Even with a steady income, you could still find yourself struggling to make your paycheck stretch until payday. You’re not alone! Millions of Americans are in the exact same situation.
Payday loans can seem appealing – especially if you need cash quickly. Unfortunately, these loans come with a catch. Let’s explore the pros and cons of payday loans and look into safer alternatives.
Options For Payday Loans in New Hampshire
Payday loans are short-term, high-interest loans that are considered to be some of the most predatory financing methods available. Borrowers are at risk of falling into cycles of debt or hurting their credit score when they take out a payday loan – which is why the state of NH doesn’t recommend them. Here is what you will need to know if you decide to take out a payday loan in NH.
Requirements
- Age 18 or over to apply for a payday loan in NH
- Valid identification
- Active bank account
- Steady income with paystubs
- No credit score requirement to apply for a payday loan in New Hampshire
Will lenders pull your credit?
Payday lenders will not typically look into your credit report, but they will look into your finances to determine your eligibility. While not having your credit pulled may sound appealing, keep in mind that failing to make payments on time will harm your credit score.
How many payday loans can I have at once?
You will only be allowed to take out one payday loan at a time. There is a cooling-off period for payday loans in NH. This means that you can apply for another loan only 60 days after your previous loan was fully repaid.
Max Loan Amount
The maximum amount for a payday loan is $500 – with APR capped at 36%. The maximum loan term is at 30 days. If you fail to pay everything you owe by the due date, you will not be allowed to roll over your loans.
Penalties
Finance charges are capped at $1.38 for a $100 loan for the duration of two weeks. If you fall behind on your loan or are unable to pay it in full, your credit score will be negatively impacted – making it more difficult for you to secure a loan in the future.
Payday Loan Alternatives in New Hampshire
Payday loans can be dangerous – especially if you are unable to pay them back in full by their due dates. Don’t fall into the trap! Consider these alternatives that are safer and more affordable.
Instacash
Instacash is a zero-interest cash advance that is a much safer alternative to traditional payday loans. It’s accessible anywhere and anytime through the MoneyLion app. There are no limits as to how many times you can use Instacash, and your credit score will not be impacted.
Request up to $250 with 0% APR! You can read more about Instacash here.
Credit Builder Loans
If you have poor credit or no credit, it can be difficult to secure a loan. A credit builder loan is designed to help you build up your credit, but not all credit builder loans are the same. You need a loan with a fair interest rate that will allow you to make payments without ruining your finances. Credit Builder Plus by MoneyLion is designed to give you a loan and actually help improve your finances!.
You won’t need a credit score to take out a Credit Builder Loan – just a MoneyLion Credit Builder Plus account. You’ll be able to borrow up to $1000 instantly at a competitive interest rate. MoneyLion credit builder loans are proven to help members build up their credit. In fact, more than half our members raised their score by up to 27 points within 60 days!
| Instacash | Credit Builder Loan | Local Payday Lender | |
| How Much Can You Borrow (max)? | $250 | $1,000 | $500 |
| Fees & Interest | 0% APR | Competitive APR, $19.99/month fee | – 36% APR – Additional finance fees up to $1.38 on every $100 borrowed for two weeks. |
| Impacts Your Credit? | No | Yes, it builds your credit score. | Yes, will harm your score if you miss a payment – won’t build your credit. |
| Availability | Online & Mobile | Online & Mobile | Online and In-Person |
| Wait Time | Instantly* | Instantly | Next business day |
| Next Steps | Sign Up | Sign Up |
*24-48 hours to receive your advance at 0 cost. $3.99 for instant deposit to your MoneyLion bank account, $4.99 to instantly deposit to an alternative bank account.
You have better alternatives to payday loans
Traditional payday loans charge high interest rates and fees that can potentially create long-term problems for your finances. You don’t want to take this risk. The good news is that there are safer alternatives! MoneyLion can help you with your immediate and long-term financial needs.
With a monthly membership, you’ll gain access to zero-interest cash advances and more – a major upgrade from expensive payday loans. MoneyLion can also help you with your long-term financial goals, like investing. Take control of your finances and watch your money roar!
