Payday loans in New Hampshire
The small loan law in New Hampshire, RSA 399-A, still covers licensed payday lenders. Payday loans are capped at 36 percent APR with interest only, so typical payday pricing is ruled out.
- Payday lending
- Banned
- Max cost
- 36% APR
- Top amount
- The most principal a borrower can owe one lender is $500.
Are payday loans legal in New Hampshire?
No. New Hampshire's Regulation of Small Loans, Title Loans, and Payday Loans rules out the usual payday loan. A licensed payday lender may still operate, but only at 36 percent APR or less, charging interest and no fees. APR is the yearly cost of the interest. At that cap, $100 borrowed for 14 days costs $1.38 or less. One lender can be owed no more than $500, over a term of seven to 30 days; the debt cannot be renewed, and a 60-day wait comes before the next loan.
Every payday lender must also maintain a New Hampshire office you can visit in person. Online lenders that serve state residents must be licensed as well, and any contract for an unlicensed loan is null and void. Consequently, an unlicensed lender has no legal right to collect any charges. Search the Nationwide Multistate Licensing System Consumer Access portal before applying to confirm the lender holds a license and maintains a local office.
- Payday loans may include interest only: the law forbids other fees or charges and sets the APR cap at 36 percent.
- After a payday or title loan, waiting 60 days is required before another, and the borrower must certify this under oath.
- All payday lenders must maintain an office in New Hampshire accessible to consumers.
- The Banking Department treats internet loans to New Hampshire consumers as subject to the licensing rule.
- Loan Shop Online, an unlicensed website lender, received a cease and desist order from the Banking Department in 2010.
New Hampshire payday loan laws
- Law in force
- New Hampshire Regulation of Small Loans, Title Loans, and Payday Loans (RSA 399-A)
- Cited as
- RSA 399-A:17 for payday lenders, within RSA 399-A:1 to 399-A:23 (N.H. Rev. Stat. Ann.)
- Fees under the law
- Payday loans shall incur interest only, with no other fees or charges. The annual percentage rate for these loans must not exceed 36 percent.
- Most you can borrow
- The most principal a borrower can owe one lender is $500.
- How long a loan runs
- 7 days to 30 days
- Rollovers
- Banned (refinancing, renewing, or extending any loan is not allowed)
- Cooling-off gap
- You cannot get a new loan if you had an outstanding payday or title loan in the previous 60-day period
- Loans you can hold at once
- One loan only (you may pledge just one check at a time; you cannot borrow while any other payday or title loan remains unpaid).
- Installment lending limits
- For small loans that are neither payday nor title loans, the APR shall not exceed 36 percent, apart from one application fee and one membership fee, each up to $100 a year.
Also checked against the Banking Department page for small loan lenders and the merged RSA 399-A chapter text (399-A:16, 399-A:17) on gc.nh.gov. Full statute text.
Online lenders that list New Hampshire
Seven companies we track say they lend in New Hampshire: 2 online installment lenders and 5 tribal lenders.
Both lenders with a posted APR post a top APR above New Hampshire's 36% APR cap.
| Lender | Kind | Posted APR |
|---|---|---|
 OppLoans | Installment | 99% to 195% |
 Rise Credit | Installment | 60% to 299% |
Tribal loans in New Hampshire
Internet loans to New Hampshire residents require a licence, and unlicensed small loan contracts count as null and void under state law. Unlicensed online lenders have drawn cease and desist orders from the Banking Department, including one issued to Loan Shop Online in 2010.
On the immunity claim tribal lenders make, see are tribal loans legal.
Five tribal lenders we track list New Hampshire as a state they lend in. Two of the five publish an APR, from 99% to 725%. Both post a top APR above New Hampshire's 36% APR cap.
| Lender | Posted APR |
|---|---|
 Spotloan | 99% to 490% |
 BrightLending | 325% to 725% |
 MaxLend | Not published |
 Minto Money | Not published |
| American Web Loan | Not published |
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New Hampshire and the states around it
| State | Payday lending | Max cost | Top amount |
|---|---|---|---|
| New Hampshire | Banned | 36% APR | The most principal a borrower can owe one lender is $500. |
| Maine | Allowed | $15.00 per $100 borrowed | no cap aimed specifically at payday loans |
| Massachusetts | Banned | 23% APR | None allowed |
| Vermont | Banned | None in the law | None allowed |
New Hampshire loans with no credit check
Installment loan rates: For small loans that are neither payday nor title loans, the APR shall not exceed 36 percent, apart from one application fee and one membership fee, each up to $100 a year.
See no credit check loans: the checks lenders still run, and the price.
Verify a lender's license in New Hampshire
- Look the lender up on the license list before you hand over any bank details.
- Lenders here answer to the New Hampshire Banking Department, Consumer Credit Division.
- Had trouble with a lender? Report the lender.
Sources for New Hampshire
- The APR on a payday loan cannot go higher than 36%; Lenders may charge interest only on payday loans, with no other fees allowed; The loan term must run for at least 7 days but no more than 30 daysgc.nh.gov
- A 36% APR cap also applies to other small loans; You must hold a licence to lend money to consumers within the state; Any small loan contract from an unlicensed lender is null and voidgc.nh.gov
- Small loans include internet loans involving New Hampshire consumers.; Lenders obtain small loan licences through NMLSbanking.nh.gov
- You can verify a licence using NMLS Consumer Accessbanking.nh.gov
- You must submit complaints in writing along with supporting documentsbanking.nh.gov
- The Department discovered in 2010 that Loan Shop Online was lending to residents without a licence; Authorities entered the cease and desist order on November 4, 2010mm.nh.gov