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Payday Loan Laws in New Jersey
devider Payday loans are small, short-term cash loans. Generally, consumers write a post-dated check for the desired amount, in addition to an interest fee. The lender will hold onto the check until the next payday (usually 14 days) and then deposits it. Consumers also have the option to return with cash to reclaim the check. Or, in some cases, consumers can repay the loan with a signed agreement which allows the lender to electronically withdraw the funds from their bank account on a pre-determined date. Payday loans are regulated by state; therefore, it's important to understand your state laws.

Payday loan laws in New Jersery prohibit them all together. However, New Jersey residents have alternative options available to them. Online lenders offer financial products comparable to a payday advance or personal loan. Typically, online lenders such as MoneyNowUSA will qualify you for a higher loan amount at a lower rate.

Applying online is easy!

Simply fill out an application, provide a few pieces of documentation, and submit it. Within minutes, your application will be approved or denied. If approved, you'll be asked for an esignature on the terms and conditions contract. Generally, the money will be wired directly into your account within one hour.

*Be conscious of deceptive online lenders. When applying for a loan product online, check for key information. Particularly, identify the link to the security certificate on the application page. A VeriSign secured site also indicates that your confidential information is secure. If anything sounds unclear, don't hesitate to call the company and ask questions.

To contact the New Jersey Department of Banking and Insurance, call 609-292-5360 or visit online.