New Jersey Payday Loans

Though payday loans are not outlawed in New Jersey, the laws that apply to these lenders essentially keep them from operating in the state. The annual rate cap of 30 percent on small loans is too low to be lucrative for payday lenders that normally have APRs in excess of 300 percent. A cash advance serves specific financial needs and as a result, come with higher rates than the rest of the lending in the industry. The usury laws in New Jersey also require lenders, like those in New Brunswick and Newark, to stop lending to people that default more than three times within one year.

Maximum Principal

There is no maximum principal amount.

Length of Loan

The terms of small loans, like payday advances, are not outlined in New Jersey law.

Rollovers

There are no specific laws that address extensions or rollovers.

Fees

While New Jersey does not outline a specified interest amount for small loans, the annual rate cape is 30 percent - much lower than payday lenders normally charge. According to New Jersey criminal codes, the usury cap is set at 30 percent.

APR

Payday lenders are subject to the APR cap of 30 percent for small loans, essentially making the practice of payday lending in New Jersey non-existent.

Barrington, Hanley & O'Connor LLC
45 Park Place South, Suite 168
Morristown, NJ 07960
Chelsea Chek Cashing IV
137 South Doctor Martin Luther King Junior Boulevard
Atlantic City, NJ 08401
(609) 348-0714
US Officer Corps, National Relief Service
23 William Street, Suite 3
Newark, NJ 07102
Nationwide Cash Flow Solutions
219P Berlin Road 131W
Cherry Hill, NJ 08034
Newfield National Bank - Sewell Branch
515 Woodbury Glassbro Road
Sewell, NJ 08080
Checks Cashed Etc.
1347 JF Kennedy Boulevard
Bayonne, NJ 07002
Homeowners Approved Company
193 South Hill Drive
Mount Holly, NJ 08060
Kearny Federal Savings Bank
250 Valley Boulevard
Wood Ridge, NJ 07075
Universal Check Cashing
106 South Main Street
Manville, NJ 08835
Yardville National Bank - Center City Office
Kuser Road & White Hor
Trenton, NJ 08619



New Jersey Loan Statistics

Pay Schedule
Average Loan Average Age Weekly Bi-Weekly Monthly Twice Per Month Home Owner Renter
2012$6734019%60%10%11%24%76%
2011$6363723%54%10%13%21%79%
2010$6503921%57%10%12%26%74%