All of us come to a point when we need cash, and our salary is too far away. At this time, we are thinking of getting a loan fast. Do not think any more; you can apply for a payday loan. A payday loan is a fast procedure where you can receive your funds quickly and without too much bother.
What is the Law in New Hampshire about Payday Loans?
Payday loans are legal in New Hampshire. The state allows them with some restrictions:
- The limit of the payday loan is up to $500
- You have to repay it from 7 to 30 days
- The lenders can charge you up to $1.38 for $100 in 2 weeks period
- You can not roll over your loan
- You can have only one payday loan at a time, and you can apply for a new loan after 60 days of repaying your previous one.
What are the Requirements for a Payday Loan in New Hampshire?
Of course, there are some requirements for getting a payday loan in New Hampshire:
- You have to be at legal age – 18 years or older.
- You have to prove that you are a resident of New Hampshire; a driving license or government-issued ID would be enough.
- You also have to prove that you have a steady income and be able to repay the loan. You have to earn at least $1,500 per month.
- To apply for a payday loan you need a contact number and email address.
- Also, you will need proof that you are not filing for bankruptcy.
Benefits of a Payday Loan in New Hampshire
Payday loans can help you when you need fast cash and have some additional expenses to cover. You can apply for a loan from the comfort of your own home, and the money can be in your bank account within 24 hours.
Apart from these, there are some other advantages to getting a payday loan:
- The application process is simple and can be done using the internet. You don’t need to go in-store to apply.
- Connecting with the lender is free of charge. You just have to pay the charges to the lender for the loan.
- Even if your credit score is far from excellent, you will be able to get approved because you have a steady income for repayment.
Also, the repayment amount can be automatically withdrawn from your account, and you won’t have to remember the date and be late with your payment.
Although this is a good option for getting a loan when you most need it, you have to be aware of all the requirements in order to get a payday loan.
You have to be responsible and repay it on time; otherwise, you will have additional charges for late payments.
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