New Jersey Payday Loans
If you’re in need of a little bit of a cash boost, acquiring New Jersey payday loans may be a little harder to access. However, it isn’t impossible. Read on to discover how payday loans work in New Jersey and what laws and fees they have.
Are Payday Loans legal in New Jersey?
No, they are prohibited. 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.
State law means you won’t be able to borrow from a payday lender.
New Jersey usury law caps the interest rate at 30% and bans check cashing services from advancing money. However, people in a tight financial situation still have a chance to get the necessary money fast even in case of bad credit.
Alternatives to consider before turning to Payday Loans
Before you dive deep into research and start browsing through dozens of websites offering fast cash, consider additional ways of getting money. The following options may work out:
- Postpone your bills. A good idea is to extend your bills. You may negotiate the payment schedule with your creditors. Ask to extend the rent or educational fees in case of difficulties.
- Part-time job. Another good source to generate extra revenue. If you need a couple of hundreds, you will never face difficulties to find a short-term job. Moreover, you may sell some things you do not need anymore (your PS, TV, or sports gear).
You may also ask for financial help from your relatives and friends. At least, they do not require a valid checking account.
Apply for Payday Loans in New Jersey
After reviewing all terms and regulations in detail, it is high time you learned the requirements for consumers to meet when accessing payday loans in NJ. First of all, a customer must have a valid checking account and be over 18. Those are the two crucial requirements.
Secondly, you need to be a New Jersey-based resident with some docs and ID copies to prove the working experience, wage, and more. Make sure you have prepared all the needed documents beforehand to save time and get instant approval.