New Hampshire Payday Loans
New Hampshire's payday loan statutes protect both creditors and consumers and are based on the state's Small Loan Act. Cash advance businesses operating in the state must pay a $450 license fee each year and comply with the New Hampshire Small Loan Act. They are prohibited from making deceptive statements in their ads with respect to rates, terms or fees. Payday advance lenders that engage in misleading advertising are subject to license revocation or substantial fines. Customers with a grievance against a check cash advance creditor must file a written complaint with the bank commissioner. New Hampshire law prohibits a payday loan business from bringing a criminal action against a borrower.
A borrower can request up to $500 in payday loan funds.
The loan term ranges from 7 to 30 days.
Borrowers may not extend or rollover a cash advance loan. However, they are allowed to renew in order to acquire additional funds, provided that they repay the previous loan in full from the new loan's proceeds. In such circumstances, the law would requ
Since January 1, 2000, New Hampshire does not set a cap on the fees and finance charges that a cash advance business can charge. For instance, the finance fee for a two-week loan valued at $100 is not subject to any restrictions. However, after default, the interest rate is capped at 6% per year.
New Hampshire does not specify the APR for a two-week loan in the amount of $100 loan. It is not subject to any restrictions.