New Jersey Consumer Loan Agreement
Description
How to fill out Consumer Loan Agreement?
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FAQ
Consumer lending includes closed- and open-end credit extended to individuals for household, family, and other personal expenditures and includes credit cards, auto loans, and student loans.
Consumer installment loans, including car loans, student loans, and home mortgage loans, are examples of consumer loans. Other examples of consumer loans include certain revolving credit products, such as consumer credit cards and personal lines of credit.
Sales finance companies extend credit primarily by purchasing instalment loans dealers make to their customers to finance consumer goods and services. In contrast, consumer finance companies?or small loan com panies, as they are often called?make most of their loans directly to consumers.
A Consumer Loan is a loan that banks offer to customers to buy household goods and appliances and even personal devices. These include television sets, air-conditioners, home theatre systems, refrigerators, laptops, mobile phones, cameras and even modular kitchens.
The repayment period of a mortgage is longer ? up to 30 years. A consumer loan usually has a term of a few months to 5 years. But both loans can be repaid prematurely. Usually, monthly mortgage payments are lower than for a consumer loan, because of the longer repayment schedule.
Civil Usury The maximum legal rate in New Jersey is 6% per annum on loans not evidenced by a writing and 16% per annum if there is a written contract specifying a rate of interest. N.J.S.A. -1(a).
Lenders offer two types of consumer loans ? secured and unsecured ? that are based on the amount of risk both parties are willing to take.
A consumer lender license is required for the making of a loan that is to be used primarily for personal, family or household purposes in an amount of $50,000 or less and that is payable in one or more installments. A consumer lender license does not authorize the making of residential first or second mortgage loans.
