Payday Pundit

As this article descibes, rate cap legislation signed by Governor Lynch recently will drive payday lenders out of the state:
The first bill (HB 267) at issue caps such loans at an annual interest rate of 36 percent.
Typically these loans are taken out for a few weeks and the compounded, annual rate of borrowing can run […]

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Commentary on recent legislation in New Hampshire that, among other things, bans payday lending:
The bad news is if you smoke cigarettes, drink wine, buy property, run a poker tournament or need a short-term loan, you could wind up paying more.
…Lynch will soon sign a law capping the interest rate that can be charged by payday loan […]

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Sunday’s editorial in the New Hampshire Union Leader asks, “What, if anything, is the governor going to do for the 200 private-sector workers he personally will make jobless at the start of next year?”
A few excerpts:

Last week legislators essentially outlawed payday lending and title lending in New Hampshire. The industry employs roughly 200 people in […]

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The New Hampshire house and senate have concurred. The effective date on the payday lending ban will remain January 1, 2009.

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Just a few comments on this Associated Press story about a new “payday loan alternative” in New Hampshire.
The article fails to mention a few key points:
1- St. Mary’s Bank is  a credit union, not a bank
2- The MyPay product is offered in two loan amounts: $250 and $500.  There is an 18% APR, along with […]

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In New Hampshire’s 2006 election, Democrats were handed control of all branches of state government–for the first time since 1874.
Andrew Cline, editorial page editor of the New Hampshire Union Leader, writes about the consequenses of Democratic control in a column for National Review.
Now they are paying the price — literally. The orgy of taxing, spending, and regulating in which […]

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Thanks to Dave for sending the following to Payday Pundit…
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New Hampshire is on the verge of banning payday loans. I own a payday loan office in Manchester, NH. The following is a letter one of my employees wrote to address this injustice.
Guest Shot: Appalled at Legislatures effort on payday lending
February 22, 2008 6:00 AM

I am a payday […]

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