With typical loans throughout New Hampshire (and the rest of the country), your credit report and score are used to grant you a loan. With cash advances and other forms of payday loans, your credit isn’t used as a consideration--Instead, your paycheck (net and gross pay) and the information contained within is the basis for a cash advance.

In recent years, the entire payday loan industry has flourished, partly due to the increased percentage of Americans living from paycheck to paycheck. Cash advances are short term loans, usually under a month, with a low balance (usually under $1,000) that’s payable in one lump sum. Cash advances are usually approved much faster than conventional loans, possibly within hours instead of days.

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Let’s say that your car broke down and was going to cost $450 to repair; only you don’t have the cash this week. You’ll have the extra money in your next paycheck, but that’s not going to arrive for another week and a half. If you don’t have your car, you won’t be able to get to and from work, causing you to lose money and possibly even your job. This is an ideal situation to utilize a cash advance.

The state of New Hampshire has some regulations to protect consumers and lenders alike within the payday lending industry:

Loan term time frame is to be 7 – 30 days.
Interest rate has no limit, but no fees can be connected to the cash advance.
No rollovers allowed (refinancing of a cash advance with another).

New Hampshire law mandates that all cash advance providers carry the proper license and comply with the state’s Small Loan Act.

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* Cash-Advance-USA.org provides information and research on cash advances/payday loans. We are not a payday lender or broker, nor are we necessarily affiliated with the companies profiled on this site. Not all products and services are available in each state.