Short term loan bill to be reviewed by New Hampshire Senate

Despite being vetoed earlier in the year by New Hampshire Governor John Lynch, the state Senate will vote later this month to pass a bill allowing lenders to offer high interest short term loans. This short term lending bill, Senate Bill 160, would offer higher interest short term loans, but come at the price of higher interest, the Concord Monitor reported. Governor Lynch cited the possibility of accruing large interest charges over time, and worried that it would have an adverse effect on the poorer citizens these loans appeal to. The news source noted that not all N.H. lawmakers agreed with Lynch's decision to veto. House Speaker William O'Brien argued in a statement that Lynch did not have enough faith in the people taking out the loans to make their own sound financial decisions and that the denial of laws could open the door to unregulated loaners. Spokeswoman for Advance America Cash Advance, Jamie Fulmer, stated that the bill and its supporters, reported the Concord Monitor, sought to make credit more accessible to citizens. Senate Bill 160 would eliminate the 36 percent interest cap on loans that has been in place since 2009, The Associated Press explained.