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If you find yourself in need of emergency cash, you might consider taking out a payday loan. But did you know that payday loans are prohibited in Avalon, New Jersey? In this article, we will discuss why payday loans are prohibited in Avalon, NJ, alternative options for emergency cash, and some interesting facts and statistics related to payday loans in New Jersey.
Why are Payday Loans Prohibited in Avalon, NJ?
In 2017, Governor Chris Christie signed a bill that prohibited payday lending in New Jersey. This bill stated that payday loans are predatory and can trap borrowers into a cycle of debt. Payday loans typically have high interest rates and short terms, meaning borrowers often have trouble paying them back on time. This leads to more fees and interest, making payday loans a less than ideal option for borrowers in need of emergency cash.
While payday loans are prohibited in Avalon, NJ, there are still lenders who try to take advantage of vulnerable borrowers. It is important to be wary of any lender who offers payday loans in New Jersey as they may be operating illegally.
Alternative Options for Emergency Cash
If you are in need of cash quickly, there are several alternative options to payday loans. One option is to apply for a personal loan through a traditional bank or credit union. While the application process may take longer than a payday loan, these loans typically have lower interest rates and longer repayment terms, making them a more affordable option in the long run.
Another option is to ask family or friends for a loan. While this may be an uncomfortable conversation to have, it can be a better option than taking out a payday loan with high interest rates.
You could also consider selling unwanted items or taking on a part-time job to make extra cash. While these options may not be ideal, they can be effective in providing emergency cash without resorting to payday loans.
Interesting Facts and Statistics
- Before payday loans were prohibited in New Jersey, there were over 300 payday lenders operating in the state.
- The average payday loan borrower in New Jersey took out 8 loans per year, with an average loan amount of $433.
- In 2016, New Jersey borrowers paid over $100 million in fees and interest on payday loans.
Apply Now
If you are in need of emergency cash, TheGuaranteedLoans can help connect you with potential lenders. We are a connector service, not a direct lender, meaning we work with a network of lenders to find the best loan options for our borrowers. Fill out our online application today and get connected with a potential lender.
Remember, payday loans are prohibited in Avalon, NJ, but there are alternative options for emergency cash. Be wary of any lender who offers payday loans in New Jersey, as they may be operating illegally. Use TheGuaranteedLoans as a resource to find the best loan options for your needs.