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New Hampshire Payday Loan


May 8 2008
New Hampshire Payday Loan legislation capping the interest rate at 36 percent is headed to Gov. John Lynch.

The Govenor is expected to sign House Bill 267, which would go into effect Jan. 1 2009.

New Hampshire is among a handfull of states targeting the payday loan industry seeking to cap the interest rates charged by lenders to 36 percent. This falls in line with federal regulations, which also caps payday loan interest rates for active military personnel.

Additional legislation by the New Hampshire House would call for a study that would seek alternatives for payday loans, without seeking to revisit the interest rate cap.

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