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Phone: (888) 269-2303 UNKNOWN, South Plainfield, NJ 07080
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This business is not BBB accredited.
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Payday Loans in NJ
It is an unlawful practice under the Consumer Fraud Act, for any person to engage in the business of making deferred deposit or “payday” loans to consumers in New Jersey.
New Jersey banking laws prohibit anyone from cashing or advancing any money on a postdated check. New Jersey Legislature A3719 re: Payday loans. http://www.njleg.state.nj.us/2012/Bills/A4000/3719_I1.HTM
Usury is an excessive or unlawful rate of interest. New Jersey's usury laws cap interest at 30 % per year. A payday loan can have interest of 250 to 600 % per year. Therefore, a payday lender cannot operate in New Jersey because its interest rates would far exceed the limits set by the state. The bill’s provisions apply to payday loans made by lenders, wherever located, and made by any means, including, but not limited to: in-person contact, Internet, mail, telephone, print, radio, or television. An unlawful practice under the CFA is punishable by a monetary penalty of not more than $10,000 for a first offense and not more than $20,000 for any subsequent offense.
Internet Payday Lenders
Internet payday loans are illegal in a number of states. As of the most current information, these are: Arizona, California, Ohio, Montana, Arkansas, New York, Pennsylvania, West Virginia, Georgia, New Hampshire, Vermont, Massachusetts, Connecticut, New Jersey, Maryland and the District of Columbia. Despite this, some online lenders illegally lend money to customers in these states.
If you live in any of these states and an online lender threatens to sue, check your state's usury and consumer protection laws. You will likely have a valid defense, as you can’t be legally bound to an illegal agreement.
If you’ve been the victim of a payday loan scam or if you’re struggling with payday loan debt, contact an experienced attorney about your rights.
For free legal assistance, visit your state’s legal aid website: In New Jersey - http://www.lsnj.org/ .
Also, see if a family member or a friend can give you a small loan. You may also be able to get a cash advance on your credit card. The interest rate will be higher than that of a traditional bank loan, but far lower than that of a payday lender . Consider if government programs may be able to give you the help you need. In New Jersey WorkFirst provides temporary cash assistance and many other support services to families through the Temporary Assistance for Needy Families (TANF) program. Visit http://http://www.state.nj.us/humanservices/dfd/programs/workfirstnj/.
For more information please visit CONSUMER FINANCIAL PROTECTION BUREAU's answers to related questions:
"My payday lender told me I could be arrested if I failed to pay back my debt. Is this true?
UPDATED 11/6/2013 http://http://www.consumerfinance.gov/askcfpb/1631/my-payday-lender-told-me-i-could-be-arrested-if-i-failed-pay-back-my-debt-true.html
No, you cannot be arrested for defaulting on a payday loan. You should report the lender’s threat to your state attorney general. You can also submit a complaint with the CFPB online or by calling 1-855-411-CFPB (2372).
(Nevertheless, if a lender has obtained a judgment against you and you ignore an order to appear in court, a judge may issue a warrant for your arrest. You should never ignore a court order. If you get a court order to appear, you should go to court and provide any required info)"
Caution – your personal information may be a real target, not a loan:
Internet payday lenders may sell or pirate personal financial information even before a loan is agreed to or the borrower opts to not complete the transaction. - Your lender may be operating out-of-state or overseas, which means if they violate the law it is hard to track them down, prosecute, and recover your lost funds. Consumers are strongly warned against entering personal or financial data on Internet-based application forms. Such data can be misused or pirated even before a loan is agreed to by the borrower.
The Washington State Department of Financial Institutions (DFI) received a report that Mypaydayloan.com may be providing consumers’ personal information to a third-party who appears to be running an advanced fee loan scam. http://dfi.wa.gov/consumer/alerts/mypaydayloancom-unlicensed-payday-loans.
Remember payday loans with their enormously high interest rates often mean a spiral of debt.