Legal Status: Prohibited

Citation:
Consumer loan act applies but rates as agreed to by contract. N.J. Stat. Ann. tit. 17, 1 et seq. However, criminal law sets the usury cap at 30%. N.J. Stat. Ann. 2C: 21-19. A check cashing licensee cannot cash or advance money on a postdated check. N.J. Stat. Ann. 17:15A-47.

Small Loan Rate Cap
30% per year

Where to Complain, Get Information:
Regulator: New Jersey Department of Banking and Insurance
Address: 20 West State St. Trenton NJ 08625
Phone: (609) 292-5360
Fax: (609) 292-5461
Regulatory Contact: Ludi Hughes Assistant Commissioner
Regulator’s Website
Complaint Form
Complaint Instructions
Online Resources:
Personal Finance Information