Payday Loan Consolidation in New Hampshire

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A Complete Guide to Payday Loan Consolidation in New Hampshire

For residents of New Hampshire, payday loans are mostly a thing of the past. The state seriously clamped down on payday lending practices years ago and has resulted in New Hampshire being practically payday loan-free. However, If you are a borrower who has fallen into payday loan trouble in the Granite State, payday loan consolidation can be the solution you need. 

Payday loan laws in New Hampshire

Over the last decade, payday lending has all but ceased to exist in the New England state. While the practice remains legal, New Hampshire has had a 36% APR on all small loans since 2009. This caused many payday lenders to move out of the state, looking for more profitable locations around the country. 

Though few if any payday loan options remain, borrowers are limited to $500 per loan. The maximum loan term is 30 days. All lenders must be licensed as a Small Loan Lender by the state’s Banking Department in order to legally operate in the state. Additional charges include a maximum of $1.38 for every $100 borrowed over a two-week period. Rollovers are prohibited on the loan.

According to a 2016 report, there were zero licensed payday lenders in the state with only about 15 lenders in total operating in the state at the time. It is likely this number has decreased in the proceeding years.

What will happen if you can’t repay a payday loan in New Hampshire

Borrowers who cannot pay back their payday loan cannot face criminal action in New Hampshire with one exception. If the borrower took out the loan with no intention to repay and this is proved by the lender, then the borrower could face criminal charges. Beyond this, however, borrowers will typically only have to worry about harassing practices by lenders. This could include a civil suit to try and recollect their loan amount, as well as contacting the borrower via phone or through the mail. Lenders are not required to verify a borrower’s ability to repay a loan, so be wary before you enter into an agreement. Contact the New Hampshire State Banking Department to file a complaint if you feel a lender has overstepped what they are legally allowed to do.

What is the statute of limitations on payday loans in New Hampshire?

The statute of limitations in New Hampshire is three years. This means lenders only have three years to try and collect the borrower’s debt via the court system if they are unable to pay back their loan.

How to consolidate your payday loans in New Hampshire

For borrowers looking to escape from their unforgiving high-interest debt, payday loan consolidation offers a solution to do just that. The process works by grouping a borrower’s total loan amount into a single, fixed payment with a lower interest rate. Borrowers typically will work with a third-party company that wipes out their original debt from the payday lender. In exchange for getting the lender off their back, borrowers will make monthly payments of a much more manageable amount for a set amount of time to the third party. This method is also referred to as credit consolidation or payday loan relief. 

For those looking to avoid third-party help to consolidate their loans, a debt management plan (DMP) might be the option for you. This strategy lumps all of a borrower’s loans together into one single loan with a lower interest rate. The difference compared to payday loan relief is this agreement is between the lender and the borrower directly, with no other company involved. This also means the debt is the original amount, not a new total from the third party. Debt management plans are usually coordinated by nonprofit credit counseling agencies, so the monthly cost is generally lower, ranging from about $25 to $55 per month.

Borrowers can also consider taking out a completely new loan that would be used to pay off all their other outstanding loans. This comes with some downsides, however, including a risk of falling into another debt cycle with yet another loan. Borrowers do get the benefit of having all their multiple loans grouped together under a single interest rate, but the risks rarely outweigh the rewards with this method. Regardless of which option works for you, payday loan consolidation is an option you should seriously consider if high-interest debt is weighing you down. 

By the numbers: Payday lenders in New Hampshire

  • Max loan term: 30 days
  • Average loan amount: $200
  • Maximum loan amount: $500
  • APR Cap: Yes, 36%
  • Number of payday lenders in New Hampshire: 6
  • Average 14-day payday loan APR: 36%
  • Collection fees: $1.38 per $100 borrowed
  • Poverty rate in New Hampshire: 7.3% 


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How can I get help paying my payday loan in New Hampshire

New Hampshire residents shouldn’t encounter many opportunities to run into payday loan trouble. That said, if you do find yourself in a payday loan debt cycle you can’t escape from, payday loan consolidation is one of the best methods to get you back on your feet. Consider the consolidation options above to help you achieve financial stability. 

New Hampshire State Banking Department

53 Regional Dr #200

Suffolk Building, Concord, NH 03301

Phone: 603-271-3561

Additional state resources to utilize: 

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