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High-interest payday loans increase in N.H.

Karen Spiller of The (Nashua, N.H.) Telegraph found that payday loans with high interest rates — as high as 500 percent or more — are increasing in New Hampshire, the only state in New England not to regulate them. "Last year alone, more than 100,000 payday loans were written in the state for an average loan of about $360, according to the New Hampshire Banking Department. " The number of loans rose 28 percent from 2004 to 2005, according to data The Telegraph requested from the state banking commissioner.

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