New Jersey is located in the Mid-Atlantic region and is one of the smallest states in the country. Despite its small size, it is the 11th most populated region and the second wealthiest state based on its average household income at $67,458.
This northwestern state of US is industrialized but mismanaged and businesses do not want to move to this state because taxes are too high and regulations too irrational. The leading industries that contribute to New Jersey’s revenue include financial sector, pharmaceutical industry, telecommunication, tourism, food processing industry, and chemical products.
Even though New Jersey enjoys high median income this means very little since it is expensive to live in this high tax state. On top of this, the average credit score remains below national average at 676. Low credit score is an indication that the residents of New Jersey depend on lending institutions for personal financing requirements.
There are plenty of ways to obtain loans from traditional and unconventional lenders. Most common form of financial help sought by borrowers is personal loan. These are easy to secure, quickly disbursed, require less documentation and can be repaid over a longer period of time.
Personal Loan for Young Adults
Young adults in every part of the country, and not just New Jersey, may find it hard to obtain loans due to lack of credit history.
Lenders run a credit check to assess the borrower’s ability to repay the loan. Little or no credit history makes it difficult for them to judge if you are a reliable debtor. However, this doesn’t mean you will never qualify for a loan, but don’t expect favorable loan terms.
Young adults can obtain personal loans, but for a small amount at a higher rate of interest. It is a prudent idea to take the small loan to build a credit history that will make it easier for you to secure bigger loans in the future.
A borrower who is borrowing for the first time should know that applying from too many banks and getting rejected at each one of them can reflect poorly on the credit report that already lacks merit due to inactivity.
It is better to space out your applications and use online tools to judge your loan eligibility, without impacting your credit report. It is also a fabulous idea to compare personal loan rates in order to obtain the most beneficial deal.
Best Banks for Personal Loans in New Jersey
Here are the best banks to go to for your personal loans:
Fulton Bank of New Jersey
With nearly 250 branches across five states, the Fulton Bank of New Jersey allows you to avail of their services even if you’re outside the state.
Bank of New Jersey
Having loan officers to guide you with every step of your application, the Bank of New Jersey offers a variety of personal loan packages to fit your needs and financial situation.
ConnectOne Bank is there to support you whenever you need that funding to bridge the gap between your dream and your reality with their competitive rates and low closing costs.
Credit Union of New Jersey
With Annual Percentage Rates as low as 9.99 percent, the Credit Union of New Jersey is a viable option for every need. They also publish their rates online so there are no surprises with them.
Members 1st of NJ Credit Union
Formed as a non-profit group in 1938, the Member 1st of NJ Credit Union helps you save as they further lower your interest payments by giving earnings back to its members.
Priding itself for access and affordability, Lending Point helps you get back on your feet and improve your credit score with fair interest rates.
Christine has a solid background in personal finance as she spent the last eight years working at one of the biggest banks in the US. She managed her own team of financial advisors that helped hundreds of people with their financing needs. Her innate understanding of different financial products and loans helped her move up the ranks quickly after graduating with a degree in Business Administration.