Podcasts & RSS Feeds
Most Active Stories
- Investigators Ask For Public's Help In Ongoing Abigail Hernandez Investigation
- Ousted CEO Arthur T. Demoulas Wants To Buy Market Basket Chain
- Bare Shelves, High Spirits As Market Basket Employees Continue Rally
- On Demand: What's New To Netflix, Redbox, And Amazon Prime For July 2014
- Winnipesaukee's Mail Boat Is Part Floating Post Office, Part Time Machine
Wed March 21, 2012
Senate Walks Away from Payday Loans
The Senate has blocked the return of so-called payday loans.
An attempt to overturn a gubernatorial veto fell well short of the necessary votes.
The measure would have lifted the current 36% interest rate cap on small loans.
In place of that cap, Senator Matt Houde told colleagues companies could charge borrowers up to 403% interest.
“Lenders could charge consumers over $1100 to repay a $500 loan, over a 6 month term. I will let that speak for itself.”
Payday loan supporters argued that some need these loans to get through the hard times.
But the New Hampshire Local Welfare Administrators Association disputed that claim.
Welfare officials say it’s more expensive to help people after they’ve gotten trapped in debt on payday loans, then it is to help them in the first place.