New Hampshire Payday Loans

N.H. Rev. Stat. Ann. 399-A:1 et seq.
Status: Prohibited (36% rate cap)

High cost payday loans are prohibited in the state of New Hampshire, pursuant to N.H. Rev. Stat. Ann. 399-A:1 et seq.

Payday Loan Lending Laws in New Hampshire

New Hampshire payday loan laws allow a maximum amount of $500 to be requested by a potential borrower, which must be paid back within seven to 30 days. The maximum APR cannot exceed 36% per annum. On a $100 of loan issued for a 14-day period, lenders can charge a maximum of $1.38 as finance charges for processing fee, approval fees, or any other such items.

In terms of unique features for the payday loans, the state of New Hampshire only allows one loan to be out at one time and prohibits rollovers. In many ways, these features work in favor of a borrower. By only allowing a borrower to take out one payday loan at a time, the regulations lesson the possibility of the borrower falling into a debt cycle of taking out new loans to repay the old ones, a primary concern about payday loans throughout the United States. However, borrowers should keep this in mind when working with the lender. If a borrower already has an outstanding loan and another lender agrees to issue a second payday loan, it would be considered illegal and certain legal actions can be taken against the lender.

Additionally, New Hampshire lending laws prohibit a lender from rolling over a delinquent loan. This encourages a borrower to stick to the repayment plan agreed upon between the borrower and lender, but it also means a borrower cannot renegotiate the repayment terms should further financial difficulties arise. Finally, the state enforces a cooling-off period between when a borrower repays a loan and when they can request another. This period, which currently stands at 60 days, starts on the date of actual repayment.

As in most states that allow cash advance loans, a lender cannot threaten a delinquent borrower with criminal actions for failing to repay the loan on time. This means that, should a borrower become delinquent, a lender cannot threaten them with jail time, harass them at work or home, or garnish their wages to make the borrower pay back the loan faster. The only time a lender can file a criminal lawsuit is if a borrower took the loans through fraudulent activity or with criminal intent. However, lenders do have the option of filing a civil lawsuit against the borrowers who are not paying off their loans in time, and state laws do not specify about how much collection fees can be charged on payday loan accounts that are in collection status.

Lending Rules*

Lenders in the state of New Hampshire are legally required to comply by the following limitations according to N.H. Rev. Stat. Ann. 399-A:1 et seq.:

Maximum Loan Amount:
$500
Minimum Length of Loan:
7 days
Maximum Length of Loan:
30 days
Maximum Finance Rate & Fees:
36% annual interest
Finance Charge for 14-day $100 Loan:
$1.38
APR for 14-day $100 Loan:
36%
Max # Outstanding Loans at One Time:
One
Rollovers Permitted:
None (cannot refinance, renew, extend; borrowers can renew to obtain additional cash but prior loan must be paid in full from proceeds of new loan and marked as such)
Criminal Action:
Prohibited
*The information displayed may not be current. For the most recent information, please visit http://www.paydayloaninfo.org/state-information/37.

Regulatory Information

If you have a complaint against a New Hampshire Cash Advance location you can contact your state regulator below:

Regulator:
New Hampshire State Banking Department
Address:
53 Regional Drive, Suite 200
Phone:
(603) 271-3561
Fax:
(603) 271-0750
Website:


New Hampshire Check Cashers

Below you can find New Hampshire check cashers in the following cities:

New Hampshire Statistics**

The following information is key demographic data for the state of New Hampshire from the Census bureau.

Total Population:
1,334,795
Median Household Income:
$66,779
Poverty Rate:
8.2%
Median Gross Rent:
$1,000
High School Graduate or Higher:
92.3%
Bachelor's Degree or Higher:
34.9%
**The information displayed may not be current. For the most recent information, please visit http://www.census.gov/quickfacts.

Borrow Responsibly

The best resources a potential borrower has in using short term loans successfully are time and information. As with any financial agreement, payday loans should not be used on a whim. The shortened repayment time frame and heavy fees make payday loans an option best suited for short-term financial emergencies. However, such emergencies do not always lend themselves in favor of time and research, but a potential borrower should understand all they can about the laws and the individual lender’s practices before committing to the loan terms.

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