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Business Loan Payday Loans in Rosemont, New Jersey: What You Need to Know
Payday loans can be tempting for people who need quick cash. But before you consider taking out a payday loan in Rosemont, New Jersey, there are some things you need to know. The first and most important thing to understand is that payday loans are illegal in New Jersey.
What Are Payday Loans?
Payday loans are a type of short-term, high interest loan. Borrowers typically take out payday loans when they need cash quickly and don’t have access to other forms of credit. These loans are meant to be repaid in full on the borrower’s next payday, hence the name “payday loan.”
Why Are Payday Loans Prohibited in New Jersey?
In 2013, New Jersey passed a law that prohibits payday lenders from operating in the state. This law was put in place to protect consumers from the high interest rates and fees associated with payday loans. The law also prevents lenders from exploiting vulnerable borrowers who may be struggling to make ends meet.
What Are the Alternatives to Payday Loans in Rosemont, New Jersey?
If you are in need of quick cash and cannot access traditional forms of credit, there are still options available to you in Rosemont, New Jersey. Some alternatives to payday loans include:
- Credit Card Cash Advance: If you have a credit card, you may be able to take out a cash advance. However, cash advances often come with high fees and interest rates, so it is important to consider your repayment ability before taking out a cash advance.
- Personal Loans: Some banks and credit unions offer personal loans with lower interest rates than payday loans. However, these loans typically require a credit check, so they may not be an option if you have poor credit.
- Emergency Assistance Programs: Many local organizations and charities offer emergency assistance programs for people who are struggling to make ends meet. These programs may provide financial assistance, food, or other necessities.
Interesting Facts and Statistics About Payday Loans in Rosemont, New Jersey
- The average payday loan borrower takes out 8 loans per year, with an average loan amount of $375. (Source: Pew Charitable Trusts)
- In states where payday loans are legal, the average interest rate is 391%. (Source: Federal Reserve Bulletin)
- The payday loan industry brings in an estimated $9 billion in revenue annually. (Source: Pew Charitable Trusts)
Apply Now
If you are in need of quick cash and cannot access traditional forms of credit, TheGuaranteedLoans is here to help. We are a connector service that connects borrowers with potential lenders. While we are not a direct lender, we work with a network of reputable lenders who can provide you with quick cash when you need it most. Fill out our online application today to get started.
Remember, payday loans are illegal in Rosemont, New Jersey. But if you are in need of quick cash, there are still alternatives available to you. Consider all of your options and choose the option that is best for you.