Garwood at a glance
- Population: about 5,161, 190th by size in New Jersey of 323 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 4,450 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: about 16.0% more residents than the 2020 Census base (US Census Bureau).
- Rank among New Jersey places: 190th-largest of 323 (US Census Bureau, Vintage 2023 estimate).
- Size percentile: about 41% of places in New Jersey are smaller (US Census Bureau).
- Coordinates: 40.6513, -74.3232 (Census Gazetteer, US Census Bureau).
- Nearest larger cities: Westfield, NJ (1 mi); Kenilworth, NJ (3 mi); Mountainside, NJ (3 mi); Roselle Park, NJ (3 mi); Roselle, NJ (3 mi) (Census populations, approximate straight-line distance).
- Smaller places nearby: East Newark, NJ (11 mi); Essex Fells, NJ (12 mi); South Bound Brook, NJ (13 mi), per US Census Bureau estimates.
What a personal loan costs in Garwood
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.
Because the APR includes origination and finance charges, it is the honest comparison number; the personal loan calculator turns an APR and term into a monthly payment.
The term is the lever: extend it and the payment falls while total interest climbs; shorten it and the reverse happens.
Set the loan amount from the expense itself rather than the maximum you are approved for, and keep the payment within your existing budget.
New Jersey lending rules that apply in Garwood
The table lists the New Jersey rules that apply to a loan made in Garwood, each with the regulator that published it.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Garwood
The steps below are worth completing first when you borrow in Garwood:
- 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.