Payday Loans New Hampshire Laws and Legislation

By | Feb 10, 2009

Payday loan company Advance America announced it plans to close the 24 payday loan centers it operated in the State of New Hampshire. The decision to close the payday loan centers in New Hampshire comes after approval of payday loan 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.

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Payday Loans:Fair & Balanced Media Coverage

By | Jan 13, 2009

Sometimes you might need $100 or so for two weeks just to get over a rough patch, a miscalculation in the family finances, so to speak. You can hardly go to the bank for that, and anyway banks don’t make two-week loans. And maybe your sister-in-law is tapped out. So you borrow the money from a payday lender. You pick it up on a Monday, and you pay it back a week from Friday, plus a $20 fee. Sure, that interest would add up to 500 percent on an annual basis, but you’re not borrowing the money for a year. And nobody’s going to loan you $100 for two weeks and charge a nickel. There’s no business model in that. So you willingly pay the $20. No harm done.”

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Advance America Takes it in the Shorts in New Hampshire

By | Jan 8, 2009

Bottom line, Advance America’s new payday loan styled product is not gonna fly. Of course Advance America plans to appeal the ruling by the New Hampshire banking commissioner so we haven’t seen the end of the creative genius at Advance America.

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