Salem at a glance
- Population: about 5,325, 187th by size in New Jersey of 323 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 Census recorded 5,297 residents here (US Census Bureau).
- 2020 to 2023 change: about 0.5% more residents than the 2020 Census base (US Census Bureau).
- Rank among New Jersey places: 187th of 323 by population (US Census Bureau, Vintage 2023).
- Size percentile: larger than about 42% of the Census places in New Jersey (US Census Bureau).
- Coordinates: 39.5682 latitude, -75.4726 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: New Castle, DE (9 mi); Wilmington, DE (12 mi); Elsmere, DE (13 mi); Middletown, DE (16 mi); Bridgeton, NJ (16 mi) — straight-line distances, US Census Bureau populations.
- Nearest smaller communities: Delaware City, DE (7 mi); Woodstown, NJ (10 mi); Penns Grove, NJ (11 mi) (Census populations).
What a personal loan costs in Salem
A personal loan is an installment loan: you receive a lump sum and repay it in fixed monthly payments over a set term, usually two to seven years.
Compare every quote on APR because it includes the fees the interest rate hides, and check the payment with our personal loan calculator.
Choosing a longer term eases the monthly budget but adds interest over the life of the loan; a shorter term costs more per month and less overall.
Pre-qualification is a good first filter: it shows the rate and amount a lender may offer before you agree to a full application and a hard inquiry.
New Jersey lending rules that apply in Salem
Where a figure is not published by the state, the row points to the source instead of guessing.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Salem
A few practical steps will make the process in Salem less costly:
- 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.