When you have unplanned expenses and are on a tight budget, a payday loan could be helpful. Payday loans, a type of short-term loan, give you quick access to money when you need it. Read on to find out about the laws in New Hampshire and everything else you should know about how payday advances work.
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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.
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 payday 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 prohibits 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.
You can also get an installment loan in New Hampshire. As an alternative to payday loans, installment loans are another type of short-term loan that comes with longer repayment periods and less interest.
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.
Cautions to consider before taking out a payday loan
Although 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.
More alternative options to short-term loans
Have more questions about payday loans in New Hampshire?
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