New Hampshire Cash Advance Consumer Resource

Like other states, the state of New Hampshire has drafted rules and regulations to help govern the cash advance industry. However, there are actually very few rules in place. The New Hampshire Small Loan Act governs all businesses that are set up to provide individuals with a cash advance in New Hampshire. Any business that wants to issue pay day loans to individuals is required by New Hampshire state law to apply for a cash advance license for each location in which the business will operate and, if approved, pay an annual license fee of $450. Additionally, when applying for the license, loan businesses desiring to issue a cash advance in New Hampshire must provide the address of each established location of the business, personal contact information such as address and telephone number of each business partner, or any person holding an executive position in the company or acting as trustee for a stakeholder in the business.

Rules and Regulations for Businesses Offering a Cash Advance in New Hampshire

In New Hampshire, the bank commissioner handles all issues concerning cash advance companies including any complaints made against a company for possibly breaking the New Hampshire Small Loan Act. For example, no business or individual issuing a cash advance in New Hampshire is allowed to advertise misleading information to consumers about the loan fees, interest rates, or loan terms they offer. The New Hampshire Small Loan Act ensures that pay day companies follow this rule. Any cash advance business found breaking this law faces strict fines or even loss of their pay day lending license. In this instance, once the bank commissioner received the complaint regarding the violation of the New Hampshire Small Loan Act, a certified letter would be drafted and sent to the accused cash advance company, and the company, in turn, would have thirty days to respond to both the customer and the bank commissioner about the matter.

Since New Hampshire has restriction on payday loan lenders. A loan may not have an annual interest rate of 36%. Additionally, the maximum amount an individual is allowed to receive by cash advance in New Hampshire is $500. There is no minimum loan amount specified by the state, and most companies vary their loan terms from one week to a month.

Rules and Regulations for Individuals Receiving a Cash Advance in New Hampshire

An individual can apply for a cash advance in New Hampshire for any reason they choose as the state has not set any guidelines regarding this procedure. However, the New Hampshire Small Loan Act does state that a pay day loan cannot be extended or refinanced under the original contract. There is only one way for the companies issuing a cash advance in New Hampshire to work with individuals regarding the original loan. In this instance, it is absolutely legal for the individual and pay day loan company to enter into a new contract to pay off the old loan. Since it is indeed a totally new contract, it is considered a completely separate loan and not a renewal. However, the cash advance borrower should remember that New Hampshire does not set a limit on the rates a cash advance company can charge. It is up to the borrower to ensure that they are dealing with a company that has a high customer satisfaction rate and good business rating with the state. Additional the individual considering obtaining a pay day loan should definitely compare the rates of different companies prior to committing to a company for a cash advance in New Hampshire.

Dealing with Life by Utilizing a Cash Advance in New Hampshire

Remember, New Hampshire does not have any rules or regulations regarding the purpose for which an individual can obtain a cash advance. Therefore, whatever is happening in a person’s life that necessitates the acquisition of emergency cash is a perfectly acceptable reason for obtaining a cash advance in New Hampshire. Individuals should remember that a pay loan is a loan taken out against future their future earnings, and a loan term limit is set on the time they have to pay back the loan. Whether applying in person, by telephone, or on the Internet, individuals should investigate which company can offer them the best rates and most convenient loan application process with the fastest turn-around time for receiving their cash advance in New Hampshire. By doing so, they continue to face life’s challenges with peace of mind knowing they are dealing with a reputable company for all their cash advance needs in New Hampshire.