Here’s how payday loans in New Hampshire work and what you should know before applying
When you’re facing a financial setback or crisis, you may be considering a payday loan. Fortunately, New Hampshire law protects consumers from predatory practices by capping the maximum interest rate and requiring all lenders to have a license. Read more about how payday loans work and what costs you should expect when applying.
Check into Cash Loans
Check into Cash allows you to directly apply for a payday loan and have your cash when you need it.
- Min. Loan Amount: $50
- Loan Term: Varies by state
- Turnaround Time: 1–2 business days
- Total Costs: Varies depending on the amount and your state of residency.
- Must be 18+
- No security needed
- Confidential and secure!
Are payday loans legal 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 payay lenders to have a license in order to operate and enforces a strict 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
New Hampshire law forbids rolling over or refinancing a loan and prohibts 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.
Consider these lenders for payday loan
Check the websites of any providers you’re interested in to confirm they operate in New Hampshire.
How can I apply for a New Hampshire payday loan?
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.
Most lenders, whether you apply online or in-person, will require you to supply some personal information to varify your idenity. This usually includes your Social Security number, home address and employment information. An online lender may also require you to give access to your checking account in order to deposit your loan and debit the payments when they are due.
Is there anything I should consider before taking out a payday loan?
Althought payday loans can be a good way to get by when you’re in a tough spot financially, they are still costly forms of credit. If you’re struggling to pay down your debt and still afford everyday bills, you might want to consider applying to some assistance programs in New Hampshire. Medicaid, Food Stamps and the Fuel Assistance Program can all help you avoid taking on extra loan debt.
Your other options include asking friends or family for help, taking out a cash advance on a credit card if you have one or applying for a loan from a local credit union.
Have more questions about payday loans in New Hampshire?
Does New Hampshire have a cooling off period?
Yes. You must wait at least 60 days after you pay off your loan before applying for a new one.
I found an online lender with an APR over 36%. Is this legal?
No. New Hampshire law applies to all lenders operating in the state, even online ones. If a lender doesn’t offer you the legal rate, move on and find another that will.
Who should I contact to file a complaint about a payday lender in New Hampshire?
You should get in touch with the New Hampshire State Banking Department.