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New Hampshire Payday Loans

New Hampshire State Map
New Hampshire State Map

First time consumers looking into the possibility of getting a cash advance may feel a little overwhelmed at the prospect of doing so. In these challenging economic times many people are finding themselves experiencing a personal cash flow crisis. In such a situation some consider turning to a lender that can provide a short term loan to help them through a period. Consumers in the state of New Hampshire do have the ability to get payday loans, but the laws of the state may differ from some other states of the union.

House Bill 267 which to the affected January 1, 2009 caps interest rates for payday loans at 36%. The bill sponsored by Rep. Infantine, Hills 13; Rep. Terrio, Hills 14 was signed into law by the governor of New Hampshire John Lynch. Due to concerns about the elimination of the state’s loan cap in the year 2000 state legislators thought it necessary to pass such a bill in an effort to protect military families Nationwide at the request of the Dept of Defense. This works out great for the average consumer as well because now nonmilitary people also have access to fair and equitable payday loans in a time of need. Prior to this bill an individual could have borrowed $500 for a year, and if they could only pay the interest on the loan they couldn’t very easily have paid over $2300 Dollars in an interest in principle.

When the law took effect January 1, 2009 in South Carolina based lending firm by the name of Advance America announced that it would comply fully with the new law, but also proposed a new loan product that was neither a payday nor a title loan and consequently should not be bound by the law capping interest rates and 36%. Advance American had proposed to create individual lines of credit if but seeking a loan. They said that lines of credit would not be covered under house bill 267 and therefore would not be subject to the 36% rate cap. The New Hampshire banking commissioner Peter Hildreth ruled that South Carolina-based Advance America Cash Advance Centers Inc.'s proposal was unreasonable and predatory. Their challenge to the law failed and subsequently the company closed its lending stores in the area.

New Hampshire State Flag
New Hampshire State Flag
Since the law has taken effect there is now a new found added to the towards New Hampshire cash advances. Citizens of the state of New Hampshire have a greater peace of mind when seeking New Hampshire payday loans now that the state legislature has intervened and made getting a loan figure in equitable for their constituents. When the average consumer can acquire personal loans with the peace of mind knowing that they’re not going to be ripped off, this is huge when it comes to helping the state’s economy. Fear plays a huge role in any economic downturn and recession, and sometimes legislators must step up in an effort to allay any fears are concerns that the general public or even the business community may be experiencing. With all of the economic uncertainties that many of us are dealing with it is good to know that in some areas that consumer can rest assured that in the business transaction of acquiring a payday loan that they’re going to receive a fair deal.

Today in the state of New Hampshire payday loans are a real and sensible and respected alternative way to generate temporary finances for the needs of many citizens of the state. Historically critics blame payday lenders for exploiting people's financial hardship for profit. They say lenders target the young and the poor, particularly those near military bases and in low-income communities. In reality New Hampshire payday loans are a reasonable thing for individuals seeking the short-term personal loan. Long gone are the dates of predatory practices in the payday loan industry when a few lenders would indeed have taken advantage of some. Now payday loans are not only a respected option for securing funds for personal use, it is also widely accepted across a broad spectrum of consumers in need of cash.

New Hampshire payday loans
New Hampshire payday loans
Some consumers do not have the time, energy or credit background to secure a personal loan through a traditional banking institution. Payday loans provide an invaluable service for a large contingent of the American populace by streamlining the loan process in making the acquisition of your personal loan significantly easier and faster. This affords working families and individuals the opportunity to have a better quality of life for themselves, while at the same time being a fruitful and productive part of the economic community. These loans assist consumers in their efforts to live and enjoy a more active life as a contributing part of their own community.

Institutions that provide payday loans offered an invaluable service for the average consumer who occasionally needs to borrow money to meet particular financial obligation. Everyone occasionally encounters an emergency situation, and for some of us the situation can be very taxing to our personal finances. In a situation such as this time may be of the essence and there just isn’t the opportunity to go through the lengthy process of securing a loan from a local banking institution. New Hampshire payday loans can streamline the process of securing much needed emergency cash in a crisis situation. Organizations that provide the services to consumers give much needed assistance to those that under some circumstances just would not have the opportunity to acquire assistants from anywhere else. Contrary to what the media may claim, but payday loans are and will continue to be in the days and years to come and Integral part of the economic fabric of our lives.

Like any other consumer product is intelligent to shop around and see just what is out there for the consumer seeking a payday loan and to compare rates and pricing. As you do your homework you will quickly become aware of what is the best situation for you in acquiring your payday loan.