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.
There is no maximum principal amount.
Length of Loan
The terms of small loans, like payday advances, are not outlined in New Jersey law.
There are no specific laws that address extensions or rollovers.
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.
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.
Morristown, NJ 07960
Atlantic City, NJ 08401
Newark, NJ 07102
Cherry Hill, NJ 08034
Sewell, NJ 08080
Bayonne, NJ 07002
Mount Holly, NJ 08060
Wood Ridge, NJ 07075
Manville, NJ 08835
Trenton, NJ 08619
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