Lee Leonardo Leonia Liberty Corner Lincoln Park Lincroft Linden Lindenwold Linwood Little Falls Little Ferry Little Silver Livingston Lodi Logan Township Long Beach Long Branch Long Valley Lumberton Lyndhurst Lyons Madison Magnolia Mahwah Manahawkin Manalapan Township Manasquan Manchester Township Mantoloking Mantua Township Manville Maple 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Palmyra Paramus Park Park Ridge Parlin Parsippany Parsippany troy Hills Passaic Paterson Paulsboro Pedricktown Pemberton Pemberton Township Pennington Penns Grove Pennsauken Township Pennsville Pennsville Township Pequannock Township Perth Amboy Phillipsburg Pilesgrove Pine Beach Pine Brook Pine Hill Pine Valley Pinebrook Piscataway Pitman Pittstown Plainfield Plainsboro Township Pleasant Pleasantville Pluckemin Point Pleasant Point Pleasant Beach Pomona Pompton Lakes Pompton Plains Port Monmouth Port Reading Pottersville Princeton Princeton Junction Prospect Park Rahway Ramsey Rancocas Randolph Raritan Red Bank Ridgefield Ridgefield Park Ridgewood Ringoes Ringwood Rio Grande River River Edge River Vale Riverdale Riverside Riverton Robbinsville Twp Rochelle Park Rockaway Rockaway Township Rocky Hill Roebling Roseland Roselle Roselle Park Rosenhayn Roxbury Township Rumson Runnemede Rutherford Saddle Brook Saddle River Salem Sayreville Scotch Plains Sea Girt Sea Isle City Seaside Heights Seaside Park Secaucus Sewell Shade Shamong Ship Bottom Short Hills Shrewsbury Sicklerville Skillman Somerdale Somers Point Somerset Somerville South Amboy South Bound Brook South Hackensack South Orange South Plainfield South River South Seaville Southampton Township Sparta Sparta Township Spotswood Spring Lake Spring Lake Heights Springfield Stafford Township Stanhope Stewartsville Stirling Stone Harbor Stratford Succasunna Summit Swedesboro Tabernacle Tappan Teaneck Tenafly Teterboro Thorofare Tinton Falls Toms River Totowa Towaco Township Township Of Washington Trenton Tuckahoe Tuckerton Turnersville Union Union City Vauxhall Ventnor City Vernon Township Verona View Vincentown Vineland Voorhees Township Waldwick Wall Township Wallington Wanaque Wantage Waretown Warren Washington Washington Township Watchung Waterford Works Wayne Weehawken Wenonah West Berlin West Creek West Long Branch West Milford West New York West Orange West Windsor Township Westampton Westfield Westwood Wharton Whippany Whitehouse Whitehouse Station Whiting Wildwood Wildwood Crest Williamstown Willingboro Windsor Wood ridge Woodbine Woodbridge Woodbridge Township Woodbury Woodbury Heights Woodcliff Lake Woodland Park Woodstown Woolwich Township Wrightstown Wyckoff