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Factsheet: New Jersey Voters Overwhelmingly Support 36% Rate Cap

March 13, 2020
Payday and Other Small Dollar Loans
Payday Loans

New Jersey has long been a national leader in the fight against predatory lending which strips wealth from communities. Strong state usury laws protecting New Jerseyans from payday lending in the state save New Jerseyans over $193 million annually. New Jerseyans continue to overwhelmingly support a rate cap on payday and consumer installment loans and want to ensure the strong state laws preventing abusive practices by lenders cannot be evaded.