New Hampshire Title Loan Laws and Regulations

Table of Contents:

What do New Hampshire Title Loan Laws Regulate?

Why are Title Loans so important for New Hampshire borrowers?

New Hampshire Laws aim at Title Loan consumer protection

Title Loan repossession Laws in New Hampshire

How You’re Protected from Repossession in New Hampshire

Title Loans Lenders regulation in New Hampshire

What are the main Title Loan Rules in New Hampshire?

How the law regulates Title Loan Interest rates and Fees in New Hampshire

What are Title Loan Terms based on New Hampshire laws?

What are Title Loan Requirements in New Hampshire?

What You Need to Know about Title Loans in New Hampshire

What do New Hampshire Title Loan Laws Regulate?

Everybody can’t but admit that short-term Car Title Loans are a great way to get quick cash, especially if you have bad credit.

You only need a valid driver’s license and a vehicle that’s titled in your name to get a guaranteed lender’s approval. However, every borrower must consider loan interest rates and terms, as well as any New Hampshire laws and regulations that may apply to Title Loans.

Why are Title Loans so important for New Hampshire borrowers?

Federal laws don’t actually regulate title loans, it’s the responsibility of each state. At the federal level, the Consumer Bureau for Financial Protection is in charge of making sure that lenders offer Title Loans only to borrowers who can repay the money. It’s done to protect borrowers from predatory lending.

New Hampshire Title Loan regulations determine:

• what the lender can do in case of a defaulted payment;
• limit interest rates that may be charged;
• if renewals and rollovers are allowed;
• limits on maximum and / or minimum Title loan amount;
• maximum and/or minimum terms of Title Loan repayment;
• any penalty fees, etc.

Title loans are Illegal in New Hampshire. The laws setm minimum and maximum loan terms, but there is no limit on the amount that a consumer may borrow. So, Title Loan terms in New Hampshire are . The interest rate is capped to which is 25%/mon. Lenders can charge . These regulations are all established by Pawnbroker/Lender Act (N.H. Rev. Stat.§ 399-A), https://law.justia.com/codes/new-hampshire.

Study these regulations carefully before applying for a Title Loan in New Hampshire. Pay special attention to repossession laws. They state the lender’s behavior and consumer’s rights in case of loan default. It will be good to know in advance whether the lender is legally allowed to repossess the vehicle and sell it in order to cover the financial loss if a borrower doesn’t repay the loan on time.

New Hampshire Laws aim at Title Loan consumer protection

As Title Loans are designed for covering short-term urgent financial needs, they should be considered only as solutions for emergency expenses. No credit check requirements for title loans make them more available than traditional bank loans but, on the other hand, riskier. That’s why the New Hampshire state has established title loan laws and regulations whose main idea is to protect consumers. Make sure you understand all the details before choosing a Car Title Loan for quick funding in New Hampshire.

Title Loan Repossession Laws in New Hampshire

Repossession laws are probably the most important part that consumers must clarify before applying for a title loan. In New Hampshire, the car title is used as collateral to secure a title loan.

According to New Hampshire title loan regulations, a consumer can lose the vehicle if he or she falls behind on title loan payments or violates the terms of the title loan in some other way. The lender has the right to repossess the vehicle, sell it, and use the money of the sale as compensation for a defaulted loan.

It’s necessary to mention, that in some states, title lenders are not allowed to keep the surplus from the sale of a repossessed vehicle. In some states there exists the consumer right to cure period. It’s about a month on average. It means a borrower has this additional time to repay a defaulted loan in order to get back the vehicle.

If a customer doesn’t pay the money back even after this period, the vehicle will be repossessed.

How You’re Protected from Repossession in New Hampshire

• First of all, New Hampshire protects its residents by setting certain repossession laws.
• Secondly, the Government takes care that lenders offered additional repayment time, or plan to redeem the title by paying the loan back.
• The state also determines whether the vehicle can be sold and how much percent of the sale proceeds a lender can take.
• Title lenders are obliged to maintain detailed records regarding all title loan transactions.
• New Hampshire title loan lenders violating these laws may be fined up to $1,000.

Title Loans Lenders regulation in New Hampshire

Make sure the lender you apply to is licensed to provide Title Loans in New Hampshire. They are to pay a certain fee annually for licensing. If you know that you borrow from a legitimate lending company, you may stay assured that your rights will be protected.

What are the main Title Loan Rules in New Hampshire?

Title loans in New Hampshire are regulated by Pawnbroker/Lender Act (N.H. Rev. Stat.§ 399-A). The official body that controls the lenders of New Hampshire and protects consumers’ rights is New Hampshire Banking Department . In case of any question, or complaint you can always address. Find all the contact information on their website - https://www.nh.gov/.

How the law regulates Title Loan Interest rates and Fees in New Hampshire

Under New Hampshire title loan laws, lenders are allowed to charge 300.00% APR. The maximum Title loan term for New Hampshire is also set by the state’s law. If the loan is not paid in full within repayment terms, the borrower takes a risk of having his or her vehicle repossessed.

What are Title Loan Terms based on New Hampshire laws?

Under New Hampshire Title Loan laws and Pawnbroker/Lender Act (N.H. Rev. Stat.§ 399-A), there are Pawnbroker/Lender Act (N.H. Rev. Stat.§ 399-A) terms. The maximum $10000 loan amount allowed to borrow against a car title in New Hampshire is also limited and usually depends on the following factors:

• Gross monthly income
• Value of the vehicle
• Requested loan amount
• Term of the loan

What are Title Loan Requirements in New Hampshire?

Though Title Loanlaws differ by state, most lenders have similar requirements:

• A car title, or sometimes physical possession of the vehicle title.
• Proof of income from any source – alimony, child support, Social Security, workers’ compensation, or disability.

Besides, an applicant will be asked to provide the following information:

• An accurate description of the vehicle (make, model, year, mileage, etc.)
• Type of ID and ID number presented by you
• Amount of the loan
• The agreed-upon repayment date of the loan and the amount due
• The monthly rate and charges
• Your full legal name, address, contact number, and date of birth

Title Loan requirements for New Hampshire residents are:

• Proof of residence
• Proof of the ability to cover payments/ income
• Valid driver’s license or state – issued photo ID

In a nutshell: What You Need to Know About Title Loans in New Hampshire

• New Hampshire Title Loan laws require lenders to be licensed, which means the state protects consumers against fraud. Good for you, as in any case when something goes wrong you can take legal action to stay safe.
• Title loans in New Hampshire are regulated by Pawnbroker/Lender Act (N.H. Rev. Stat.§ 399-A).
• Any false advertising and selling or charging for any kind of insurance are considered predatory actions and lenders may be fined for them by law.
• All these and more – limits on New Hampshire Title loan amounts, rates, terms, etc. are stated in the laws which you’d better study carefully before taking out a Title Loan.

File a complaint on Title Loan lender in New Hampshire

If you need to file a complaint about your title loan service, or lender, you may contact New Hampshire Banking Department  online at https://www.nh.gov/ or by phone.