New Jersey is the most densely populated state in the country with over 9 million residents filling the tiny peninsula. When looking for a personal loan in a bustling state like New Jersey, it can be hard to sort through the troves of companies advertising to you, which makes it a lot of work to find the loan provider that’s right for you. With America Loan Service’s easy lender connection tool, we sort through all the top lenders operating in your zip code and show them to you along with all the information you need to decide on the right one. Before you go out looking for a loan, we recommend brushing up on the differences between some of the common loans out there.

With a fair credit score and financial history, most already qualify for the majority of unsecured personal loans. These only go up to $100,000 and have maximum repayment times of 7 years, however, they require no assets as security making them more widely available. Secured loans, on the other hand, do require some sort of collateral, usually your home, to secure the loan. Home equity loans, home equity lines of credit, and auto loans all fall under the title of secured loans. If you opt to use your home, you can borrow up to 70-90% of the equity in your home and can draw against it for up to 20 years before repayment. By securing your loan with an asset, you can borrow a lot more money and take a lot longer to pay it back, allowing you to tackle tougher projects like home upgrades, business ventures, and other costly tasks.

Taking out a personal loan has many uses. Our partnered lenders can help with first mortgages when buying a house, or refinancing an existing mortgage. They also specialize in debt consolidation, for the many New Jersey residents who are feeling crippled by student loan debt and credit cards. These loans can also be great for getting a head-start on smaller projects, like installing an air conditioner on a hot summer or taking a dream vacation that you’ve been putting off. Whatever your reason is for needing a personal loan, our lender connection tool can connect you to the right company for you, giving you peace of mind that you’re making an informed decision.

Bad Credit Options in New Jersey

New Jersey has the 7thhighest per capita income of any state, but that doesn’t mean that residents aren’t vulnerable to the hardships of bad credit. Once your score drops below 590, finding a personal loan is much more difficult, with your options limited to small companies like payday lenders. The interest rates for these companies are set at 16% by New Jersey state usury law, which helps prevent lenders from taking advantage of desperate consumers with sky-high interest rates.

These protections are great for those struggling with low credit, but the 16% cap does not apply across the board. First and second mortgages, credit cards, business loans, home equity loans and lines of credit, and auto leases are all exempt from the cap as they are regulated federally. For more information as well as a full list of exemptions, click the link below titled “Exceptions to the Usury Law” from the Washington Department of Financial Institutions.

Unless you desperately need the cash, we recommend focusing on credit repair before searching for a bad credit loan, or if you find yourself way behind on bills, perhaps consider debt settlement. Getting a secured credit card is a good start when fixing credit, but contacting a credit repair specialist can get you much faster results for a fee. We recommend contacting Novita, not only because of their stellar pricing but because they focus on fixing the bad spending habits that cause poor credit in the first place.

Novita was built for Americans with chronic financial troubles, whether from bad credit, overspending, or financial emergencies. Novita is a Personal Financial Guide that identifies and demonstrates how you can prevent or fix your financial issues yourself. Unlike other personal financial services, Novita gives you actions to perform instead of numbers to look at.

Good or bad credit, the last thing you want to be doing is spending all your time sorting through the hundreds of lenders operating in New Jersey to find the right one for you. By entering your zip code and loan amount in our lender connection tool, you will see only the top lenders operating in your area along with all the necessary information to decide which one is for you. America Loan Service wants to take all the guesswork out of finding a lender, so that you can get a head-start on your next big financial project.

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  1. TIME Average income by state - Average income by state acquired July 2018
  2. Exceptions to the usury law - Exceptions to the usury law
  3. Population distribution by age - Population distribution by age Acquired July 2018
  4. Population distribution by state - Population distribution by state acquired July 2018
  5. New Jersey interest rate laws - New Jersey interest rate laws acquired September, 2018