Apply Now For A Payday Loan In New Hampshire!
There’s a lot to love about New Hampshire. As one of the states that made up the original 13 colonies of Britain, the state played an instrumental role in fighting for American freedom. This allegedly contributed to the coining of the state’s infamous motto, “Live Free or Die.” These days, New Hampshire’s culture of freedom is mostly centered on fresh air, free run of the great outdoors, virtually unlimited access to organic foods and no tax on booze.
One of the few downsides of living in New Hampshire is that residents are not exempt from the economic hardships that plague Americans all across the country. What’s worse, cost of living is also higher here than the national average. Cost of living is higher for groceries, housing and utilities in particular. This can make it difficult to stay on top of bills, even when gainfully employed.
To help make ends meet, many people rely on payday loans. These may also be referred to as delayed deposit, deferred presentment loans or cash advance loans. Because of the many laws in place to protect consumers, New Hampshire is one of the best states to secure funding through this route.
Are you considering a payday loan? Keep reading to see what stipulations the state has put in place to ensure delayed deposits offer one of the best solutions available for short-term loan needs.
What Are the Payday Loan Regulations for New Hampshire?
Without a doubt, New Hampshire is one of the most consumer-friendly states for payday loans. Here are some of the regulations that pshire’s state website:
- Lenders of payday loans must have a Small Loan Lender license issued by the Banking Department.
- Lenders are prohibited from collecting advance interest.
- Lenders are prohibited from charging “interest on interest” by adding more interest online payday loans Virginia state to your outstanding balance.
- Interest is the only type of fees or charges that the lender may collect.
- There is a $500 cap on principal owed.
- Borrowers have until the next business day to cancel the loan by returning the borrowed principal in full to the lender.
This is just the tip of the iceberg. New Hampshire also limits the loan term to 7 to 30 days and has a cap on APR at 36%. Finally, there is a 60-day wait time for residents for taking out each loan and you are entitled to a copy of all payday loan agreements you sign.
What Are a Consumer’s Responsibilities When Getting a Payday Loan?
Many of the laws were specifically created to protect you, but consumers have some responsibilities as well. For example, the state reminds borrowers that it is your responsibility to thoroughly evaluate the terms of a payday loan and decide if it is right for you. It’s important to ensure you understand these terms before agreeing to the loan. You don’t want any surprises after signing the paperwork and receiving funds.
Consumers should also ensure lenders have a Small Loan Lender license. If the lender does not have a license, New Hampshire may take action against the lender for licensing failure. The state cannot render assistance by directly intervening on your behalf if there is a problem with the loan if the lender is not licensed. Always read the contract thoroughly, ensure there are no blank spaces before signing and verify that the lender is licensed.
There are also some important questions you should ask yourself before choosing a payday loan. The first question is whether the loan plus interest is more beneficial than falling behind on current bills. Secondly, it’s important to consider whether or not you can afford to repay the loan.