New Hampshire caps the cost of a $500 loan at $14.79 in fees, with a total payback of $514.79. That's a hard 36% APR maximum by law, which effectively bans traditional payday loans and pushes borrowers toward installment lenders. Your job is to find a lender who will offer you that rate, as not every company will.
What will a $500 loan actually cost me in New Hampshire?
The math is straightforward because state law makes it that way. For any loan up to $500, the total interest and fees cannot exceed a 36% Annual Percentage Rate. This isn't an estimate; it's the legal ceiling.
| Loan amount | Term | Typical fee | Total cost | APR |
|---|---|---|---|---|
| $100 | 30 days | $2.96 | $102.96 | 36% |
| $300 | 30 days | $8.88 | $308.88 | 36% |
| $500 | 30 days | $14.79 | $514.79 | 36% |
Heads up: this table shows the legal max, not what every lender will charge. Some may offer a lower rate. The key takeaway is that any lender charging more than these figures is breaking New Hampshire law.
How does New Hampshire's 36% cap change my options?
This rate cap has functionally eliminated storefront payday lending, shifting the entire small-dollar market toward installment loans. While an installment loan spreads payments out, in New Hampshire the term is capped at just 30 days, so the structure feels similar to a single-payment loan but with a strictly controlled cost.
The law, N.H. 399-A (Small Loans Act), also prohibits rollovers and uses a statewide database to prevent you from taking out multiple loans at once. This protects you from the debt spiral commonly associated with payday loans in other states.
What are my cheaper alternatives before I borrow?
At 36% APR, a loan is still expensive, so it's crucial to exhaust every cheaper option first. Most people pick one of three: a credit-union PAL through the Cooperative Credit Union Association (~28% APR), Earned Wage Access from their employer (near $0 APR), or a grant from New Hampshire 211, New Hampshire Legal Assistance or Granite United Way.
Big New Hampshire employers like Dartmouth Health, BAE Systems and Liberty Mutual use Earned Wage Access, letting workers pull earned pay early for almost nothing—cheaper than a 36% loan. Your HR department can tell you if this is available.
A step-by-step checklist before you apply for a loan
- Call Granite United Way. They can connect you to local grants or assistance programs that don't require repayment.
- Check with your bank. Bank of America Balance Assist, U.S. Bank Simple Loan, Wells Fargo Flex Loan and Truist QuickLoan offer $100–$1,000 to existing New Hampshire checking customers. Approval leans on your direct-deposit history, not your credit score; APRs run about 100–200%.
- See if you have an EITC refund coming. Free VITA tax prep is available to New Hampshire households making under roughly $60,000. The Earned Income Tax Credit alone can return $1,000–$6,400—money you get back about 21 days after filing.
- Ask your employer about Earned Wage Access. This is often the cheapest way to bridge a small cash gap.
- Finally, shop lenders. Compare offers to ensure you're getting the best possible rate under the 36% cap.
Who ensures lenders follow these rules in New Hampshire?
The New Hampshire Banking Department licenses all lenders and investigates consumer complaints. They enforce the 36% APR cap dictated by the N.H. 399-A (Small Loans Act). If a lender tries to charge you more than 36% APR, the contract is unenforceable and you should report it to the Banking Department. Most complaints are resolved within 30–60 days.
Frequently Asked Questions
Can a lender in New Hampshire charge more than 36% APR?
No. Under N.H. 399-A (Small Loans Act), every licensed lender in New Hampshire must hold APR to 36% with all fees folded in. The New Hampshire Banking Department calls that a violation, and a contract over 36% is unenforceable.
Do I need a good credit score for a 36% APR loan?
At 36% APR, installment lenders underwrite carefully. While your credit history is likely a factor, they may also consider your income and employment stability to make a lending decision.
What happens if I can't repay my loan on time?
Rollovers or extensions are prohibited by New Hampshire law. You must work directly with your lender to discuss your options, as failing to repay can lead to collections activity and damage your credit score.
Are there any online lenders that ignore New Hampshire's cap?
Unlicensed lenders operating online may attempt to charge illegal rates. You are only protected by the 36% APR cap when using a lender licensed by the New Hampshire Banking Department. Always verify a lender's license status before applying.
Is the 36% cap different for military members?
The federal Military Lending Act provides additional protection, also capping the Military APR at 36% for covered active-duty service members and their dependents.