Personal loans in Paterson, NJ
U.S. Census Bureau, ACS 2020–2024 5-year estimates for Paterson, NJ.
The median household in Paterson earns $55,997 a year, 46% below the New Jersey median of $103,556. About 21% of residents live below the federal poverty line, and 73.1% of households rent their home.
New Jersey law that applies in Paterson
| Rate cap | A licensed consumer lender may charge the APR it agrees on with the borrower, but the criminal usury limit of 30% a year for individuals still applies. |
|---|---|
| License required | A consumer lender license is required to make personal, family or household loans of $50,000 or less, repayable in installments, at rates above what an unlicensed lender could charge. |
| Loan sizes covered | Loans of $50,000 or less. |
Full rules with statute citations: Personal Loans in New Jersey. Cities in New Jersey cannot set their own payday or title loan rate caps in most cases; zoning rules for storefronts are local.
What you need for a personal loan in Paterson
Here's what to have on hand before you start your personal loan request in Paterson:
- Be 18 or older and a US resident
- Your Social Security number for identity verification
- A steady source of income
- An active checking account in your name
- A working phone number and email address
Popular loan amounts in Paterson
What Paterson borrowers use it for
handle the unexpected the same week
Moving costsdeposits, trucks and first-week expenses
Car repairskeep getting to work while the shop fixes it
Rent duecover a short gap before payday
Loans for your situation
How to get a personal loan in Paterson
- Choose an amount from $100 to $5,000 and complete one form.
- Lenders in our network review your request; many accept fair or bad credit.
- Compare the APR, monthly payment and total cost on any offer.
- If you accept, money is usually deposited in 1–2 business days.
Estimate your cost
Personal / installment loan calculator
Estimate only. Your rate depends on your credit, income and state; your lender shows the exact terms before you sign.
Banks and credit unions in the area
Banks with branches in Paterson
15 FDIC-insured bank branches from 8 banks. Many banks offer small-dollar loans or overdraft lines to existing customers.
| Bank | Branches | Example location |
|---|---|---|
| PNC Bank, National Association | 4 | 191 Market St, Paterson 07505 |
| Wells Fargo Bank, National Association | 3 | 273 Crooks Ave, Paterson 07503 |
| TD Bank, National Association | 2 | 301 Main St, Paterson 07505 |
| Bank of America, National Association | 2 | 385 Mclean Blvd, Paterson 07514 |
| JPMorgan Chase Bank, National Association | 1 | 1117 Main St, Paterson 07503 |
| Valley National Bank | 1 | 460 Chamberlain Ave, Paterson 07522 |
| Manufacturers and Traders Trust Company | 1 | 162 Main St, Paterson 07505 |
| Columbia Bank | 1 | 37-45 Mclean Blvd, Paterson 07514 |
Source: FDIC BankFind Suite, retrieved Oct 2026.
Credit unions in Paterson
3 credit-union locations from 2 credit unions.
| Credit union | Location |
|---|---|
| Greater Alliance | 66 Hamilton St, Paterson 07505 |
| Paterson Police | 111 Broadway, Paterson 07505 |
Source: NCUA credit union branch data, June 30, 2026.
Nearby cities
County: Passaic County ·
Frequently asked questions
Can I get a personal loan with bad credit in Paterson?
Possibly. Lenders in our network consider applicants with fair and bad credit across New Jersey, including Paterson. Expect higher APRs than prime borrowers get, and compare every offer's total cost.
Is there a maximum interest rate on personal loans in Paterson, NJ?
Licensed lenders set agreed rates; criminal usury caps loans to individuals at 30%.
How fast can I get a personal loan in Paterson?
Many online lenders give a decision within minutes and deposit funds in one to two business days after you sign. Your bank's processing time can add a day.
How do I apply for a personal loan with bad credit in Paterson?
Start by gathering your ID, proof of income and bank account details. Then complete our online form with accurate information about your income and the amount you need. Lenders in our network review your request, and many respond within minutes. Asking for an amount that fits your income can improve your chances. If you're approved, you'll review the full terms before signing.
How do installment loans work in Paterson?
You apply, the lender reviews your income and credit profile, and if you're approved you receive a lump sum deposited into your bank account. You then repay it in equal scheduled payments over an agreed term, with interest built in. Your agreement shows each payment amount and date before you sign. Paterson residents can see installment loan offers with our free 3-minute form.
How long does it take to get a personal loan in Paterson?
With online lenders, the process is usually fast. Our form takes about 3 minutes, many lenders make a decision within minutes, and approved funds are often deposited by the next business day. Some lenders may ask for documents such as pay stubs, which can add a little time. Having your information ready before you start helps you get money sooner in Paterson.
How can I get an emergency loan in Paterson?
Unexpected bills happen, and an online emergency loan can help you handle them quickly. Fill out our 3-minute form with your income and bank details, and lenders in our network will review your request. Many make decisions within minutes, and approved funds are often deposited by the next business day. Amounts range from $100 to $5,000, and you're never obligated to accept an offer.
What is an installment loan?
An installment loan is money you borrow and repay in fixed, scheduled payments, usually every two weeks or monthly, until it's paid off. Personal loans, auto loans and many short-term loans are installment loans. Because repayment is spread out, each payment is smaller than a lump sum. Lenders in our network offer installment loans from $100 to $5,000 to Paterson borrowers who qualify.
Do I need to visit a store in Paterson?
No. You can request offers online from a phone or computer. Some lenders, especially title lenders, may ask you to visit a location or send photos of your vehicle.