New Hampshire Payday Loans
Cash advance consumers in New Hampshire are protected by the New Hampshire Small Loan Act. Through these regulations, New Hampshire payday lenders are required to pay a $450 license fee every year and are prohibited from making misleading statements. If a lender is found to be participating in deceptive advertising or misleading practices, its license can be revoked and the company can face steep fines. The point of these laws is to help consumers to have the helpful option of a payday loan but understand their rights fully. If a borrower has a complaint against a lender, he or she must file a grievance with the bank commissioner of the state. Criminal charges against borrowers that default are not allowed under New Hampshire law.
Borrowers can take out $500 in payday loans.
Length of Loan
Loans can have terms anywhere from 7 to 30 days.
Extensions on cash advance loans are not allowed. Borrowers can, however, pay back the original loan by taking out a larger loan. The amount left after paying back the first loan would be the borrower's to use.
In 2000, New Hampshire legislation ruled that there is no cap on the finance charges and administrative fees accompanying payday loans. There is a requirement that defaulted loans are capped at 6 percent per year, however.
Since there are no caps on finance charges and other fees, there is no set APR.
Manchester, NH 03103
Greenland, NH 03840
Salem, NH 03079
Dover, NH 03820
Plaistow, NH 03865
Tilton, NH 03276
Nashua, NH 03060
Derry, NH 03038
Nashua, NH 03060
Portsmouth, NH 03801
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