New Jersey

The State of New Jersey is not a state that comes to mind when seeking a payday loan. Technically, New Jersey payday loans are not available to residents. Payday loans in New Jersey are not state sanctioned.

The only legal way to obtain payday loans New Jersey style is to do so online. There are no specific laws prohibiting Internet loans so as long as payday loans in NJ are made online no laws are violated.

If a resident were to seek out a New Jersey cash advance, it would be offered according to the state laws regulating usury charges. Doing a search on the words “cash advance loan New Jersey” will turn up many possible sources. A thirty percent interest cap accompanies such transactions.

Interest rate fees are the bread and butter of payday loan businesses and even cash advances fall into this high interest rate arena. The funds may be needed for an unexpected emergency or another legitimate expense, yet a higher than normal interest rate accompanies the convenience.

Brick and mortar lending establishments may offer funds “interest free” and technically circumvent the state’s law. Still with high “handling charges” or “service fees” the result can hurt the pocketbook of the unsuspecting consumer. It would be good to compare such disguised payday loan rates with other cash advance rates to find the best financial deal.

The Garden State is known for its beaches, and its casinos. It permits check cashing but with payday loans NJ does not have any plans to change its laws.