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New Jersey Payday Loans

Payday loans are low value, short term personal loans that are provided to individuals who are currently employed with the intention that the cash amount will be repaid at the individual’s next pay day. These cash advances are used to provide a solution for individuals who have unexpected financial needs or emergencies between pay periods.

In the United States, payday loans are regulated on a state to state basis and as such, the legality and rules and regulations are different for each state. In the state of New Jersey, there is no specific payday loan legislation, which means that some of the specifics of payday advances in the state are not regulated. This means that there is no cap on interest rates or the amount that an individual can borrow.

Payday Loan Process

In the State of New Jersey, an individual who is in need of a short term cash loan should first find a proper lender. Lenders can be found locally or online. Some of the important factors you will want to check with a lender is the amount of interest they will charge and if they will allow rollover in-case you are unable to pay the loan amount by the due date.

New Jersey lenders will generally require that the potential borrower will provide them with some personal information before they lend them a cash advance. This is to make sure the borrower can be held responsible to repay the loan that was given to them. Lenders will generally ask that the borrower supply the following before they approve a payday advance:

  • Personal identification (a potential borrower should supply a state issued driver’s license or other photo identification such as a passport, etc.).
  • A valid checking account (some lenders require that the checking account be at least three months old for it to be considered valid).
  • Proof of current, steady employment (this can be proven with pay stubs, bank receipts or bank statements showing that the borrower has been steadily paid).
  • Security of loan repayment (this is generally satisfied with a postdated check or authorization to withdraw the amount owed from the borrower’s bank account if they fail to repay the loan on the date specified).

It can vary from lender to lender on what they require, however, these four items are generally required.

Obtaining a Cash Advance in New Jersey

Payday lending places can be found locally in the state of New Jersey; however, another option to receive a cash advance is online lenders. Online lenders can provide cash loans quickly and easily with electronic transfers. If a borrower is approved, the amount that they need can be deposited directly into their bank account in a small amount of time. After the loan period has ended, the borrower can repay the total loan amount plus any interest accrued and loan fees by electronically transferring the cash back to the lender.