New Hampshire Banking Department Sees Flood of Complaints About Unlicensed Lenders

The New Hampshire Banking Department has seen a flood of complaints about unlicensed lenders since the state placed a 36% cap on payday loans, effectively squeezing payday lending storefronts out of business in Granite State.

Bob Sanders of the New Hampshire Business Review and fosters.com wrote:

“That doesn’t means (sic) that such lending doesn’t go on here, via the Internet. Indeed, the Banking Department has received so many complaints against unlicensed lending that it assigned its new attorney to just handle that. In other words, the department spends as much time and energy chasing unlicensed lenders as it does regulating the licensed ones.”

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It’s no surprise that these regulations, initially thought by some to protect the public, only harm them by taking away their financial choices and forcing them to deal with risky unlicensed lenders.