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New Hampshire Payday Loans

Payday loans can be a financial relief to those who have found themselves in the need of assistance or quick cash when they are in between paydays. A payday advance is a short term cash loan provided to an individual who is in need of a bit of help. Payday advances can be used in the event of a mid-month emergency or when an unexpected expense pops up in between pay periods.

Payday loans are regulated on a state level rather than on a national level and as such, they tend to differ from state to state. While a few states find cash advances illegal, most regulate and legally allow these transactions. Regulations for cash loans are common and while they are generally similar from state to state, the regulations can vary. In the state of New Hampshire, there is no limit to the amount that a lender can charge for interest costs. A borrower is able to renew a payday loan for additional pay periods as long as the loan is used to pay off the previous loan.

Payday Loan Process

The process to receive a payday loan is set up to be fairly easy, as those who are generally seeking a cash advance are in need of quick cash. The first thing to do for someone who is in need of a payday advance, is to find a lender. As personal loans are legal in the state of New Hampshire, individuals can search locally for a lender or they can seek out a lender online.

When searching for a payday advance, you should keep in mind that lenders will usually require the following of a potential borrower:

  • The borrower should be employed with a secure job (this can be verified with pay stubs or bank receipts showing previous payments).
  • The borrower should have a valid bank account (some lenders require that a bank account has been active for a minimum of three months before the loan).
  • The borrower should supply personal identification (this can be supplied with a state issued driver’s license or other government issued I.D. such as a passport).
  • A form of payment security in-case the borrower fails to repay the loan on the due date specified (this is done with a postdated check or authorization for the lender to withdraw the amount owed from the borrowers account).

Obtaining a Cash Advance in NH

As previously mentioned, the legality and regulations of payday loans vary from state to state and as such, obtaining a cash advance in New Hampshire can be different from obtaining one in another state. While there is no minimum loan amount in New Hampshire, the maximum loan amount per loan period is $500.

Online lenders can usually provide a quick and easy loan process through electronic transactions. The cash requested by the borrower can be deposited directly into the account of the individual and the amount owed can be repaid electronically.