Payday Loan Help In NJ
Date: Thu, 11/13/2008 - 18:45
I need help with two payday loans in NJ. I can't afford the finance charges every two weeks. Can I just close my bank account? I want to enroll in a debt management program but can't afford to because of these stupid loans. How do I get rid of these people?
In New Jersey, payday loans are prohibited. Quote:Legal Stat
In New Jersey, payday loans are prohibited.
Quote:
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 |
Please contact the Attorney General of your state.
