New Hampshire Payday Loans

When you’re facing a financial setback or crisis, you may be considering a payday loan. While New Hampshire payday loans aren’t prohibited… fortunately, New Hampshire law does have a cap on loans. State law protects consumers from predatory practices by capping the maximum interest rate and requiring all lenders to have a license.

Can I get a Payday Loan in New Hampshire?

Yes, payday loans are legal in New Hampshire. New Hampshire Statutes Chapter 399-A:1 et seq. govern the functioning of all payday lenders. It requires payday lenders to have a license in order to operate and enforces a 36% strict rate cap on interest.

  • Maximum loan amount: $500
  • Loan term: 7 to 30 days
  • APR: 36%
  • Financing fees: A 14-day $100 loan costs $1.38

What fees and regulations does New Hampshire have?

New Hampshire law forbids rolling over or refinancing a loan and prohibits having more than one outstanding loan at once, and you must also wait 60 days between taking out each loan.

There are no collection fees if you default on your loan, but an outstanding balance will continue to accrue interest at an annual rate of 6%. If you wish, you may make partial payments of $50 or more with no penalty.

Alternatives to Payday Loans in New Hampshire

Before applying for a loan in New Hampshire, consider all your alternatives and options carefully. Don’t make any hasty decisions without thinking about other ways to bring in money.

You could try asking your relatives or friends. As well as this, you could always maybe work overtime or consider getting a side job. You could sell unwanted items online or choose your own hours with delivery jobs. We do advise that you try to save up as much as you possibly can before turning to a payday loan.

How do I apply for New Hampshire Payday Loans?

When applying for a payday loan online, there are few things that you will need:

  • ID and social security number (or alien registration number or ITIN)
  • Physical address & contact phone number
  • Documents to verify the source and amount of your income
  • Open checking account information

In New Hampshire, you’ll need to be at least 18 years old, be a US citizen or permanent resident and have a regular source of income before you apply.

Things to remember about Payday Loans

A small cash advance can be a useful and convenient asset when coping with emergency situations. But remember that this type of loans can’t cure serious financial troubles. Getting too many loans from a few companies at the same time is not the best decision, as you risk damaging your financial stability.

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