Payday Loans in New Jersey

New Jersey (NJ, 34) states residents can apply for a loan online or in person. The lenders offer quick cash loans with fast approval for financial emergencies like medical expenses or other urgent payments. If the applicant meets the eligibility criteria, the lender will deposit the money in one business day!

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In comparison to other states, New Jersey residents can not apply for small loans. However, lenders offer alternative products as installment loans. Applicants can receive a loan of a minimum of $1,000 and a maximum of $35,000 for a period of time between 90 days and 60 months, depending on the product. The state regulates the maximum APR N.J. Stat. Ann. tit. 17:1 et seq. for a cash advance up to 30%, while the financing fees are approximately 15%.

The state has forbidden the rollovers for payday credits. Also, if you can not repay the loan in terms, there are no penalties.

Payday Loans Restrictions in New Jersey

Terms Payday Loans Installment Loans Personal Loans
Law Status available legal legal
Citation FINANCE CODE    
MIN amount None $1,000 $1,000
MAX amount None $5,000 $35,000
MIN term None 90 days 90 days
MAX term None 36 month 60 month
min APR   6.63% 4.99%
max APR 30%    
Extra fees None    
Collection fees None    
Guarantor None, unsecured None, unsecured None, unsecured
Nr. of simultanous loans/th> None    
cooling-off period None    
Rollover Not allowed    
Extension/repayment plan Not allowed    
Penalties Not allowed    
Credit Score A for Bad Credit A for Bad Credit A for Bad Credit
Criminal action      

New Jersey Finance History

New Jersey’s economy’s main driving forces are the financial services, logistics, and life sciences industries. One of the highest growths is attested in the healthcare and life science sector. The state is the main hub of scientists and engineers concentration. Also, the state infrastructure is improving due to the logistics sector.


Residents of New Jersey can not apply for payday loans according to state regulations. Therefore, lenders offer payday loan alternatives. The first option would be requesting an installment loan. Borrowers can request a $1,000, $1,500, $2,000, $2,500, $3,000, $5,000 loan for a minimum period of 90 days.

Another option would be applying for a personal loan. Lenders offer personal loans with a minimum of $1,000 and a maximum of $35,000 for up to 60 months. The repayment plan is different from a payday loan and depends on a state or company’s specific regulations. Rollovers are forbidden for both of the products.

Payday Loans History

New Jersey is one of the sixteen U.S. states that does not allow payday lending at the moment. The Financial Code of New Jersey protects the citizens from extremely high-rated loans and permits financial products under 30% APR.

However, not all short-term loans are forbidden. Licensed lenders offer alternative financing products for payday loans. Residents who need fast, short-term loans can request an installment loan or personal loan. The loan amount varies between $1,000 and $5,000 in the case of an installment loan.

How do online payday loans work in New Jersey?

Even though payday loans are forbidden in New Jersey, residents can apply for alternative short-term loans to solve their financial emergencies. The advantage of lending services in New Jersey lies in the low APR rate and fast operations. Thus, applicants may receive a $1,000-$5,000 installment loan for a period of up to 90 days just in one or two business days. Another option would be applying for a personal loan.

Borrowers can request a loan in-store or online. Depending on the method you choose, the required documents might vary. Please consult the eligibility criteria sections for further details. The main benefit of online applications is that you can get a loan from the comfort of your home with almost no paperwork. If you submit the application on the weekend or during holidays, we will process it on the next business day. The borrowers who prefer the in-store option and meet the requirements might get the cash on the same day.

If the applicant fulfills the eligibility criteria, the lender will provide a loan contract, including the offer. New Jersey has no specific laws according to the repayment plan. However, keep in mind that rollovers are forbidden, which means that the borrower is responsible for on-time monthly payments.

Payday loans requirements in New Jersey

The New Jersey financial code regulates the eligibility criteria for short-term loans. Lenders will accept New Jersey residents over 18 years old with an active checking account. Also, you have to provide proof of income, at least $1,000 per month. If you apply online, you need to provide a valid phone number and Social Security Number. A borrower who will apply in-store needs to have a photo ID, proof of income, and bank account. Please note, members of the Air Force, Army, Coast Guard, Marine Corps, or Navy should not be on duty or call for a period of 30 days or fewer.

New Jersey Rates and Terms for Payday Loans

Small loans are restricted in New Jersey. But lenders can offer you $1,000 – $5,000 installment and $5,000 – 35,000 personal loan. N.J. Stat. Ann. tit. 17:1 et seq. sets the APR to 30%. These loans are a minimum of 90 days and a maximum of 36 – 60 months.

APR example and fee schedule for Payday Loans New Jersey

If you take an installment loan of $1,000 for 90 days you will repay a total of 1,050 at a maximum of 30% APR.

Regulator: Complaints & Information

In the case you experience illegality relating to payday loans, please contact the New Jersey Department of Banking and Insurance.

Address: 20 W State St, Trenton, NJ 08625

Phone: 609-292-7272 or 800-446-7467

Fax: 609-454-8468



Payday loans in New Jersey for unemployed people

People who apply for short-term loans must have proof of income. However, residents of New Jersey could get accepted even being unemployed. Therefore, your income source does not mean only a salary. If you receive unemployment benefits or participate in government assistance programs, you will likely get accepted for a loan.

Lenders put an accent on the repayment capacity of the borrower. When you apply for a loan, consider mentioning any source of income you have. Submit proof of unemployment benefits, disability, or alimony. If the lender considers that you can repay the loan, you will get approved. You do not have to be employed to apply for a short-term loan.

Reasons to Choose Us

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A payday loan is a short-term loan designed for financial emergencies. You can get a small amount of money and repay the loan at the next paycheck.

New Jersey is one of the sixteen states that has prohibited small loans. However, there are many payday loan alternatives on the market.

No. Payday lending is forbidden in New Jersey. If you need a short-term loan, you can apply for an installment loan or a personal loan.

The loan cost depends on the APR, which is set by companies. Borrowers in New Jersey can benefit from low APR rates. The state set de maximum amount at 30%. If you take a $1,000 loan for 90 days, the final amount you have you repay is $1,050.

To get a loan in New Jersey, you have to meet the eligibility requirements. You can apply for a loan online or in-store. If you meet the requirements, the lender will deposit the money on your account in one business day.

If you apply for an installment loan, le amount varies between $1,000 and $5,000. If you need more money, you can request a personal loan, with a minimum of $1,000 and a maximum of $35,000.

The residents of New Jersey can not apply for payday loans. Therefore, lenders offer alternative products such as personal loans and installment loans.

The lender must ensure that the borrower will repay the loan. However, lenders use complex systems to check the paying capacity of the borrower. They do not effectuate traditional hard credit checks.

Lenders can not guarantee loan approval. If you meet the eligibility criteria, have a steady source of income, and good credit history, you are likely to get accepted for a loan.

Lenders offer credit score flexibility. If you are able to pay back the loan, you have the chance to get accepted even with bad credit.

You can get a loan online or in person. Consider applying only via trustworthy lending services to avoid fraud. Check the license of the lender and read the contract carefully before signing.

Lenders have fast operations in comparison to banks. They will review your application quickly and if accepted, you can receive cash as soon as in one business day.

To qualify for a loan, you need to be at least 18 years, be a New Jersey resident with an active checking account, and have proof of income. Check the specific requirements for online or in-person applications.

Borrowers are allowed to have only one loan at a time. However, certain lenders might offer you multiple small loans. Consider having enough income to cover the loans on time.

The acceptance rate among payday lending is much higher. However, no company can guarantee instant approval. Good credit history and proof of income will boost your chances to get accepted.

You do not have to be employed to apply for a loan. Lenders require proof of income, which does not have to be a salary. You can provide proof of unemployed benefits as well.

Lenders process applications fastly, so you might get the loan on the same day. If you want to ensure your chances, consider applying in the early morning.

If you apply in-store, you might get a loan faster. If you apply online, submit your application until the cut-off times.

If you apply for an installment loan, you can get a minimum of $1,000 and a maximum of $5,000. Please consider that the loan amount is based on the repayment capacity of the applicant and is subject to change from person to person.

A payday loan can be a great product if you apply via reliable lending services. Direct lenders provide transparent financing, with no hidden fees. Check the license to avoid scams.

Applying for a payday loan does not affect your credit score. Consider repaying the loan on time to avoid credit score damages.

No. Short-term loans have high APR rates. Therefore, these products are not suitable for long-term purchases. Apply for a payday loan only if you have an emergency.

Please note that rollovers are forbidden in New Jersey. Apply for a loan only if you are able to repay it to avoid additional fees and credit score damages.

Unfortunately, you can not build credit with a payday loan. Lenders do not make reports to credit bureaus.

Even if you apply online or in-store, the loan approval can not be guaranteed. You will get accepted only if you meet all the eligibility criteria and have enough income to repay the loan.

All states

A cash advance is a good financial instrument for short-term purchases. The application is easy and fast compared to other financial products. Lenders offer credit score flexibility, focusing on the repayment capability. The application does not affect borrowers’ fico score.

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