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Payday loans in Hewitt, New Jersey: What You Need to Know
Are you in a financial pinch and considering a payday loan in Hewitt, New Jersey? Before you apply, it’s important to know that payday loans are prohibited in New Jersey. But what exactly are payday loans and why are they banned in the Garden State?
What are Payday Loans?
A payday loan is a type of short-term loan that is typically granted to borrowers with little or no credit history, or with a history of poor credit. The loan is intended to be repaid with the borrower’s next paycheck, hence the name “payday loan.”
Payday loans are often marketed as a quick and easy solution to financial emergencies such as unexpected car repairs or medical bills. However, the reality is that payday loans can carry exorbitant interest rates and fees that trap vulnerable borrowers in a cycle of debt.
Why are Payday Loans Prohibited in New Jersey?
New Jersey passed a law in 2019 that banned payday loans and other predatory lending practices. The law was designed to protect consumers from the high interest rates and fees associated with payday loans, which are equivalent to annual interest rates of up to 400% or more.
The law also requires lenders to obtain a license from the New Jersey Department of Banking and Insurance before offering any consumer loan product. This has helped to ensure that lenders are operating in a safe and regulated environment.
What are the Alternatives to Payday Loans?
If you’re in a financial pinch and need access to cash quickly, there are alternatives to payday loans that you can consider in Hewitt and throughout New Jersey:
- Credit cards: If you have a credit card, you may be able to use it to cover your expenses. Just be aware that credit card companies may charge high interest rates and fees if you don’t pay your balance in full each month.
- Personal loans: Many banks and credit unions offer personal loans with lower interest rates than payday loans. However, you will typically need a good credit score and steady income to qualify.
- Community assistance: There may be non-profit organizations in your community that offer financial assistance to individuals in need.
- Borrow from friends and family: This option isn’t ideal, but it may be a better alternative to payday loans if you have a good relationship with someone who is willing to lend you money.
Interesting Facts and Statistics about Payday Loans in Hewitt, New Jersey
- In 2018, there were 224 payday loan storefronts in New Jersey.
- 12 other states have also banned payday loans, including New York, Connecticut, and Pennsylvania.
- A 2017 study by the Pew Charitable Trusts found that 12 million Americans use payday loans every year, paying an average of $520 in fees on a two-week loan of $375.
Apply Now
While payday loans are prohibited in Hewitt and throughout New Jersey, TheGuaranteedLoans is here to help you find other financial solutions. We are a connector service that partners with reputable lenders across the country to help you find the loan product that best fits your needs. Our application process is fast, easy, and secure, and you can get started right now by filling out our online application form. Just remember, we are not a direct lender, and any loan product you secure through our service will be subject to the terms and conditions of the lender you choose to work with.
Don’t let a financial emergency get the best of you. Apply now and let TheGuaranteedLoans help you find the financial solution you need.