Even with a steady income, you could still find yourself short on cash. You might be weighing your options for a quick cash advance and considering a payday loan.
Even though payday loans are illegal in NJ, there are some lenders that slip through the cracks. Let’s go over some of the options for payday loans in NJ and explore safer alternatives.
Options For Payday Loans in New Jersey
To take out a payday loan, borrowers must agree to pay a portion of their next paycheck in exchange for a cash advance. These loans come with high interest rates and fees that can quickly trap borrowers into a cycle of debt – which is why they are prohibited in NJ. Still, there are some payday lenders that are able to operate outside of the state’s regulation.
Tribal Lenders
A tribal lender is a lending institution that is based on Native American reserved land. Because of where they are based they don’t need to follow the same restrictions as other lenders in a state. Many tribal lenders in New Jersey will offer payday loans for extremely high APR’s and the fine print can leave you owing a lot more than you expected.
Random Online Lender
Lending websites are able to offer payday loans to NJ residents. While these sites may look legitimate, they are selling your information to multiple lenders who bid for your loan. These loans come with extremely high interest rates that make them difficult to pay back.
These providers offer loan extensions, rollovers, and payment plans – but these usually come with a cost. Borrowers can easily risk turning a small loan into thousands of dollars owed and falling into a cycle of debt.
Payday Loan Alternatives in New Jersey
Loans with high APRs can be dangerous. You risk harming your credit and owing more money than you anticipated. Check out these safer and more affordable alternatives.
Instacash
Instacash is an online and mobile-friendly way of obtaining a safe cash advance. MoneyLion doesn’t believe in punishing you for needing a cash advance – which is why Instacash is always available at 0% APR. There are no credit checks and you’ll never have to risk negatively impacting your credit score. You’ll be able to access extra funds anytime and anywhere by using the MoneyLion app.
Get up to $250 today! Find out if Instacash is right for you here.
Credit Builder Loans
If you don’t have great credit history, it can be difficult for you to borrow the funds you need. A Credit Builder Loan allows you to borrow money and build your credit at the same time.
With a MoneyLion Credit Builder Plus account, you’ll be able to quickly apply for a loan up to $1000 and receive same-day funding. MoneyLion always has competitive interest rates – so as long as you keep up to date on payments you’ll be able to build up your credit.
Plus, more than half our members raised their score by up to 27 points within 60 days!
Apply for a Credit Builder Loan
| Instacash | Credit Builder Loan | Online Lender | Tribal Lender | |
| How Much Can You Borrow? | $250 | $1,000 | Varies based on the platform. | Depending on how often you use these loans and your credit score, your loan amount can vary. |
| Fees & Interest | 0% APR | Competitive APR, $19.99/month fee | Unlimited | Typically 500%-700% |
| Impacts Your Credit? | No | Yes, it builds your credit score. | Yes, will harm your score if you miss a payment – won’t build your credit. | Yes, Tribal Lenders are notorious for also having debt collection agencies tied to their lending platforms. |
| Availability | Online & Mobile | Online & Mobile | Online | Online, over the phone. |
| Wait Time | Instantly* | Instantly | Usually next business day | Usually next business day |
| Next Steps | Sign Up | Sign Up |
Get the Cash You Need
Everyone could use some extra cash once in a while. That doesn’t mean you should be penalized! There are safer and more affordable options for a payday advance. Whether you need a zero-interest cash advance or want to build up your credit, MoneyLion can help.
There are multiple options to build your financial freedom with MoneyLion. Depending on your membership, you can gain access to services and tools that will improve your overall financial outlook – from investing to 24/7 fraud protection. Learn how to make your finances roar.
