Payday Loans in New Jersey (NJ)

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What are the payday loan laws and regulations in New Jersey?

New Jersey does not allow payday loans. Therefore lenders either act as pawn shops or they need to deal with check cashing if they want to deal with money lending activities. Credits and loans and all similar activities are regulated by the N.J. Stat. Ann. tit. 17:1 et seq. that’s part of consumer loan Further laws that apply for lending activities also include N.J. Stat. Ann. 2C: 21-19, 17:11C-36(a) and N.J. Stat. Ann. 17:15A-47.

Let’s explain to you how check cashing works as a loan service in the US.

As there is a high number of people who get their salaries on check in the US and the verification process often takes more than a couple of days there are specific services which deal with check cashing exclusively.

This means there are companies specialized on cashing checks within a matter of minutes if you give them the right to get your money with the normal check payment process. Of course these companies work with an extra fee that’s their profit.

The above laws also regard cash checking service and state that one lender cannot cash in checks which are post-dated (issued to be paid at a later date).

How much can you be charged by a payday lender in New Jersey?

As payday loan does not exist in the state. If you want to obtain a small loan the only rule that applies by the law is that the rate cap is maximum 30% of the original amount. All other aspects that’s regulated must be asked at the New Jersey Department of Banking and Insurance office. Get more information from lending companies on their respective conditions on small loans. We strongly suggest everyone to steer clear from any company that deals with pawn activities.

Your rights as a borrower in NJ

Companies can do various activities which can also be referred to as money lending. The conditions which apply may however differ for pawn like activities and check cashing activities.