Payday Loans in New Hampshire (NH)

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What are the payday loan laws and regulations in New Hampshire?

It is in fact legal to obtain a payday loan in New Hampshire. The loans and credits are regulated by the N.H. Rev. Stat. Ann. 399-A: 1 et seq. according to this law the following conditions apply for payback loans:

  • Maximum amount of loan: USD 500
  • The term of loan: from a minimum of 7 to a maximum of 30 days
  • The maximum finance rate: 36% annual interest
  • Finance charge that applies: for a USD 100 loan for instance there is a 1.38 USD charge
  • APR for a 14 day loan: 36%
  • Maximum number of outstanding loans: one at a time
  • No rollovers are permitted. Borrowers are also not allowed to refinance, renew, extend loan contracts. If debtor wants to apply for more cash loan they can only do so if the previous loan has been fully paid back beforehand.
  • Cooling off period: 60 days

How much can you be charged by a payday lender in New Hampshire

There are no pre-specified collection fees which can easily mean that it’s the lender who specifies these. That’s also why it’s essential to look around and see the conditions and fees each lender applies before deciding which one is the most suitable company for you. The loans and credits are regulated by the New Hampshire State Banking Department, therefore any further questions you have it’s best to contact them.

Your rights as a borrower in NH

The conditions of a lender license are also regulated by the above mentioned office, therefore lenders are advised to obtain more information on the conditions of setting up a loan company, from them