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Payday Loan Laws in New Hampshire
devider Payday loans are small, short-term cash loans. Generally, consumers write a post-dated check for the desired amount, in addition to an interest fee. The lender will hold onto the check until the next payday (usually 14 days) and then deposits it. Consumers also have the option to return with cash to reclaim the check. Or, in some cases, consumers can repay the loan with a signed agreement which allows the lender to electronically withdraw the funds from their bank account on a pre-determined date. Payday loans are regulated by state; therefore, it's important to understand your state laws.

Payday loan laws in New Hampshire include the following:

The maximum amount of money you're allowed to borrow may not exceed $500.

The maximum annual interest rate is 36%.

The minimum loan term is 7 days.

The maximum loan term is 30 days.

January 1, 2009, New Hampshire passed a bill that caps interest rates on payday loans at 36%. As a result, virtually all payday storefronts in the state closed.

Unfortunately, eliminating payday loans does not eliminate the need for such a product. With the economic downturn, millions of people are faced with financial trouble and unexpected bills. Online lenders offer alternative options that are comparable to a cash advance or personal loan.

MoneyNowUSA works with over 150 different lenders that compete to offer you the highest loan amount at the lowest rates available.

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To contact the New Hampshire Banking Department, call 603-271-3561 or visit online.