New Jersey state officials have worked diligently to protect their citizens from exorbitant interest fees from payday loan and bad credit loan providers.  The state considers any loan interest over 30% usury or 50% for corporations. (see links below from the state of New Jersey)

If a lender attempts to charge over this amount, the lender will only be repaid the loan principal amount and will have to give up the interest on the loan. Here are a few ideas for you that may help you with your search for a personal loan in New Jersey.

America Loan Service works with well over 100 lenders through its partners and we have searched for personal loan options for people in New Jersey. We are contacted by New Jersey residents inquiring about personal loans and many have a credit score near or below 590. If your credit score is above 590+, you will have a lot of options from online lenders, peer to peer lenders, banks and credit unions. Once you fall below the 590 credit score, it can become very difficult to find lending solutions.

Here are a few ideas for you that may help you with your search for a personal loan in New Jersey. We continue to update this page as we find more options.


Credit Score Rebuilding

If you are living with bad credit today, you understand better than anyone just how crippling it is when you are unable to borrow, have a credit card or any other form of credit. We all dream of purchasing a home, condo or apartment at some point in our lives. Maybe buy a car, get married, plan a trip and all the other great American dreams. When your credit is in the tank, our options become very limited.  

Our recommendation to anyone that plans on continuing to live in New Jersey state with the lending laws that are in place today, you cannot live a full life with bad credit. The people that implemented these laws honestly are doing their residents a huge favor. Just imagine how much you would have borrowed if someone would have given you the money? 

Free Credit Score Rebuilding Help

By the time most of us are in a position to understand budgeting and making our payments on time, we've already ruined our credit score. The state of New Jersey is telling you to go figure it out how to manage your money. 

America Loan Service is developing a new credit rebuilding program. Its free today as we continue to develop the product.  We are looking for a few hundred people to come join Novita. We will be talking with you one on one, looking for your feedback to understand what you really need to get back on track. If you are serious about getting your life back on track, we are here to help at no charge for now.  



Freedom Plus Welcomes Co-Signers 



Origination Fees


Soft Credit Pull 


Time to funding

Between 3-5 days

Loan Amounts

$10,000 to $35,000

Minimum Credit History

2 years

Military Status 

Yes, Military are welcome to apply

Loan Term

24 to 60 months

Minimum Annual income


Minimum Credit Score



4.99% to 29.99% 

Prepayment fee


Late Fees

$15 or 5% of the amount due

Minimum Age

18 and must have a social security number

Can I use a co-signer

Co-signer preferred


All States Except:                               CO, CT, HI, KS, ME, NH, NY, ND, OR, RI, VT, WI, WV, WY

Collateral Requirement                    No Collateral required, unsecured

Debt To Income                                 40% or better


Secured Credit Card

secured credit card is a great way to develop new habits and improve your credit score. This card is perfect for someone trying to establish credit for the first time or repair credit. This card will feel more like a debit card than a credit card, but it helps your credit score. You deposit an amount of money on this card and then use it as a credit card. When the cash runs out, you deposit more cash. There are lots of options for secured credit cards. If you are dealing with a local bank or credit union, that is a great place to start.  There are many secured credit cards that do not charge a fee so shop around. 


Another alternative to secure a personal loan is requesting a family member or friend to co-sign a personal loan for you. This process is quite simple. Your family member or friend becomes responsible for this loan if you miss a payment or default.

There are a few things you need to consider before you go down this path.

1. Are you earning enough to support the new payment on this loan amount?

2. Is your current job and salary stable? You may have recently graduated from university or college and never had the opportunity to establish your credit score. You've hit a rough spot and messed up your credit, now your trying to clean it up. Both of these are very common occurrences.

3. A great rule to follow for you and your cosigner's comfort level is your debt to income ratio of 40% or less. Your debt to income ratio is all of your monthly payments divided by your gross monthly income.

4. Will you be paying off or consolidating debt when you take this loan?

5. You want to be sure that you will be able to live and afford this new monthly payment.

The last thing anyone wants is to damage a close relationship over money.

The Risks of Co-Signing a Loan

If you are considering co-signing for someone, we recommend that you and the borrower prepare yourself for the downside of co-signing a loan. We call them the co-signee because when you arrive in court, that is how the judge will refer to them not your friend.

1. We suggest that you budget this new loan into your monthly expenses for the term of the loan. If the borrower defaults, this becomes your loan. You can pay it off early without penalty, but it's now your loan.

2. If you are planning any future purchases that require credit, the co-signed loan amount will be sitting on your credit history. It will increase your credit risk and may drive up the interest rate offered on any new loan you're trying to apply for. 

3. Consider how the loan default will affect your relationship with the person you are co-signing for. If you are doing this for one of your children to improve their credit score, that can be a great idea as long as your child is ready to be responsible with money. 

4. If you are co-signing for a friend that has a poor credit history, we would suggest giving them the money from your bank account and consider the money gone. If you can afford the gift, then no problem. If you cannot, the issues that come up from co-signing are not worth the friendship.

5. If the borrower fails to pay, it's your loan. You can sue your friend or family member to pay you back, but they did not have money in the first place and you are assured you will never speak to each other again in the same way.  You can get a judgment and go through the hassle of going into the court system but for what? It's a hassle for you that you do not want or need.   

6. If you are considering co-signing for a mortgage, we suggest going to your attorney to discuss all of the look term ramifications. 

New Jersey Payday Loan and Usury Information

State of New Jersey
Department of Banking and Insurance Information

The criminal usury limitations apply to all loans subject to State of New Jersey law. The maximum permissible rate is 50% for corporations and 30% for non-corporate borrowers.

The civil usury rates are governed by et. Seq. (Title 31 - Interest and Usury). Those loans that fall into the category of N.J.S.A. 31:1-1(b) are determined the Department of Banking & Insurance according to the formula set forth therein. However, it should be noted that federal law preempts State usury law (see Depository Institution Deregulation and Monetary Control Act "DIDAMCA" - 12 U.S.C. 3803). 

As a result, financial institutions may make loans at any rate of interest up to the criminal usury limits, and other lenders, such as mortgage companies who are funded by federal programs, also are not subject to the New Jersey caps.


  1. New Jersey Usury Laws - New Jersey Usury Laws
  2. Exceptions to the usury law - Exceptions to the usury law
  3. Understanding FICO Scores - Understanding FICO Scores acquired July 2018