Best Debt Consolidation Loans in New Hampshire 2024

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Updated: November 19, 2024

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Debt consolidation loans are unsecured personal loans that help streamline and pay off debts like credit card or student loan debt at a lower interest rate than what you're currently paying.

MoneyGeek analyzed 26 lenders and found PenFed to be the best debt consolidation loan in New Hampshire, scoring 96 out of 100. Although PenFed stands out in our analysis, you may also want to contact local lending options like New Hampshire Federal Credit Union and Bellwether Community Credit Union to see if they fit your borrowing needs.

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2024

Best Debt Consolidation Loans in New Hampshire

Best Overall - PenFed
Runner-Up - Alliant Credit Union
Best for Affordability - Wells Fargo
Best for Large Loans - PNC
Best for Fast Funding - Rocket Loans

Overall Best Debt Consolidation Loan Lender in New Hampshire

Company logo for PenFed
PenFed
MoneyGeek Score:
96/ of 100
APR Range8.99% to 17.99%
Loan Amount RangeUp to $50,000
Repayment TermsUp to 60 months
Time to Receive Funds1 to 2 Business Days
Overview

PenFed offers the best debt consolidation loan in New Hampshire with a MoneyGeek score of 96 out of 100. Several features contribute to an ideal debt consolidation loan lender, such as competitive rates, how much you can borrow, how quickly you can get your funds, the quality of service it provides, and its reputation.

PenFed's APR range of 8.99% to 17.99% can benefit borrowers by offering lower interest rates, reducing the overall cost of the loan. Its loan amount range of up to $50,000 allows borrowers to consolidate larger amounts of debt. Additionally, the quick fund disbursement time of one to two business days ensures that borrowers can address their financial needs promptly.

Runner-Up for Best Debt Consolidation Loan in New Hampshire

Company logo for Alliant Credit Union
Alliant Credit Union
MoneyGeek Score:
95/ of 100
APR RangeFrom 10.49%
Loan Amount Range$1,000 to $100,​​​​​000
Repayment Terms12 to 60 months
Time to Receive FundsSame Day
Overview

Alliant Credit Union is another solid option for a debt consolidation loan in New Hampshire, with a MoneyGeek score of 95 out of 100. One of its pros is competitive interest rates, which can help a borrower save money on interest payments over the life of the loan. Flexible loan terms, ranging from 12 to 60 months, allow borrowers to choose a repayment plan that fits their budget and financial goals.

Additionally, Alliant Credit Union offers quick fund disbursement, with funds available on the same day. This can be particularly beneficial for borrowers who need to consolidate their debts quickly to avoid late fees or higher interest rates on existing debts. These features make it a practical choice for those looking to streamline their debt payments.

Best Debt Consolidation Loan in New Hampshire for Affordability

Company logo for Wells Fargo
Wells Fargo
MoneyGeek Score:
94/ of 100
APR Range7.49% to 24.99%
Loan Amount Range$3,000 to $100,000
Repayment Terms12 to 84 months
Time to Receive Funds1 to 3 Business Days
Overview

Wells Fargo offers the best debt consolidation loan in New Hampshire for borrowers who prioritize affordability, with a MoneyGeek score of 94 out of 100. Its APR range is 7.49% to 24.99%, and it provides loan amounts from $3,000 to $100,000 with repayment terms of 12 to 84 months.

One benefit is that it has no origination fees, which means you won't have to pay extra costs upfront. Additionally, the availability of rate discounts can lower your overall interest rate, making your loan more affordable in the long run.

Best Debt Consolidation Loan in New Hampshire for Large Loan Amounts

Company logo for PNC
PNC
MoneyGeek Score:
96/ of 100
APR RangeUp to 24.99%
Loan Amount Range$1,000 to $35,000
Repayment Terms6 to 60 months
Time to Receive Funds3 Business Days
Overview

PNC offers the best debt consolidation loan in New Hampshire for borrowers who need a large loan amount or longer repayment terms, with a MoneyGeek score of 96 out of 100. It provides loan amounts ranging from $1,000 to $35,000, making it suitable for those needing substantial funds to consolidate multiple debts.

PNC's flexible repayment terms, ranging from six to 60 months, allow borrowers to choose a plan that fits their financial situation. For example, a borrower consolidating $20,000 in debt can opt for a longer repayment term to lower monthly payments. Additionally, the large loan amounts offered can help cover significant debts, providing a comprehensive solution for debt consolidation.

Best Debt Consolidation Loan in New Hampshire for Fast Funding

Company logo for Rocket Loans
Rocket Loans
MoneyGeek Score:
95/ of 100
APR Range9.116% to 29.99%
Loan Amount Range$2,000 to $45,000
Repayment Terms36 or 60 months
Time to Receive FundsSame Day
Overview

Rocket Loans offers the best debt consolidation loan in New Hampshire for borrowers who need funds quickly, with a MoneyGeek score of 95 out of 100. It provides same-day fund disbursement, making it an excellent choice for those in urgent need of financial assistance.

One of its key features is the fast approval process, which can benefit borrowers by allowing them to consolidate their debts without delay. Additionally, its flexible loan terms, ranging from 36 to 60 months, offer borrowers the ability to choose a repayment plan that best fits their financial situation.

Should You Get a Loan to Consolidate Debt in New Hampshire?

Using a debt consolidation loan in New Hampshire can simplify your finances by merging multiple payments into one. But debt consolidation isn't always the best option. If the interest rate on the new loan is higher than your current debts, it might not make sense. Evaluate your specific situation before deciding.

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    Good Credit

    Having good credit can secure better terms on a debt consolidation loan in New Hampshire, affecting your interest rates and monthly payments.

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    High-Interest Debt

    Consolidating high-interest debt with a debt consolidation loan in New Hampshire can lower the interest rates you're paying, saving you money.

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    Multiple Payments

    Combining several monthly payments into one with a debt consolidation loan in New Hampshire simplifies financial management.

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    Lower Monthly Payments

    A debt consolidation loan in New Hampshire can help you achieve lower monthly payments, making your debt more manageable.

When You Shouldn't Get a Debt Consolidation Loan

  • When your new monthly payment is higher: A higher monthly payment can strain your budget further, leading to more financial stress rather than relief.
  • When you can pay off debt in a year: If you can clear your debt within a year, a consolidation loan might not be necessary. Short-term sacrifices could save you interest.
  • When your income is unstable: Unpredictable income makes it hard to commit to fixed monthly payments. This could lead to missed payments and additional fees.
  • When your DTI ratio is high: A high debt-to-income ratio can result in loan denial or unfavorable terms. Improving your DTI before applying for a debt consolidation loan in New Hampshire is a better strategy.

How to Get a Debt Consolidation Loan in New Hampshire

The average amount of personal loan debt in New Hampshire is $106,865, compared to the overall average debt in the U.S. of $104,215. In New Hampshire, the average monthly debt is $8,905.

Using a personal loan to consolidate debt in New Hampshire can simplify your payments and potentially lower your interest rates. Going into the process blindly can lead to higher interest rates and damage your credit score. To avoid these risks, follow these steps to apply for a debt consolidation loan.

  1. 1
    Review your debts and credit score.

    Account for your existing debts to see which ones to consolidate, especially credit card debt. Choosing the wrong debts can lead to higher interest rates. Check your credit scores and improve your credit score by paying bills on time and reducing outstanding balances.

  2. 2
    Compare loan terms from lenders.

    Compare loan terms from multiple lenders. Contact lenders to ensure you can use the loan for consolidating debts. Look at APRs, loan limits, and how soon you can receive the funds.

  3. 3
    Check for extra benefits.

    Some lenders offer added features that benefit you long-term. For example, in New Hampshire, Rocket Loans and Santander offer rate discounts.

  4. 4
    Watch out for fees and penalties.

    Some lender features could be drawbacks. In New Hampshire, Axos charges an origination fee and OneMain Financial charges a late fee. These fees can impact your short- and long-term finances.

  5. 5
    Get prequalified.

    Prequalification helps borrowers understand their loan options without affecting their credit score. It uses a soft credit check, so your credit score remains unaffected.

  6. 6
    Complete your loan application.

    Complete your loan application by preparing necessary documents like proof of income, identification, and bank statements. This makes the process faster and smoother.

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WHAT TO DO IF YOU'RE DENIED A DEBT CONSOLIDATION LOAN IN NEW HAMPSHIRE

Lenders might deny your loan application due to a poor credit score or a high debt-to-income ratio. Before applying for a debt consolidation loan in New Hampshire, it's practical to review your credit report and work on improving your credit score. You can also consider reaching out to some credit counseling agencies to help you manage your debts better. If the data is available in the credit_counseling dataset, call out at least two agencies for borrowers in New Hampshire. If there is no data available, end the sentence there.

Another option is to use a 0% APR balance transfer credit card. This type of card offers no interest for a promotional period, which can help you pay off your debt faster without accruing additional interest.

FAQ: Debt Consolidation Loans in New Hampshire

We addressed common questions borrowers have about debt consolidation loans in New Hampshire to help you understand how debt consolidation can simplify your finances.

What is a debt consolidation loan in New Hampshire?
What's the best debt consolidation loan lender in New Hampshire?
Can I get a debt consolidation loan in New Hampshire if I have bad credit?
Can a credit counseling agency in New Hampshire help manage debt?
When should I get a debt consolidation loan in New Hampshire?

MoneyGeek analyzed 26 national lenders licensed to do business in New Hampshire, based on a rubric that includes APR ranges, loan amounts, and repayment terms, among other key areas. We use a point-based system and assign scores according to the presence or absence of desirable features in various important categories.

We score lenders differently when recommending the best for affordability, loan amounts, and fast funding.

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We conducted our analysis in September 2024.

26Lenders Analyzed

About Zachary Romeo, CBCA

Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.

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The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.

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