If you’re in need of some short-term credit, learn more about payday lending in Concord, NH.
Payday lending is legal in New Hampshire, but when you’re in a tight financial spot, it might be hard to figure out what the best option is for your needs. Our guide will help you find a lender in Concord that can work with you while you try to pay off your debts.
What are the laws in New Hampshire that affect Concord payday loans?
As stated in New Hampshire Statutes Chapter 399-A:1 et seq., you can borrow up to $500 over a period of 7 to 30 days. This applies to lenders whether you borrow in-store or go through an online application. The law also caps interest rates at 36%, meaning a lender won’t be able to charge your rates in the hundreds for a loan lasting only a few days. This is to help consumers get a fair deal.
A selection of payday loans you can apply for
Check the lender website to make sure they offer loans in New Hampshire.
3 benefits to payday loans in Concord
- You can make early payments. If you have the extra money, you can make payments of at least $50 toward your loan principal at no extra cost.
- Easy application process. Most lenders have simple applications that only take a few minutes to fill out.
- Short terms. Your loan will only last 7 to 30 days. This means that the interest you’re charged won’t accumulate over months and you won’t have to worry about making a payment every time you get paid.
Costs of a payday loan in Concord
Because New Hampshire caps the annual percentage rate (APR) a payday lender can charge at 36%, it is relatively cheap to take out a loan in Concord. For instance, a $100 loan costs $1.38 to borrow. When you pay it back, the total your lender will be able to withdraw from your account or cash a check for is $101.38–about $10 to $20 less than payday loans in other states.
Here’s how to apply for a payday loan
No matter if you apply online or in-store, a lender wil require that you be a US citizen or permanent resident, be at least 18 years old and have a regular source of income.
If you meet these basic eligibility criteria, most online applications have a similar format. You’ll need to submit personal information to your lender, including
- Your name, date of birth and Social Security number
- Your contact details, like your phone number and email
- Your employer’s contact details and the length of your employment
- Your gross monthly income
- Your checking account details
Martin needed immediate car repairsImagine this scenario: Martin was driving back to college after summer break when his car broke down. He’d just put a large downpayment on his apartment for the year, and he wasn’t going to be paid for another two weeks. The repair was too expensive for his savings, so he decided to apply for an online payday loan.
The application process was relatively easy, and he was approved for a $400 loan within a few minutes after submitting. The contract stated that he would be charged a 36% interest rate and that his payment would be due in 30 days. It included the total cost of the loan, $412. This included the principal and total interest.
On the due date, the lender debited the payment from his account. Martin made sure to have the money there to avoid being charged an extra fee by his lender. His car was repaired and his debts repayed, so Martin could start the semester without worry.
Payday loan locations in Concord, New Hampshire
Here’s where you can go to take out a payday loan in Concord
- NH Cash. S River Road
- Title Cash. Loudon Road
- LoanMax Title Loans. Loudon Road
- Cash for Gold. Manchester Street
- Title Cash of NH, Inc. W Main Street
- Capital Title Loan. S Willow Street