Convenient Online Payday Loans in New Jersey
Payday loans are illegal in New Jersey and there are no state regulated operators. Residents are left to explore other sources of loans such as traditional lenders and unregulated payday loan providers.
Find Bad Credit Loans in New Jersey
Due to the interest rates imposed by the state, most lenders find it very difficult to operate in New Jersey. Apart from credit cards, residents can approach local banks before settling for foreign based lenders.
How it works
Although short-term personal loans providers are not doing business here, it is possible to get a bad credit loan from out-of-state operators and tribal lenders. These lenders work by exporting their laws and regulations into the operating state.
If you are wondering where to get a short-term loan, Nation 21 can link you up with a trustworthy lender who will give you an online loan.
Lending laws in NJ
New Jersey is one of the states where payday loans are not allowed by the law. Since the law prohibits the practice, there are no state licensed or regulated lenders in the state. This is also partly due to the small-loan interest limit which is fixated at 30% for individual loans to residents.
Average credit scores in New Jersey
The average Experian credit score in New Jersey has been reported to be 676. At the same time, Mortgage Marvel reported an average credit score of 735 among home buyers. Although an average credit score is derived from several economic aspects, it can give important insights into the economic state of a region. At least 82% of all residents have good and improving credit scores.
Population and demographics Although New Jersey is the fourth smallest in the US, it is ranked as the most densely populated states in the country. With an estimated population of almost 9 million people, the state is the 11th most populous in the whole country.
The state is inhabited by different races and it has been rated as the most diverse state in terms of religion and ethnicity. The major racial groups are whites, African-Americans, Asians, and Natives. People with Hispanic origins also make up a significant portion of the population.
The ratio of males to females is almost equal and at least 23.5% of the population is under the age of 18 years while 13.5% are above 65 years.
Interestingly, New Jersey has the highest population of engineers and scientists per square mile in the whole world.
The economic indicators in New Jersey
The gross state product is estimated at $487 billion and has been recorded as the second wealthiest in the US by a study conducted in 2014.
The state’s per capita gross state product has been reported to be $54,699 which is higher than the reported average in the US. It also has the second highest number of millionaires in terms of per capita income in the US and nine cities in New Jersey are listed in the top 100 wealthiest counties.
The state depends on several sectors that drive her economy. However, the state heavily relies on pharmaceuticals, chemical industry, financial industry, tourism, telecommunications, food processing and electric equipment.
New Jersey is served well by its well-educated residents who provide professional labor to the industries. Because of its strategic position on the map, it has one of the largest container ports in the world. In addition, the state is home 24 companies that are considered to be among prominent Fortune 500 companies.
With at up to 95 million tourists per year, the state has recorded $43.4 billion in annual revenue from the tourism industry. New Jersey has an active agricultural sector that provides raw materials for the food processing industry.