Updated
May 09, 2023 Whether you want to take an epic, once-in-a-lifetime vacation, need money for car repairs, or have a home renovation project to tackle, personal loans can be the ticket to getting it. Loan terms vary depending on the lender, and they can even differ from state to state.
This guide will look at your options for personal loans in New Jersey and help you come up with a game plan.
On this page:
- Online personal loans in NJ
- Local NJ personal loans
- Pros & cons of personal loans
- Watch out for payday loans
Online personal loans in NJ
The beauty of personal loans is their flexibility: You can use the cash for just about anything. You can also find them online without a hassle. Often in a day or two, you can have the money in your account without ever having to set foot in a brick-and-mortar bank.
The online loans in the table below all offer loans to those in the Garden State.
| LightStream | Upgrade | Upstart | |
| Loan Amounts | $5,000 to $100,000 | $1,000 to $35,000 | $1,000 to $50,0002 |
| Term lengths | 24 – 144 months** | 36 or 60 months | 36 or 60 months |
| Fixed APRs | 3.49% – 19.99%* with AutoPay | 7.99% – 35.97% | 8.27% – 35.99%1 |
| Origination fees | 0% | 2.9% – 8% | 0% – 8% |
| Credit Category | Excellent, good | Fair | Poor |
| Minimum credit score | 660 | 620 | 600 |
| Visit Lender | Check Rates | Check Rates | Check Rates |
Local NJ personal loans
Local options may be more limited, but you might score a better deal or have a better chance of approval than with a national bank or lender.
Credit Union of New Jersey
First formed in 1943, the Credit Union of New Jersey was created to offer savings accounts and personal loans to State Highway Department employees. These days, it has approximately 40,000 members that come from more than 200 organizations.
Anyone can join the Credit Union of New Jersey. It offers personal loans, credit cards, vehicle loans, and mortgages. You can also open savings and checking accounts.
Visit the Credit Union of New Jersey’s website to learn more.
Members 1st of NJ Federal Credit Union
This credit union opened its doors in 1938 as the Cumberland Teachers Federal Credit Union. As it evolved over the years, it eventually became Members 1st of NJ Federal Credit Union. Now it serves 100 employer groups.
To join, you have to be an employee or retiree of one of its member groups or immediate family of a group employee. Members 1st offers an assortment of loans, including personal, car, and home loans. It also offers savings, checking, money market, IRA, and youth accounts.
To learn more, visit the Members 1st website.
>>Read more: Personal loans by state
Pros & cons of NJ personal loans
Pros
- You can often get money quickly.
- It’s less risky than a home equity loan, because your home isn’t on the line if you can’t repay.
- Most lenders aren’t picky about what you want to do with the money.
- They tend to have lower interest rates than credit cards.
Cons
- You could typically get a better interest rate with a home equity loan or home equity line of credit.
- Some personal loans carry a lot of fees and penalties, including origination and prepayment fees.
- You’ll usually need a good to excellent credit score to land a good personal loan interest rate—if you don’t have that, you’ll be denied or have to pay a lot in interest.
Watch out for payday loans
When you’re seeking a loan, several online and local lenders will advertise predatory payday loans. As much as possible, steer clear of these high-cost short-term loans.
Payday loans are such a bad deal for borrowers because they come with sky-high interest rates, which could leave you trapped in a never-ending debt cycle. If you can land a personal loan through a trusted lender instead, you’ll pay far less in the long run.
>> Read more: Alternatives to Get Out of the Payday Loan Cycle
Shop around to find the best personal loan for you
Take your time to find the best personal loan for your budget. Focus on the rates you’re offered, because the lower they are, the less the loan will cost you.
*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.
**Payment example: Monthly payments for a $10,000 loan at 5.95% APR with a term of three years would result in 36 monthly payments of $303.99.
1The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.
2Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5100. The minimum loan amount in GA is $3,100.