New Hampshire Payday Loan Laws and Legislation
According to the law, payday lending is legal in the state of New Hampshire. However the state imposes pretty strict limitations corresponding interest rates in order to protect borrowers and not to allow lenders violate consumers' rights by gaining huge profits out of such charges.
According to the law a borrower in New Hampshire is allowed to have no more than one outstanding loan at a time. Taking any other loans from other lenders provided that you haven't repaid your previous debts is considered illegal and is fraught with the problems to both a borrower and a lender.
In the state there is also a law about cooling-off period: a person can apply for another loan only 60 days later after the date when the previous loan was fully repaid.
In the state of New Hampshire a borrower can take out a loan not exceeding $500 in amount. This is a restriction all the lenders should comply with.
APR for payday loans in New Hampshire is capped at 36% and no lending company can charge more than that. Financial charges are also restricted to a minimum and should not exceed $1.38 for a $100 loan given for a period of two weeks. This refers to any of the following - processing fee, approval fees or the like.
As for a repayment period, it should be no less than 7 days and not more than 31 days according to the state law of New Hampshire. However no rollovers and renewals are allowed in the state for payday loans; all the loans should be repaid in due time. Borrowers are eligible to take out another loan from the same lender provided that they repaid the previous debt.
Defaulted payments are not considered criminal offence in the state of New Hampshire. Therefore borrowers should not be afraid of the threats from lenders who promise criminal lawsuits. The only case when a borrower risks getting into the court trial is when he or she purposefully took out a loan without intentions to repay it. If it is proved that the repayment was stopped or an account closed deliberately, a borrower is likely to get into a serious trouble. This is what concerns criminal actions; when it comes to civil trials - they are legal and are not prohibited in case borrowers do no repay in time.
Collection fees are not specified, so lending companies are free to set the rates themselves on their own accord.
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