Thursday, April 30, 2009

New Hampshire Free No Fax Payday Loans

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Concord Derry Rochester Salem Dover Merrimack
Londonderry Hudson get instant approval for a free online
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New Hampshire state regulations concerning online cash advances
are subject to change from time to time.
Update 2009Advance America announced it plans to close the 24 centers it
operated in the State of New Hampshire. The decision to close
the centers in New Hampshire comes after approval of legislation
that went into effect on January 1, 2009 that effectively
prohibits the offering of the cash advance product in that
state, and follows the Company's previously announced decision
to discontinue offering its line of credit product in New
Hampshire as a result of an agreement with the state's Bank
Commissioner.
Commenting on the closure of its centers in New Hampshire,
Advance America's President and Chief Executive Officer, Ken
Compton, said, "The recent law that went into effect in New
Hampshire imposed a 36% annual percentage rate cap on payday
loans, resulting in an effective ban of the industry there.
Unfortunately, eliminating the payday loan product as an option
does not eliminate the need for short-term credit in New
Hampshire, it simply eliminates a sensible financial choice for
thousands of hardworking people, and forces them into higher
cost alternatives such as fees for bounced checks or late
payments and risky loans from unregulated internet lenders. We
are disappointed that a majority of legislators and Governor
Lynch chose to take away a viable, regulated short-term credit
option from New Hampshire residents and put hundreds of
employees out of work, particularly during a period of broad
economic instability."
By Associated Press Jan 2009
New Hampshire's banking commissioner has denied a payday
lender's request to charge 365 percent interest on open-ended
lines of credit.
Banking Commissioner Peter Hildreth ruled Tuesday that South
Carolina-based Advance America Cash Advance Centers Inc.'s
proposal was unreasonable and predatory. The payday lender had
fought New Hampshire's 6-day-old law capping annual payday and
title loan rates at 36 percent.
Under its new proposal, Advance America wanted to loan money
under another section of the banking law that covers small
lenders and does not cap interest rates. Advance America
proposed charging between 365 percent and 456 percent in annual
interest, depending on whether the borrower allowed automatic
payment on the loan.
Hildreth said a consumer who borrowed $500 for a year and only
paid the 365 percent interest would pay $2,325 in interest
payments. He said that was oppressive. At the 456 percent rate,
the same consumer would pay $2,780 in interest payments over a
year.
"Brought down to its basic level, it just is not fair," Hildreth
said.
Advance America spokesman Jamie Fulmer said the company
generally did not agree with Hildreth's interpretation of the
law and was considering its options. Hildreth said the company
could appeal to the state Supreme Court.
"We remain committed to offering consumers access to credit
products and high-quality service in a competitive marketplace,
while doing everything we can to protect the jobs of the
approximately 50 New Hampshire citizens who we employ," Fulmer
said in a statement.
A state law took effect Jan. 1 capping the interest rate on
payday loans at 36 percent a year, which the industry said would
put it out of business. Advance America said last month it would
comply with the new law, but proposed the new loan product that
the company said was neither a payday nor title loan and
consequently should not be bound by the law capping interest
rates at 36 percent.
Payday lenders typically charge $20 per $100 for two-week loans
backed by the borrower's car title or next paycheck. That
amounts to an annual rate of 521 percent.
The cap translates to a daily interest rate of about 0.1
percent, or total interest charges of $1.38 _ a dime a day _ on
a $100, two-week loan.
Advance America had proposed establishing $500-$750 lines of
credit that borrowers could tap in small increments, with $10
being the smallest withdrawal. Advance America said the credit
offering was covered by a section of the banking laws for small
lenders that does not cap interest rates.
Hildreth said the state has a lot of lenders that fall into that
category, but none have charged more than 50 percent in annual
interest including loan penalties assessed on their borrowers.
Most offer small loans, such as $5,000, paid in monthly
installments, he said. The lenders do credit checks on borrowers
so they can charge low rates.
In his ruling, Hildreth said Advance America's proposal would be
an unfair trade practice. He said the proposal's terms and
conditions were vague and thus deceptive.
"The determination of unfairness and deception renders the
company's argument regarding the type of loan _ small loan vs.
payday _ moot," Hildreth wrote.
Hildreth said the Legislature's enactment of the 36 percent cap
reflected its policy on such high-interest loans as being
unfair.
"The unfairness was not that the loans were called payday or
title loans. The unfairness was because of the interest rates
charged," he wrote.
Hildreth said the ruling should serve as a warning to any other
lenders with similar, high-interest products.
"It should, in fact, be a warning to them that they should check
with the department before charging the rate," he said.
Otherwise, they could face a similar ruling, he said.
New Hampshire payday loan bill signed into law.
MANCHESTER, N.H. New Hampshire Gov. John Lynch signed House Bill
267, an act relative to payday loans, that caps interest rates
for payday loans and car-title loans at 36% in the state.
The cap on payday loans takes effect Jan. 1, 2009.
When the state's small-loan rate cap was eliminated in 2000,
payday lending was effectively legalized in New Hampshire.
Congress passed a 36% cap to protect military families
nationwide at the request of the Department of Defenses.
For a thorough discussion of the payday loan industry and access
to our payday loan training materials, we recommend you proceed
to PaydayLoanIndustry.com
Bill to put a cap payday loans in New Hampshire will die in the
state legislature.
State Rep. David Smith, D-Nashua, indicated he will fight a
House sub-committee recommending an end for his legislation to
cap, at 36 percent, what payday loan and title lenders can
charge for small consumer loans.
"I'm very disappointed in the subcommittee's vote," said Smith,
a retired banker.
Payday loan company officials suggestedif Smith's bill (HB 267)
became law, they may leave the state.
A majority on the House Commerce Committee endorsed an industry
sponsored plan to limit payday loans to $15 on $100 for a two-
week note, which is an annual interest rate of 360 percent.
A majority on the subcommittee also recommended the industry's
suggestion to cap their loans at $22 per $100 a month or 264
percent annually.
Advance America charges consumers $20 per $100 in cash advanced,
up to a maximum $500 loan in New Hampshire. A $100 loan plus the
$20 finance charge borrowed for two weeks works out to a 521
percent annual interest rate.
The sub-committee will meet later to take formal votes on the
alternatives to Smith's bills, which would also tighten state
regulation and provide consumers with more protections.
All these measures will come to the full House of
Representatives for a vote in 2008.
The state repealed interest restrictions on payday and title
loans in 2003. A great many lenders set up offices in New
Hampshire soon after, serving thousands of borrowers a year who
live here or come from neighboring states that have loan
restrictions.
Citation:N.H. Rev. Stat. Ann. § 399-A:1 et seq.
Loan Terms:Maximum Loan Amount: $500Loan Term: 7-30 daysMaximum Finance Rate and Fees: 36% annual interestFinance Charge for 14-day $100 loan: $1.38APR for 14-day $100 loan: 36%
Debt Limits:Maximum Number of Outstanding Loans at One Time: OneRollovers Permitted: None (cannot refinance, renew, extend;
borrowers can renew to obtain additional cash but prior loan
must be paid in full from proceeds of new loan and marked as
such)Cooling-off Period: 60 daysRepayment Plan:
Collection Limits:Collection Fees: Criminal Action: Prohibited
New Hampshire online Payday loans - Manchester Nashua
Concord Derry Rochester Salem Dover Merrimack
Londonderry Hudson