Every state has different laws covering pay day lending. The laws cover the maximum amount of money a borrower can receive on a pay day loan, the maximum amount of finance fees and interest a lender can charge, and how long a borrower is allowed to hold his loan before it must be repaid. There are also laws stating the options the borrower has if he cannot repay his entire loan on the due date.
While pay day lending is legal in New Jersey, many important pay day loan topics are not addressed by legislation. The finance fees, loan terms, and annual percentage rates are all negotiable. There can be an unlimited number of rollovers, and borrowers are also eligible for payment plans. The maximum pay day loan is $2500. Lenders who issue pay day loans must have a special license.
New Jersey Pay Day Loan Laws
Maximum Loan Amount: $2500.
Maximum Interest Rate: negotiable
Annual Percentage Rate: negotiable
Minimum Payoff Time: not specified by law
Extensions Allowed: unlimited
Top 5 New Jersey Pay Day Loan Companies
7 Wood Avenue
Linden, NJ
(908) 862-1100
qcholdings.com
Borrowers need a direct deposit checking account, and a minimum monthly income of $1000. Loans through this company can vary in dollar amounts for a first loan, with higher amounts possible after repaying your first loan on time. There is nothing to fax, and no credit checks. Loan applications are approved instantly.
Web-based company
1-888-510-8687
www.paydaylenderinc.com
Borrowers only need a monthly income of $800 to qualify for a pay day loan. Loans can be issued up to $1500. This company adheres to the guidelines of the Online Lender’s Alliance. They offer installment loans in addition to traditional pay day cash advance loans. This gives you plenty of freedom in selecting the loan that is right for you.
1715 Route 88 # C
Brick Township, NJ
(732) 458-1800
unitedcheckcashing.com
United Check Cashing has a handful of stores in New Jersey that operate as check cashers, Western Union offices, and payday advance lenders. The amount you can borrow at a single time from United varies greatly on a few different factors. These are the amount you make per month, how often you’ve used this company, if you’ve paid your other loans on time and the status of your bank account. Even if you have a few bad marks, this company allows you to rebuild your reputation with them.
199 East Front Street
Trenton, NJ
(201) 882-9625
paydayloanselector.com
Cash Advance is an average payday lender that follows all the rules of the state of New Jersey and offers very competitive rates and terms. This company wants to be your first choice in the city of Trenton and offers a lot of convenient services in one stop. You can get your cash, pay many types of bill electronically and get any money orders you may need.
316 Broadway,
Newark, NJ
(973) 406-2033
newark-nj.igloans.info
WJ Loans offers you payday loans from their physical office in Newark but also is part of the AmeriAdvance network of payday loan websites. This website enables you to get loans from any part of the country at any time you like. If you travel a lot it can be beneficial to sign up with them so if there’s ever a sudden need for cash, you have that option right at your fingertips.