Best Personal Loans in New Jersey for 2024

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Reviewed byAlvin Yam, CFP
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Reviewed byAlvin Yam, CFP
Edited byBenjamar Gabawa
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Updated: April 25, 2024

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In rating personal loan lenders in New Jersey, MoneyGeek considered interest rate, the lender's overall reputation and loan term flexibility. First Tech emerged as our top pick with a MoneyGeek score of 98 out of 100. It has stellar customer service and competitive interest rates. Our runner-up, PenFed, has a MoneyGeek score of 96 out of 100 and boasts having one of the most flexible loan repayment terms and top-notch customer education.

In New Jersey, having a credit score near 725 might allow you to qualify for more favorable loan options. Your income history and debt-to-income ratio are also factors lenders consider when you apply for a loan.

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    Overall Best Personal Loan Lender in New Jersey

  • First Tech

    • 98MoneyGeek Score
    • 8.94% to 18.00%APR Range
    • UndisclosedMinimum Credit Score
    • $500 to $50,000Loan Amount Range
    • 6 to 84 monthsRepayment Terms

    First Tech is MoneyGeek's top personal loan lender in New Jersey, boasting a MoneyGeek score of 98 out of 100. Offering APRs from 8.94% to 18.00%, which is competitive and falls below many higher rates in the data reviewed by MoneyGeek, this lender stands out. First Tech excels in both customer service, providing extensive educational materials and support, and interest rates, offering some of the most favorable terms. Its loan repayment terms are diverse, ranging from six to 84 months.

    Pros

    • Insured by the National Credit Union Administration (NCUA)
    • Balanced, low APRs
    • Doesn't charge an application or loan origination fee

    Cons

    • Need to be a member to apply
    • Could provide more detail on the loan application process
    • Little published information about credit score requirements
    First Tech

    Runner-Up for Best Personal Loan Lender in New Jersey

  • PenFed

    • 96MoneyGeek Score
    • 7.99% to 17.99%APR Range
    • UndisclosedMinimum Credit Score
    • Up to $50,000Loan Amount Range
    • Up to 60 monthsRepayment Terms

    PenFed Credit Union is MoneyGeek's runner-up choice for personal loans in New Jersey, with a MoneyGeek score of 96 out of 100. Offering an APR range of 7.99% to 17.99%, PenFed's rates are competitive, with the lower end below many alternatives. Its loan terms are comparatively flexible, allowing for up to 60 months of repayment. PenFed stands out for customer-focused educational resources and availability, commendable transparency, and upfront information sharing.

    Pros

    • Offers some of the lowest APRs available
    • No early repayment penalty
    • Insured by the National Credit Union Administration (NCUA)

    Cons

    • No information provided about credit score requirements
    • $50 minimum monthly loan payment
    • Longer time to wait for loan approval compared to other lenders analyzed
    PenFed
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UNDERSTAND YOUR DEBT-TO-INCOME RATIO

Your monthly debt payment relative to your monthly gross income is called your debt-to-income ratio, or DTI.

Most lenders prefer a debt-to-income ratio of 35% to 40% or below for secured loans and 40% to 45% or below for unsecured personal loans. A debt-to-income ratio above 50% is considered high, so approval may be more difficult, or your loan may have higher interest rates.

Alvin Yam, CFP®

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Calculate Your Monthly Loan Payment

Explore your loan options with our personal loan calculator. This simple tool calculates monthly payments and total loan costs based on the amount, interest rate, and term length, helping you make informed decisions before committing.

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    Best Personal Loan Lender in New Jersey for Bad Credit

  • Happy Money

    • 94MoneyGeek Score
    • 11.72% to 17.99%APR Range
    • 640Minimum Credit Score
    • $5,000 to $40,000Loan Amount Range
    • 24 to 60 monthsRepayment Terms

    Happy Money is MoneyGeek's pick for the best personal loan option in New Jersey for borrowers with low credit, scoring 94 out of 100. Although not a traditional lender, Happy Money partners with federally insured institutions to offer loans with APRs ranging from 11.72% to 17.99%, which are competitive market rates. The minimum credit score required is 640. This provider stands out for its transparent practices and high customer service standards, diligently informing borrowers about its options and offering extensive support.

    Pros

    • Works with 10 federally insured lenders to originate all loans
    • Offers transparent eligibility requirements, including known credit score minimums
    • They do not charge applicants any fees just for applying

    Cons

    • The lenders they work with charge an origination fee
    • Longer time to wait for loan approval compared to other lenders analyzed
    Happy Money
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    Best Personal Loan Lender in New Jersey for Debt Consolidation

  • Truist

    • 96MoneyGeek Score
    • 8.74% to 17.39%APR Range
    • UndisclosedMinimum Credit Score
    • From $3,500Loan Amount Range
    • 24 to 60 monthsRepayment Terms

    MoneyGeek's pick for the best personal loan provider for debt consolidation in New Jersey is Truist. The top lender outshines in ease of applying and getting approved, alongside offering competitive rates, with an APR range of 8.74% to 17.39%, which is among the more favorable than the average rates reviewed. With a MoneyGeek score of 96 out of 100, Truist exemplifies why comprehensive upfront information and a less complex application process are vital for consumers in making informed decisions on personal loans.

    Pros

    • FDIC insured
    • No origination fees
    • Difficult to qualify for the lowest rates

    Cons

    • Difficult to qualify for the lowest rates
    • High minimum loan requirement compared to competitors
    Truist
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IS INTEREST ON PERSONAL LOANS TAX DEDUCTIBLE?

Interest on personal loans is generally not tax deductible, as personal loans are considered consumer debt. But there are some exceptions where the interest may qualify:

  • When consolidating high-interest qualifying debts like credit cards or student loans, if used to pay off those debts.
  • If used for home improvements that increase the home's value.
  • If the loan proceeds can be demonstrated as used exclusively for business expenses or starting a business.
  • In some cases, if the loan is used for investment purposes related to income-generating assets.

Alvin Yam, CFP®

Impact of Credit Score on Loan Repayment in New Jersey

When seeking a personal loan in New Jersey, lenders evaluate key factors, including your credit score, income and debt-to-income ratio. As a New Jersey resident seeking a personal loan, improving your credit score before applying could potentially result in more favorable loan options for you.

Refer to the table provided to understand better how your credit score might affect your monthly loan payments.

Data filtered by:Results filtered by:
Credit Band:
Credit Band:690 to 719
Loan Amount:
Loan Amount:$2,000

This table approximates monthly payments, calculated using median personal loan interest rates typical for various credit score ranges. Please remember that these numbers are median estimates provided for general guidance. They should not be taken as precise rates for everyone in each credit score category. Actual interest rates can differ due to lender-specific policies, prevailing market conditions and unique borrower profiles.

Pros and Cons of Personal Loans in New Jersey

Personal loans offer several advantages to borrowers in New Jersey, such as potentially lower interest rates, the flexibility to consolidate various high-interest debts into one manageable payment and quick access to funds for pressing needs. While the advantages are considerable, it's important to understand that personal loans are not without risks, like possible origination fees and the danger of secured loans requiring collateral that could be lost in case of a default.

For a balanced view, consider reviewing the personal loan benefits and drawbacks.

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FAQ About Personal Loans in New Jersey

If you have questions about personal loans, MoneyGeek has answers to help you make an informed decision before applying.

Who is the best lender in New Jersey for personal loans?
Where is the best place to get a personal loan in New Jersey?
Who has the best personal loan interest rates in New Jersey?
What can I use a personal loan for in New Jersey?
What are some personal loan red flags to look out for?
Do lenders consider income level when applying for a personal loan?
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The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.