Urban Payday Loans – 243 20th Ave
5.0
(4 reviews)
Urban Payday Loans appears to be a local payday lending operation located at 243 20th Ave, Paterson, New Jersey. The organization’s focus centers on providing short-term, high-cost lending options to residents within its service footprint, a common model in urban, community-oriented lending landscapes. Historically, payday lenders emerged to fill gaps in immediate liquidity, often serving customers who face limited access to traditional credit channels, particularly in underserved areas. The entity at this Paterson address would typically function as a storefront lender, handling applicant intake, credit assessments, and loan disbursement within regulatory boundaries established by New Jersey state and local authorities. Primary activities likely include underwriting small-dollar loans, collecting periodic repayments, and managing customer service inquiries related to account status and repayment schedules. Operational scope for such organizations generally encompasses compliance with licensing requirements, advertising restrictions, and consumer protection rules applicable to short-term lending. Note: specific organizational history, ownership, and detailed operational practices should be verified with official records from state and municipal sources.
Sources & References
Payday Loans in Paterson | Magma Payday Loans
https://magmapaydayloans.com/locations/paterson/
USA Payday Loans - LinkedIn
https://www.linkedin.com/company/usa-payday-loans
USA Payday Loans 62 followers on LinkedIn
Payday Loans in Paulsboro NJ - Equity Atlas
https://equityatlas.org/payday-loans-in-paulsboro-nj/
Map Location
Services this business provides
Loan agency
Contact Information
Frequently Asked Questions about Urban Payday Loans
The state of New Jersey prohibits traditional payday lending. State law caps interest at 30% APR for consumer loans and forbids lenders from cashing checks or issuing cash advances tied to post-dated checks. Licensed lenders may operate only under strict state supervision, and unlicensed out-of-state and online payday lenders are not permitted to offer these products in New Jersey. For official guidance, consult the New Jersey Division of Banking and Insurance and the Consumer Loan Act provisions.
Paterson, NJ payday lenders must be licensed by New Jersey’s validating authorities. Check the state’s Division of Banking and Insurance (DOBI) for lender licenses and any complaints or enforcement actions. You can also verify with the New Jersey Office of the Attorney General and the Consumer Financial Protection Bureau for state-registered lenders. For extra confidence, request the license number from the lender and confirm it on the regulator’s website.
Small payday loan firms typically use a simple hierarchical structure with an owner or managing member at the top, overseeing day‑to‑day lending and compliance decisions. Below that, there are usually loan officers or customer service representatives who handle applications, cash disbursements, and collections.
Some firms add a basic functional structure, separating front‑office staff who originate loans from back‑office roles that manage accounting, risk, and regulatory paperwork. In many very small lenders, individuals are cross‑trained and perform multiple functions instead of creating separate departments.
Some firms add a basic functional structure, separating front‑office staff who originate loans from back‑office roles that manage accounting, risk, and regulatory paperwork. In many very small lenders, individuals are cross‑trained and perform multiple functions instead of creating separate departments.
Historic overview of consumer finance in Paterson, NJ, reflects a shift from community-based storefronts to digital-first lenders serving a diverse population. Early providers focused on check cashing, bill payment, and small-dollar cash advances, often with limited regulatory oversight. In recent years, banks and alternative lenders have expanded offerings including small-business and consumer loans, credit repair, and installment options. For more details, see local BBB listings and Paterson financial service pages.
Small financial service companies are typically governed by a board of directors that oversees strategy, risk, and regulatory compliance, with day‑to‑day operations handled by a designated CEO or managing member. Governance structures usually separate ownership (shareholders or members) from management, with clear authority levels and documented policies for key decisions.
Common features include regular board meetings, basic board committees or designated officers for audit/compliance, and internal controls that follow a “three lines” approach: front‑line operations, risk/compliance oversight, and periodic independent review. For more detailed guidance, small lenders often look to OCC governance handbooks, IFC SME governance guidebooks, and state financial regulators’ governance expectations.
Common features include regular board meetings, basic board committees or designated officers for audit/compliance, and internal controls that follow a “three lines” approach: front‑line operations, risk/compliance oversight, and periodic independent review. For more detailed guidance, small lenders often look to OCC governance handbooks, IFC SME governance guidebooks, and state financial regulators’ governance expectations.