Personal Loans

Personal Loans in Newark, New Jersey

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OneMain Financial M&T Bank Quicken Loans
APR 18.00% to 35.99% 6.24% to 12.99%* 7.16% to 29.99%
Borrowing limits $1,500 to $20,000 $2,000 to $50,000 Up to $45,000
Terms 24 to 60 months Up to 84 months 36 or 60 months
Origination fee $25 to $300, or 1.00% - 10.00% None 1.00% - 6.00%
Minimum credit requirement Not specified Not specified Not specified
* APR range is promotional and current as of March 23, 2020.

OneMain Financial

Of all three lenders, OneMain Financial‘s personal loans in Newark come with the highest APR and lowest maximum borrowing limits. It also has the lowest minimum borrowing limits, though, so if you only need to borrow a small amount, OneMain Financial might be a good option to consider.

Additionally, OneMain Financial offers flexible loan terms. Another benefit of OneMain Financial‘s personal loans for folks who need money fast is that the entire process, from beginning the application to receiving your funds upon approval, can take as little as one day.

Borrowers looking for personal loans in Newark may also appreciate the lender’s flexible funding and payment options. In addition to direct deposit, phone and mail options, borrowers can receive their funds and make their loan payments in person at any OneMain Financial branch location. There are several branch locations in the greater Newark area, with the closest branches being in Kearny and Union.

A downside of OneMain Financial is that it does charge an origination fee, deducted upfront from the amount you receive, which increases your total cost of borrowing. This fee is potentially higher than the origination fee charged by Quicken Loans.

How to qualify

OneMain Financial bases loan approval on a number of factors, including your credit score and credit history; your income and expenses; how you plan to use the loan; whether you’ve filed for bankruptcy in the past; and the state in which you reside.

To apply for a OneMain Financial personal loan, you’ll need to provide the following documents:

  • A government-issued form of identification, such as a passport or driver’s license
  • A Social Security card
  • Proof of residence, such as a driver’s license, utility bills or lease
  • Proof of income, such as pay stubs or tax returns

M&T Bank

If you’re looking for affordable personal loans in Newark, M&T Bank offers the lowest APR of the three lenders discussed here, and it’s the only lender that doesn’t charge an origination fee. It also offers the widest range of borrowing limits, with loans as small as $2,000 and as large as $50,000 — the highest maximum loan limit of the three lenders.

If you want lower monthly payments, M&T Bank‘s personal loans also come with the longest loan terms, allowing you to split up your monthly payments over the course of up to 84 months. However, it’s worth noting that a longer loan term generally means you end up paying more in interest over the life of the loan.

Additionally, if you want to be eligible for the lowest APR offered by M&T Bank, your loan term must be 36 months or less, your loan amount must be between $30,000 and $39,999.99 and you must open a MyChoice Premium or Power Checking account with M&T Bank and set up automatic payments.

Though you can apply online for a loan through M&T Bank, you’ll also find a handful of M&T Bank branches in Newark, including on Park Place, on Seventh Avenue, in Harrison and in Kearny.

How to qualify

M&T Bank will assess applicants based on their credit history, and interest rates are determined by your credit profile. You must be 18 years of age to apply for a personal loan, and you must be a resident of Connecticut, Delaware, District of Columbia, Maryland, New Jersey, New York, Pennsylvania, Virginia or West Virginia.

To complete the application process for a personal loan, you’ll need the following:

  • Social Security number
  • Income information
  • Employment information
  • Assets and liabilities
  • Email address

Quicken Loans

Quicken Loans, which has a branch in Elizabeth, N.J., stands on a middle ground between the other two lenders when it comes to personal loans in Newark. Its personal loans, offered under the brand Rocket Loans, come with a higher APR range than M&T Bank but still significantly lower than OneMain Financial.

LIke OneMain Financial, Quicken Loans does charge an origination fee, which is taken out of the loan amount upfront. The lender’s loan terms are also less flexible in comparison with the other two lenders. However, Quicken Loans‘ borrowing limits make it possible to borrow almost as much as M&T Bank allows and more than double the amount that OneMain Financial permits.

If you’re after speed, Quicken Loans is on par with OneMain Financial, with an application process that’s fully online and the possibility of same-day funding, if you’re approved. Depending on your bank, you might have to wait a couple of business days for the funds to show up in your account after approval, though.

How to qualify

To apply for a personal loan with Quicken Loans, you must be at least 18 years of age (or 19 years of age if you live in Nebraska or Alabama), and you must be a resident of the United States. Your loan eligibility is based largely on your credit score, income, debt and other financial information.

Throughout the application process, you’ll need to provide the following information:

  • Your address
  • Your income
  • Social Security number
  • Date of birth

Explore lenders with LendingTree

Readers can explore their options for personal loans in Newark using LendingTree. The service lets you see personalized loan rates from lenders at no cost so that you can better compare loans based on your eligibility. Qualification for all personal loans depends on your credit health, and there is no guarantee of prequalifying.

How to compare personal loans in Newark

While searching for personal loans in Newark, it’s critical to shop around for your best option and compare personal loans. Loan terms, rates and fees will determine how much the loan costs you overall and how long you’ll be paying it off, so pay special attention to these factors.

A personal loan calculator can be a helpful tool to make sure you’ll be able to afford your monthly payments and figure out how long it will take you to pay off your loan before you sign on the dotted line.

Online vs. bank loans

Traditional bank loans, from institutions like Lusitania Bank on Ferry Street, PNC Bank on Ferry Street, and Santander Bank, N.A on Broad Street, are the standard, but online lenders are increasingly common. While you should always do your due diligence to ensure any lender you use is legitimate, online lenders can be trustworthy. What’s more, many of them offer rates that are comparable to bank loans while being more accessible for people who live outside of Newark or have a less-than-perfect credit history.

Where to find no credit check loans in Newark

Borrowers with no credit or bad credit may be looking for no credit check loans in New Jersey. in hopes of qualifying for personal loans for bad credit. While none of the lenders discussed here offer no credit check loans for New Jersey residents, there are some personal loans in Newark designed for people with bad credit.

Payday lenders like CashUSAToday and Quick Payday Loans of Newark offer small, short-term, no credit check loans in New Jersey. But when you compare payday loans versus personal loans, you’ll find that most payday loans come with far higher interest rates and short loan terms, making them challenging to repay and potentially dragging you into a cycle of debt.

Personal loans in Newark: FAQ

How does a cash advance compare to a personal loan?

Cash advance loans in Newark, otherwise known as payday loans, are small, short-term loans meant to cover unexpected expenses and cash emergencies. The approval process is typically easier and faster than a personal loan, but payday loans tend to come with extremely high interest rates, making them one of the most costly options for borrowing money.

Where can I find payday loans in Newark?

There are a number of payday lenders in Newark, including places like CashUSAToday and Quick Payday Loans of Newark. While these options are convenient, make sure you’ll be able to afford the payments before taking out a payday loan. It can be easy to fall behind on these short-term loans. If you need money and have no or bad credit, it’s also worth considering a secured personal loan, though you’ll lose your collateral if you fail to make payments.

How can I find a list of banks in Newark?

If you’re looking for personal loans in Newark and want to obtain a list of banks in the area, you can use the FDIC’s BankFind feature. This database pulls up a list of banks in a given area with information regarding their branch locations, charter class, website and more.

How can I find a list of credit unions in Newark?

Credit unions are another excellent option for finding personal loans in Newark. To find a credit union, you can use the NCUA’s Credit Union Locator to pull up a list of all credit unions and their locations.


To select personal loan lenders for this roundup, we used Google Maps to search for “personal loan lenders” with local branches in Newark. We then researched the first 20 unique lenders that appeared in our results, and selected three lenders to feature based on 1) lowest minimum APR, 2) lowest maximum APR, 3) lowest origination fee, 4) widest range of borrowing limits and 5) widest range of term length. Lenders that did not offer information on at least three of the five factors listed above were not considered.


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