Payday Loan 
Title Loan 
Personal Loan 
Business Loan 
Payday Loans in Allenhurst, New Jersey: A Comprehensive Guide
Payday loans are a type of short-term loan designed to help people cover unexpected expenses between paychecks. Despite being illegal in New Jersey, many residents of Allenhurst may still be considering this type of financial option. In this guide, we will explore payday loans in Allenhurst, New Jersey.
Why Payday Loans Are Prohibited in New Jersey
Payday loans have been prohibited in New Jersey since 2009. This is due to the high interest rates and fees associated with these loans, which can trap borrowers in a cycle of debt. New Jersey has strict usury laws that cap interest rates at 30% for loans under $50,000. Payday loans often charge much higher rates, with an average APR of 400%.
Alternative Options to Payday Loans in Allenhurst, New Jersey
While payday loans may not be an option in Allenhurst, there are alternatives available that can help borrowers in need of quick cash. These options include:
- Personal Loans: Personal loans are a type of unsecured loan that can be used for a variety of purposes, including unexpected expenses. These loans often have lower interest rates and longer repayment terms than payday loans.
- Credit Cards: Credit cards can be a viable alternative to payday loans for those who have good credit. Many credit cards offer introductory 0% interest rates, and can be used to cover unexpected expenses.
- Borrowing from Friends or Family: Borrowing from friends or family can be a low-cost alternative to payday loans. However, it is important to ensure that both parties understand the terms of the loan and that a repayment plan is in place.
Interesting Facts and Statistics about Payday Loans in Allenhurst, New Jersey
- In 2018, the average payday loan borrower took out 10 loans per year with an average loan amount of $500.
- Payday lenders in New Jersey often evade usury laws by partnering with out-of-state banks and Native American tribes.
- Between 2008 and 2013, payday lenders in New Jersey charged borrowers $201 million in fees.
Apply Now
While payday loans may not be available in Allenhurst, those in need of quick cash can still apply for personal loans through TheGuaranteedLoans. As a connector service, we can help connect borrowers with potential lenders who may be able to provide a loan that fits their needs. Fill out our online application to get started today.
Disclaimer: TheGuaranteedLoans is not a direct lender and does not provide payday loans. We are a connector service intended to help borrowers find potential lenders who may be able to provide a loan that fits their needs. The lender you are connected with may have different terms and conditions than those outlined by TheGuaranteedLoans.