Updated: October 29, 2024
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To determine the best low-income loan lenders in New Hampshire, MoneyGeek evaluated more than 30 data points. These include APR ranges, minimum credit scores, repayment periods, origination fees, disbursement times, loan limits and Better Business Bureau (BBB) ratings.
MoneyGeek selected Upgrade as New Hampshire’s best low-income lender. However, there may be a more suitable option for your specific situation. For example, Prosper is an excellent option for borrowers with good credit scores.
In New Hampshire, Upgrade is the best personal loan lender for those with low incomes. Since the company’s debut in 2017, Upgrade has offered credit cards and personal loans. The company has a low 5.94% minimum APR, but borrowers who aren’t well-qualified could see rates as high as 35.47%.
To be eligible for an Upgrade loan, borrowers must have a credit score of at least 560. Upgrade might also be a good fit if you urgently need a loan — the lender can typically disburse funds within the same day. It also offers repayment terms of three to five years.
While an excellent option for many, Upgrade might not suit every borrower’s needs. With an Upgrade loan, borrowers should avoid having balances that roll over to the next month. Otherwise, a $10 late fee is charged.
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LendingClub is the second-best company for low-income loans in New Hampshire, according to MoneyGeek’s analysis. Since LendingClub’s launch in 2007, it has funded personal and business loans for more than four million members.
LendingClub has a high APR range, starting at 7.04% and going all the way up to 35.89%. It also requires a credit score of at least 600. It lends anywhere from $1,000 to $40,000, repayable over three to five years. The company typically funds loans the next business day.
One important factor to note is LendingClub’s origination fee, which is 3% to 6% of your personal loan amount. If you prefer a lender with little to no fees, consider other options.
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Founded in 2012, Upstart is an ideal choice for borrowers with poor credit. Unlike traditional banks, Upstart uses artificial intelligence (AI) to process loan applications. The online lending platform has headquarters in San Mateo, California.
Upstart is widely available, especially with its 300 credit score requirement, which means it provides loans to borrowers with bad or incomplete credit. The lender also provides joint loans so borrowers can loan with a trusted friend or relative.
Although an excellent company, Upstart might not be for everyone. Its starting APR rate is a very low 3.22%. However, depending on your creditworthiness, the rate could shoot up to 35.99%. Borrowers also need to provide employment history to be eligible for a low-income loan.
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Since Prosper’s launch in 2005, it has originated more than $1.12 billion in loans. Its headquarters are found in San Francisco, California. If you have a good credit standing, Prosper might be the ideal lender for your low-income loan needs.
Borrowers don’t need to worry about paying off their loans early — the lender doesn’t charge a prepayment penalty. Additionally, borrowers have a repayment window of three to five years.
Unfortunately, borrowers with a credit score below 640 won’t qualify. Prosper may also not be a well-suited option if you need to borrow more than $40,000.
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The average New Hampshire borrower has a personal loan debt of $19,189, so you are far from alone in seeking a personal loan. MoneyGeek also found that New Hampshire residents have an average credit score of 734 — if you have a score at or above this level, you stand an excellent chance of getting approved for a low-income loan with good rates.
Browse through the following steps to understand how the personal loan journey works:
MoneyGeek encourages you to list the specific reasons why you need to take out a loan. Understanding the purpose of your loan can also inform your decision when choosing a lender.
It’s crucial to take time and shop for the right low-income lender in New Hampshire. Compare rates and terms to find a well-balanced option. Personal loans are huge financial commitments since they take several years to repay. Remember that our recommendations are generalized and may not suit your specific needs as a borrower.
Before you choose a personal loan lender, give yourself a day or two to sit and think about it. Even if you already have a shortlist of top lenders, taking time helps you arrive at an objective decision.
Personal loans always have fine print, yet sometimes it’s easy to miss. We urge our readers to pinpoint essential information, such as late, origination and prepayment penalty fees that might surprise you later on. Knowing the ins and outs of your personal loan can save you more long-term.
If you’re confident in your decision, go ahead and submit your loan application. Kickstart your application process by compiling important documents like identification, address verification and proof of income. It’s relatively easy to process a loan in New Hampshire. You can do it online, via phone or by visiting the lender's office. Choose the best and most convenient method for you.
There are multiple reasons why lenders reject loan applications. Although it is disheartening, it doesn’t necessarily mark the end of the road. Lenders may deny your application due to not having enough income, a low credit score or a lack of employment history.
Moving forward, you can always ask your lender why your application was denied. In some cases, you might be able to shorten the loan term or lower the loan limit. The lender might be amenable to those terms.
If the lender still doesn’t budge, don’t fret. You may be able to apply with another lender. But only continue the process once you’ve improved the reason that caused your first application to fall short.
Distraught borrowers may sometimes consider taking out a payday loan. While appealing, MoneyGeek discourages this practice. Payday loans can do much more harm than good, demanding extremely high interest rates and quick repayment periods.
After you take out a loan, you need to repay it in monthly installments with interest. Use MoneyGeek’s personal loan calculator to determine whether you can meet the financial obligation.
Get a headstart on low-income loans in New Hampshire by reading through MoneyGeek’s answers to commonly asked questions. The best lender for you will cater to your specific needs and financial profile.
The best low-income loan lender in New Hampshire for you depends on your financial situation. For instance, while Upgrade is our top pick overall, Upstart is a suitable option for those with bad credit.
Upstart has the lowest interest rate in comparison to its competitors in New Hampshire. However, it’s worth noting that borrowers will need to have excellent credit to secure the lowest rates.
Some lenders have no restrictions, while others don’t allow funds to be used for business expenses, investments or gambling.
The lender determines the limits, but you can usually borrow $1,000 to $50,000.
While it may vary, it can take as little as 24 hours to disburse funds.
Yes, it’s possible! However, keep in mind that certain lenders may charge a prepayment penalty fee.
MoneyGeek studied more than 30 personal loan lenders to determine the best picks in New Hampshire. Our evaluation accounted for 35 individual data points across six key components: affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.
In our assessment, some data points carried more weight than others, including APR ranges, available loan amounts, credit score eligibility, minimum income requirements, application fees and disbursement periods.
MoneyGeek values you, our reader. Hence, we highlighted features that offered a smoother customer experience. These tools include prequalification, payment options and mobile apps.
Know that MoneyGeek keeps your best interests in mind. We want our readers to arrive at financially smart decisions with the help of our recommendations and expert tips.
About Christopher Boston
Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.
Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.
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
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