Top Consumer Choice
Best Payday Loans in New Hampshire
117 Companies | 1,772 Real Customer Reviews
- No Longer Available
- Federal and State Legal Issues
- APR Range: 35.87%–204.94%
- Matches Borrowers to Lenders
- APR Range: 20%–300%
- Network of 100+ Lenders
- APR Range: Up to 782%
- Funding Time Unknown
- Approval Time Unknown
- Instant Approval Time
- Funds Received Next Day
- In Business Since Unknown
- Unverified Profile
- APR Range: Undisclosed
- Minimum Credit Requirement: Undisclosed
- Not a Direct Lender
- Network of Payday Companies
- Numerous Lawsuits
- Money Management Website and App
- Freemium Membership Model
- InstaCash $0 APR Cash Advances with Membership
- Unverified Profile
- APR Range: Undisclosed
- Minimum Credit Requirement: Undisclosed
- APR Range: 507%–1,303%
- Coverage: Undisclosed
- Time in Business: 2000
- 90-Second Approval Time
- Funds Received Next Business Day
- In Business Since 2004
Important Things to Know Before Choosing a Payday Loan Company
A payday loan, payday advance, or cash advance, is meant to be a short-term, unsecured loan.
This type of loan is based on a pre-set automatic withdrawal from your financial institution or a check held by the loan company for future deposit on a specific date.
Loan borrowers either write a check to the lender or promise to pay back the amount borrowed, plus interest and any fees. Some lenders will allow an in-store payday loan borrower to repay in cash at the store, in exchange for their post-dated check.
The loan amount is meant to be covered by your next paycheck from your employer, hence “payday” loans. The general loan term is two to four weeks.
Payday loans have high interest rates and are generally structured to be paid in one lump sum, rather than small installments over a period of time.
Loan amounts
Loan amounts depend on the minimum and maximum loan amounts allowed by your state but vary between $100 to $1,000. A common maximum limit is $500. Your loan amount also depends on each lender’s policies and how much you are approved to borrow after you submit your loan application.
Interest and fees
Loans typically have very high interest rates. We commonly see a $15 charge per each $100 borrowed. This is is a 400 percent annual percentage rate (APR).
Generally, you are charged $10 to $30 for every $100 borrowed. In some states, lenders are allowed to charge additional fees, like loan origination fees.
Legal regulations
Laws regulating payday loans vary by state. Most states limit loan amounts, loan term lengths, interest charges, and other fees.
The following jurisdictions have prohibited payday loans:
- Arizona
- Arkansas
- District of Columbia
- Georgia
- New Mexico
- North Carolina
To see if your needs would be met by a payday loan lender, check out your state’s rules via the National Conference of State Legislatures website.
Applying for a payday loan
In general, payday loan applicants must be at least 18 years old and have a valid ID, an active checking account, verifiable proof of income, and a valid phone number.
Sometimes, payday loan companies will request to call your employer to verify your employment. Applicants with poor credit or bad credit can be accepted.
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Payday Loans Frequently Asked Questions
Will a payday loan affect my credit score?
It depends on the lender. There are two general ways that a payday loan can affect your credit score.
First, does a lender do a “hard” credit check when you apply? If so, this can affect your credit score.
Second, does a lender report your repayment, or lack thereof, to the credit bureaus? If so, then this can either help to rebuild your credit or can make it worse if you aren’t able to make debt payments on time.
How long does it take to get a payday loan?
With most payday loan companies, you can be approved within minutes and have your money within one business day. Depending on loan lenders and how easy it is to verify your eligibility, it can take longer.
What is the difference between a payday loan and an installment loan?
Interest
Installment loans have high interest rates, but payday loans tend to have higher rates.
Payment
Payday loans are meant to be repaid in one lump sum, but installment loans are to be paid back in pre-set installments, for the duration of the term.
Term
They are both short-term financial options, but payday lending requires repayment in a matter of weeks whereas installment loans are designed to be repaid in a matter of months.
Amount
Generally, installment loans are for larger short-term cash amounts, whereas payday loans are small-dollar loans. Most states cap payday loans at $500-$1,000.
Do all payday lenders operate storefronts?
No. Some lenders operate storefronts and online payday lending services while some strictly offer only online payday loan services. It also depends on your area. Some loan companies offer different services in-store than online. Some operate stores in one state, but only act as an online lender in another state.
What if I am in the military?
If you are in the military, payday loan interest rates for you and your dependents are limited by the law. The APR (annual percentage rate) on payday loans cannot exceed 36 percent.
What happens if I don’t pay off my payday loan on time?
Consequences and options depend on your loan agreement, your state, and your lender.
You can count on late fees.
Sometimes, you are given the option to renew or roll over your loan. This is paying an extra fee to delay your loan repayment process.
You can also ask your lender to see if an extended repayment plan is available. Depending on your state and the lending company, you may be able to use an extended repayment plan to pay back the loan in smaller pieces over an extended period with additional fees.
Payday loan debt is some of the harshest and hardest to pay off in the market. This is because it can grow exponentially if you don’t pay on time.
What hidden fees should I look out for?
There are several different "hidden fees" that loan borrowers should be aware of, in addition to finance charges. These will vary depending on the payday lending company and state. Here is a quick breakdown:
- Customer service fee
- Late payment fee
- Loan application fee
- Overdraft or non-sufficient funds (NSF) fee
- Returned check fee
- Rollover fee
- Verification fee
Check out other pitfalls to avoid when getting a payday loan.
How do I choose a payday loan company?
When choosing a payday lender to work with, consumers should consider their financial situation and credit history. Next, look at what the interest rate and fees will be, how soon you would be required to repay, and what your options would be if you can’t repay the loan on time. To find the best payday loans, consult payday loan ratings and reviews, and make sure to compare policies and requirements.
