New Jersey Short Term Loans State Info Board and Registry

Payday loans are explicitly prohibited in the state of New Jersey under the New Jersey Consumer Loan Act (NJCLA). This comprehensive legislation sets strict regulations on small-dollar loans, making it illegal for lenders to offer payday loans to consumers. The NJCLA establishes a maximum interest rate cap of 30% APR, additionally, the New Jersey Department of Banking and Insurance enforces these regulations to ensure compliance.