Franklin at a glance
- Population: roughly 5,008 people; 192nd of 323 places in New Jersey (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 4,910 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: an increase of about 2.0% since the 2020 count (US Census Bureau).
- Rank among New Jersey places: the 192nd-largest of 323 (US Census Bureau, 2023 estimate).
- Size percentile: it is larger than about 41% of the places in New Jersey (US Census Bureau).
- Coordinates: latitude 41.1090, longitude -74.5886 (US Census Bureau Gazetteer).
- Nearest larger cities within 120 miles: Newton, NJ (9 mi); Hopatcong, NJ (12 mi); Mount Arlington, NJ (13 mi); Kinnelon, NJ (14 mi); Bloomingdale, NJ (14 mi) (US Census Bureau).
- Smaller places close by: Ogdensburg, NJ (2 mi); Hamburg, NJ (3 mi); Sussex, NJ (7 mi) (US Census Bureau).
What a personal loan costs in Franklin
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.
The number to compare is the APR, not the interest rate, because the APR folds in origination fees and other charges; our personal loan calculator will show what a given amount and term would cost.
Stretching the term lowers the monthly payment but raises the total interest you pay, so the smallest payment is not automatically the cheapest loan.
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 Franklin
Where a figure is not published by the state, the row points to the source instead of guessing.
| 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 Franklin
A few practical steps will make the process in Franklin 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.