Paterson at a glance
- Population: roughly 156,452 people; 3rd of 323 places in New Jersey (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 159,760 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: a loss of about 2.1% since the 2020 count (US Census Bureau).
- Rank among New Jersey places: 3rd in population of 323 places (US Census Bureau).
- Size percentile: it is larger than about 99% of the places in New Jersey (US Census Bureau).
- Coordinates: 40.9148, -74.1628 (US Census Bureau Gazetteer).
- Nearest larger cities (within 120 miles): Newark, NJ (13 mi); Jersey City, NJ (15 mi); Yonkers, NY (16 mi); New York, NY (21 mi); Philadelphia, PA (81 mi) (US Census Bureau populations).
- Nearest smaller communities: Prospect Park, NJ (2 mi); Haledon, NJ (2 mi); Elmwood Park, NJ (2 mi), each a US Census place.
What a personal loan costs in Paterson
With an installment loan the payment is fixed for the life of the loan, so the schedule is predictable from the first month to the last.
Compare offers on APR rather than the headline rate — the APR includes most fees, and you can model the total with our personal loan calculator.
Your credit, income and existing debts drive the rate a lender offers, while the term you pick sets how much interest builds on top.
Pre-qualifying with several lenders takes minutes, uses a soft pull, and gives you real numbers to compare before any hard inquiry.
New Jersey lending rules that apply in Paterson
The table carries the New Jersey rate and licensing rules that apply to consumer loans made in Paterson.
| Rule | Detail | Source |
|---|---|---|
| State lending regulator | New Jersey Department of Banking and Insurance (DOBI); Office of Consumer Finance supervises consumer lenders Source says: "The Office of Consumer Finance regulates 16 types of businesses that provide a variety of consumer financial services." | New Jersey Department of Banking and Insurance as of 2026-09-16 |
| Criminal usury limits | 30% for non-corporate borrowers; 50% for corporations Source says: "the criminal usury limitation is 50 percent for corporations and 30 percent for non-corporate borrowers" | New Jersey Department of Banking and Insurance as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | Civil usury: rates above 6% (agreement not in writing) or above 16% (written contract specifying the rate) Source says: "the civil usury rate is any interest rate greater than 6 percent for an agreement that is not in writing" | New Jersey Department of Banking and Insurance as of 2026-09-16 |
| Payday lending status | Unlicensed payday lending violates New Jersey's civil and criminal usury rates; payday lenders must be licensed Source says: "out-of-state or foreign entities that have not obtained the required New Jersey license and whose payment terms violate New Jersey's civil and criminal usury rates" | New Jersey Department of Banking and Insurance as of 2026-09-16 |
| Small-loan / installment lender licensing | Consumer lender license required for loans of $50,000 or less for personal, family, or household purposes (N.J.S.A. 17:11C-1 et seq.) Source says: "A consumer lender license is required for the making of a loan that is to be used primarily for personal, family or household purposes" | New Jersey Department of Banking and Insurance as of 2026-09-16 |
How to compare offers in Paterson
Before you commit to a personal loan in Paterson, work through these steps:
- Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
- Run your figures through the personal loan calculator on this site so you know the payment before a lender quotes one.
- Pre-qualify with at least three lenders and compare the APR, not the interest rate.
- Check that the lender is licensed in New Jersey using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.