How do payday loans in New Hampshire work, and what should you know before applying for one?
New Hampshire residents may seek out payday loans, also referred to as payday cash advances, as a way to supplement income between paychecks, take care of an emergency repair or even get a gift for a loved one. This guide takes you through all the information you need about these loans.
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 Sections A:1 to A:24 govern the functioning of all payday lenders.
So what are the rules? The maximum you can borrow through a payday loan in New Hampshire is $500. Payday cash advance lenders in New Hampshire cannot renew, extend or refinance their loans. They cannot accept more than one check from a borrower at any one time to serve as security towards a loan. As a borrower, you can make partial payments of at least $50 towards the loan before its due date without paying any additional fees or penalties.
Consider these lenders for a New Hampshire short term loan
Check the websites of any providers you’re interested in to confirm they operate in your state of residence.
How a New Hampshire payday loan might help you
- Multiple choices. A number of direct payday lenders operate in the online world, while others operate out of physical locations. If you don’t want to carry out extensive research on your own, you can also look into using the services of a loan matching company for free.
- Easy process. Applying for a payday loan is easy, whether you do so at a store or online. With numerous payday loan locations in New Hampshire, you should be able to find one without difficulty. Alternatively, you can submit an online application from anywhere, as long as you have Internet connectivity.
- Get money quickly. If you apply at a storefront, you can get the money you need as soon as the lender approves your application and you accept the terms. With online loans, there’s a good chance that the money will get to your bank account by the following business day.
- Apply with poor credit. Poor or bad creditworthiness can stop you getting a conventional loan. However, Payday lenders mostly focus on your income and existing financial situation before making a decision whether to lend you money.
What fees and charges do payday loans come with in New Hampshire?
Interest and fees that local payday loan companies in New Hampshire can charge are set under state laws. This is what you need to know:
- Maximum finance rate and fees. Payday lenders in New Hampshire cannot charge an APR of more than 36%. If you don’t pay the loan by its due date, any outstanding balance cannot accrue interest at an annual rate higher than 6%. The maximum APR of a 14-day $100 loan is 36%. No other fees or charges can apply.
- Collection fees. Payday advance loans in New Hampshire don’t attract any collection fees.
- Rollover fees. There is no provision for rolling over payday loans in New Hampshire, so there is no rollover fee to worry about.
How can I apply for a New Hampshire payday loan?
You can apply for local payday loans in New Hampshire over the Internet or by visiting a storefront. Applying requires that you meet these eligibility criteria:
- You should be at least 18 years of age
- You should be an American citizen or a permanent resident of the US
- You should have a regular source of income
To complete your application successfully, prepare to submit some basic information:
- Your name, date of birth, social security number and a valid form of ID such as your driver’s license or passport
- Your residential address, email address and phone number
- Details about your employment and income
- If you’re applying online, details of your existing checking account
Important information about payday loans
While payday loans can be beneficial for some, they aren’t always the best option for everyone. Follow the link for more information on payday loan alternatives.
Have more questions about New Hampshire short term loans?
What is the loan term of payday advance loans in New Hampshire?
The minimum loan term is seven days and the maximum is 30 days.
Does a cooling off period apply to payday loans in New Hampshire?
Yes. You cannot take a new payday loan within 60 days of having repaid your last payday loan.
Who should I contact to file a complaint about payday cash advance lenders in New Hampshire?
You should get in touch with the New Hampshire State Banking Department.