Applying for payday loans in NJ

Life at times is strange; you don’t have money at a time when you need it the most. However, it is easy to find your way out if you use the right channels.

Payday loans in New Jersey are available for anyone who is in dire need of cash.  You have probably found yourself in a tough situation that requires funding.

Maybe you had a short illness and needed to buy medicine as soon as possible. Or your car broke down when you were planning to travel to the countryside.  Or it was probably your kid’s birthday which happened to be in the middle of the month. 

All these situations require quick money. The good news is that there is a way out. A payday loan in NJ will offer the financial support you need when all other options prove to be futile. 

Most people prefer asking for money from family and friends when they are in a tough situation. Well, this is a good option considering that you don’t have to worry about the interest.

On the flip side, this can worry the people who are close to you. Besides, they may not have the money you need when you ask them on short notice. 

Again, you might ruin your relationship in case you don’t pay up as agreed. Is there a point of ruining your precious relationship when there is another way out? We don’t think so!

Payday loans in NJ explained

A payday loan is a short term funding option offered in small amounts. The loans offer fast help for people whose salaries are not enough to cover their monthly expenses.

They are also worth considering if you have any form of financial emergency.  Payday loans NJ feature a higher interest rate compared to bank loans.

This is however the only drawback of the loans. The fact that these loans offer immediate financial aid when you need it the most makes them one of the most important loan options available.

Top benefits of payday loans in NJ

Most people with financial emergencies shy away from applying for payday loans.  The main reason is that they do not have enough information on how these loans work.

You may want to be sure that this is the best option for you before going for it. So we will try to give you more detailed information on payday loans:

  • It takes at least 5 minutes to fill a payday loan application form in NJ
  • There are minimal documents required when applying for the loan. The main requirement, of course, is proof of income. This is in the form of a recent copy of your pay stub. Other required documents include a government-issued ID card and a recent copy of any utility bill to confirm your address.
  • Payday loan applications are open 24/7
  • You don’t need a guarantor to apply for the loans. There are no collateral requirements either. So you won’t put your property at risk when applying for payday loans in NJ
  • You can qualify for a payday loan even with a poor credit score
  • Most lenders allow online applications. Days are gone when you had to drive to a physical location in order to apply for a payday loan. It is easy, safe, and convenient to apply for the loans online. 
  • It is possible to personalize your payments. This makes the loans manageable to repay
  • You don’t have to give a reason why you need the money in the first place. 

Are payday loans legal in NJ

Payday loans are illegal in some states, including New Jersey. The state regulations on these loans make them unprofitable to lenders. This is the reason why there are rarely payday loan lenders in New Jersey.

This however doesn’t mean that residents of New Jersey don’t have an option when they need quick cash. BridgePayday is here to help anyone who needs quick cash. It doesn’t matter which state you are in.

In NJ, there are limitations on the maximum amount that you can borrow as well as the interest rate that lenders have to offer.

For instance, the maximum amount that you can qualify for cannot be more than $2500. The term must not exceed 30 days and the APR is capped at 30%. This is the lowest APR charged on payday loans compared to other states.

Requirements for payday loans NJ

The main requirements needed to qualify for payday loans in New Jersey include the following:

  • You must be at least 18 years old
  • You must have an active bank account
  • You must be a permanent resident of New Jersey
  • You must have a government-issued ID card
  • You must provide a valid email address and phone number