What a loan can cost in New Jersey
Examples at an illustrative rate, never above New Jersey's cap for the amount. They are not quotes.
Representative example
- Amount borrowed
- $500
- Annual percentage rate (APR)
- 29.99%
- Repayment
- 12 monthly payments
- Payment
- $48.74
- Finance charge
- $84.88
- Total of payments
- $584.88
Example: a $500 installment loan at 29.99% APR repaid in 12 monthly payments of $48.74 costs $584.88 in total, including a finance charge of $84.88. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
Representative example
- Amount borrowed
- $1,000
- Annual percentage rate (APR)
- 29.99%
- Repayment
- 12 monthly payments
- Payment
- $97.48
- Finance charge
- $169.76
- Total of payments
- $1,169.76
Example: a $1,000 installment loan at 29.99% APR repaid in 12 monthly payments of $97.48 costs $1,169.76 in total, including a finance charge of $169.76. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
Representative example
- Amount borrowed
- $3,000
- Annual percentage rate (APR)
- 29.99%
- Repayment
- 12 monthly payments
- Payment
- $292.45
- Finance charge
- $509.40
- Total of payments
- $3,509.40
Example: a $3,000 installment loan at 29.99% APR repaid in 12 monthly payments of $292.45 costs $3,509.40 in total, including a finance charge of $509.40. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
Resources in New Jersey
Free and low-cost help in New Jersey, each with its official link and the date we checked it.
Lending regulator and complaints
New Jersey Department of Banking and Insurance (DOBI) licenses lenders in New Jersey.
Check a lender's license File a complaint
nj.gov Checked September 23, 2026
Attorney general consumer protection
Takes complaints about scams and unfair debt collection.
njconsumeraffairs.gov Checked September 23, 2026
211
Help with rent, utilities, food and other urgent bills.
nj211.org Checked September 23, 2026
Legal aid
Free civil legal help if your income is low; income limits vary.
lsnj.org Checked September 23, 2026
Nonprofit credit counseling
Help with a budget or a debt management plan.
nfcc.org Checked September 23, 2026
Benefits portal
Check whether you qualify for food, cash or other benefits in New Jersey.
njhelps.gov Checked September 23, 2026
Federal complaints
Complaints about any lender, to the Consumer Financial Protection Bureau.
Submit a complaint to the CFPB
consumerfinance.gov Checked September 23, 2026 Available in Spanish
Cheaper options to try first
Worth checking whatever your credit: these can cost less than a high-rate loan.
- Credit union payday alternative loans (PALs). Federal credit unions may offer small loans of up to $2,000 with terms of up to 12 months and an APR no higher than 28%, under NCUA rules (12 CFR 701.21). You usually need to be a member.
- Ask your creditor for a payment plan. Utilities, hospitals and many lenders offer hardship or extended payment plans if you ask before you miss a payment.
- Credit-builder loans: a small loan held in savings while you pay it off, which can help build a payment history.
- Secured credit cards: a card backed by a deposit you make, which can help build credit when you pay on time.
The rules lenders follow in New Jersey
Each rule links to its source. How we research state rules.
Allowed in New Jersey: installment and personal loans. Not allowed: title loans and payday loans.
| Product | Status | APR cap | Amount | Term | License | Law |
|---|---|---|---|---|---|---|
| Installment and personal loans[1][2][3][4] | Allowed | 30% APR | Up to $50,000 | Not set by statute | Consumer Lender license | N.J.S.A. 17:11C-32; 17:11C-41; N.J.S.A. 2C:21-19 |
| Title loans[5][6][3][4] | Not allowed | Not allowed | Not set by statute | Not set by statute | None | N.J.S.A. 2C:21-19 |
| Payday loans[3][7][4] | Not allowed | Not allowed | Not set by statute | Not set by statute | None | N.J.S.A. 2C:21-19; N.J.S.A. 17:15A-1 et seq. |
| Verified against the statute and regulator on September 23, 2026. Laws change; confirm with the regulator before you borrow. | ||||||
Bars place each APR cap on a 0 to 400% scale; the pin marks the cap. A striped bar means the statute sets no numeric cap.
Rate, fee and license rules in New Jersey
Installment and personal loans
- Rate cap
- Under the Consumer Finance Licensing Act, N.J.S.A. 17:11C-32, a licensed consumer lender may loan up to $50,000 and charge "interest at an annual percentage rate or rates agreed to by the licensee and the borrower" (i.e., no fixed numeric cap stated in that section). However, N.J.S.A. 17:11C-41 provides that a licensee may not charge more interest than would be permitted by law "if he were not a licensee," which ties the practical ceiling back to New Jersey's general usury framework, including the criminal usury statute N.J.S.A. 2C:21-19 (30% per annum for loans to natural persons, 50% for loans to corporations/LLCs/LLPs).
- License
- Consumer Lender license under the Consumer Finance Licensing Act, N.J.S.A. 17:11C-1 et seq., issued by the NJ Department of Banking and Insurance.
Title loans
- Rate cap
- No title-loan-specific enabling statute exists in New Jersey.
- Fees
- N/A; product not licensed as a distinct category.
- License
- None; no title loan license exists in New Jersey.
Payday loans
- Rate cap
- No payday-loan-specific licensing statute exists in New Jersey; short-term high-fee deferred deposit lending is effectively prohibited through the combination of the 30% criminal usury cap (N.J.S.A. 2C:21-19) and the 1993 Check Cashers Regulatory Act, which prohibits check cashers from cashing or advancing money against a postdated check.
- Fees
- N/A; product not licensed as a distinct category.
- License
- None; no payday loan license exists in New Jersey.
Rent and jobs in New Jersey
Typical rent and the jobless rate, to weigh before a loan payment.
Guides for New Jersey borrowers
By credit score
- Credit score 300 to 499
- Credit score 500 to 529
- Credit score 530 to 559
- Credit score 560 to 579
- Credit score 580 to 669
- Credit score 670 to 739
By amount
Articles about New Jersey
Check your options in New Jersey
New Jersey questions
Does New Jersey law allow payday loans?
New Jersey law does not allow payday loans. Source: N.J.S.A. 2C:21-19; N.J.S.A. 17:15A-1 et seq..
What is the most a lender can charge in New Jersey?
By loan type in New Jersey: Installment and personal loans: 30% APR. Title loans: Not allowed. Payday loans: Not allowed.
Where can I file a complaint about a lender in New Jersey?
You can file a complaint with New Jersey Department of Banking and Insurance (DOBI), and you can also submit one to the Consumer Financial Protection Bureau. Both links are under Resources in New Jersey on this page.
How do I check a lender's license in New Jersey?
New Jersey Department of Banking and Insurance (DOBI) licenses lenders in New Jersey. Use the license link under Resources in New Jersey on this page to check a lender before you share your information.
Is there free help paying bills in New Jersey?
Yes. Resources in New Jersey on this page lists free help, including 211, legal aid, nonprofit credit counseling and benefits portal.
Nearby states
- DelawareAllowedNo rate limit in state law No rate limit
- MarylandAllowed 33% APR (top tier)
- ConnecticutAllowed 36% APR (top tier)
- District of ColumbiaAllowed 24% APR
- PennsylvaniaAllowed 24% APR
Sources
- Justia. N.J.S.A. 17:11C-32. Retrieved September 23, 2026.
- Justia. law.justia.com/codes/new-jersey/title-17/section-17-11c-41. Retrieved September 23, 2026.
- Justia. N.J.S.A. 2C:21-19. Retrieved September 23, 2026.
- nj.gov. New Jersey Department of Banking and Insurance (DOBI). Retrieved September 23, 2026.
- consumersleaguenj.org/auto-title-loans. Retrieved September 23, 2026.
- richardsonlawoffices.com/faqs/are-car-title-loans-legal-in-nj.cfm. Retrieved September 23, 2026.
- richardsonlawoffices.com/faqs/are-pay-day-loans-legal-in-nj.cfm. Retrieved September 23, 2026.
- National Low Income Housing Coalition. Out of Reach 2026: New Jersey. Retrieved September 23, 2026.
- U.S. Bureau of Labor Statistics. Local Area Unemployment Statistics (LAUS), All States, Seasonally Adjusted. Retrieved September 23, 2026.
Important disclosures
APRs vary by lender and state in New Jersey. Each lender sets its own rates and terms and must show you the APR before you sign.
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- Questions about a lender licensed in New Jersey? Contact the New Jersey Department of Banking and Insurance (DOBI) or file a state complaint.
- You can submit a complaint about any lender to the Consumer Financial Protection Bureau at consumerfinance.gov/complaint.