New Jersey Payday Loan

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Payday Lending Laws in New Jersey

The state motto of New Jersey is: “Liberty and Prosperity.” Unfortunately, the laws surrounding cash advance loans are anything but liberating. New Jersey is stuck between a rock and a hard place. The state is right in the heart of a nationwide fight whether to make payday lending legal or not.

New Jersey is one of the 13 states in America that does not allow payday lending under state law. Moreover, NJ state usury laws forbid charging borrowers more than a 30% annual percentage rate (APR).

Since payday lending is technically illegal in the state there are no payday lending centers in New Jersey. There is, however, the biggest shopping center in the world- the World Wide Web! In an internet search early 2017, “payday loans New Jersey” turned up 2,580,000 hits!

New Jersey Payday Loan - Cities