Compare legal limits, fees and the true cost of small loans in your state before you talk to any lender. Compare legal limits, fees and the true cost of small loans in your state.
Pawn Shops vs Payday Loans in Union, NJ
1 pawn shop in Union — call ahead to ask what it's buying and lending on today.
- Pawn shops
- 1
- Pawn shops per 100k
- 1.8
- New Jersey: 0.8
- Big-chain shops
- 0
- Payday & loan stores
- 2
- Population
- 57,036
Pawn shops in Union: addresses and phone numbers
| Pawn shop | Address | Phone | Website |
|---|---|---|---|
| The Pawn Shop | 2460 US Highway 22 E Union, NJ 07083 | (908) 258-7132 | thepawnshop.com |
Pawn shops vs payday loan stores in Union
Union has 2 payday, installment and title loan stores but only 1 pawn shops.
Pawn shops
1
1.8 per 100k residents
Payday & loan stores
2
3.5 per 100k residents
2 store chains
Biggest loan store chains in Union: Mariner Finance (1), OneMain Financial (1).
Borrowing $500 for one month: payday vs pawn vs credit union
| Option | How it works | Cost for one month |
|---|---|---|
| Payday loan (not legal in New Jersey) | $75.00 fee every 2 weeks, renewed once | $150.00 |
| Pawn loan (example: 20% a month) | You leave an item worth more than the loan; repay to get it back | $100.00 |
| Credit union PAL (28% APR + $20 fee) | Repaid in installments; membership required | $31.67 |
- Payday cost, share of monthly household income in Union
- 1.5%
- Pawn cost, share of monthly household income in Union
- 1.0%
- A $400 emergency equals
- 1.2 days of income
Payday: a typical fee of $75 on a $500 loan for 2 weeks, paid twice for a one-month loan (New Jersey payday rules are not set in dollars or payday loans are not allowed). Pawn: an example rate of 20% a month; pawn fees and interest are set by New Jersey law and vary by shop — ask for the total in writing. PAL: payday alternative loan from a federal credit union, capped at 28% APR plus an application fee of up to $20.
Pawn loan vs payday loan: the key differences
| Pawn loan | Payday loan in NJ | |
|---|---|---|
| What you need | An item of value (jewelry, gold, electronics, tools, firearms) and an ID | A bank account, proof of income and an ID |
| Credit check | None | Usually none |
| How much you get | A fraction of the item's resale value | Based on your income, up to the state limit |
| If you can't repay | The shop keeps the item; no collections and no credit damage | Fees pile up with renewals; the debt can go to collections |
| Bank account access | None | Lender can debit your account or cash your check |
| Rules in New Jersey | Pawnbrokers are licensed and regulated by New Jersey; fees, terms and holding periods are set by state law | Storefront payday loans are not allowed in New Jersey |
Union at a glance
- Median household income
- $118,106
- New Jersey: $109,319
- Poverty rate
- 6.2%
- New Jersey: 9.9%
- Households under $25,000
- 7.7%
- New Jersey: 11.9%
- A $400 emergency equals
- 1.2 days of income
Payday and installment loan stores in Union
For comparison: storefront payday, installment and title lenders in Union with addresses, phone numbers and hours.
| Address | Phone | Hours | Google rating |
|---|---|---|---|
| 2290 US-22 Union, NJ 07083 | (908) 364-7816 | — | 4.7 |
| 1620 US-22 E Ste 101-B Union, NJ 07083 | (908) 688-4100 | — | 4.3 |
Pawn shops near Union
More about Union
Pawn shop listings: © Overture Maps Foundation (CDLA-Permissive 2.0), including Foursquare OS Places and © OpenStreetMap contributors; filtered and de-duplicated by us. Population, income and poverty: U.S. Census Bureau, American Community Survey. Call ahead to confirm hours and what a shop buys or lends on.