Best Personal Loans in New Hampshire for 2024

Q: What are some personal loan red flags to look out for?

When considering personal loans , be cautious of extremely high APRs, strict repayment penalties, a lack of transparency about the loan originator and poor consumer reviews. These red flags can indicate predatory lending practices or a loan that might not suit your financial situation.

With a MoneyGeek score of 98, First Tech offers the best personal loans in New Hampshire, excelling in customer service, competitive rates and transparent lending practices.

By Zachary Romeo, CBCA

Reviewed by Alvin Yam, CFP

Edited by Jlyne Ubina

Updated: November 27, 2024

Advertising & Editorial Disclosure

MoneyGeek ranks First Tech with a score of 98 and PenFed with 96 as the best personal loan lenders in New Hampshire. They stood out because of their customer service, clear information and fair loan conditions.

In New Hampshire, the average credit score is a strong 736, according to 2023 Experian data. This suggests that the average borrower may get better rate and term options, as it's seen as good credit. However, remember, lenders also look at how much you earn and your debt compared to your income when deciding if you can get a loan and your interest rate.

MoneyGeek chose the top lenders by looking at their trustworthiness, how clear they are about costs, what credit scores they want and if they let you choose different loan lengths. These are important because they affect how much you will pay and your loan experience.

First Tech and PenFed come out on top for helping you smartly manage your money and move toward your financial goals.

Best PersonalLoan LendersNew Hampshire

2024

Best Personal Loan Lenders in New Hampshire

Best Overall - First Tech

Runner-Up - PenFed

Best for Bad Credit - Happy Money

Best for Debt Consolidation - Alliant Credit Union

MoneyGeek's personal loans scoring system is designed to give a comprehensive overview of each lender’s performance in key areas that matter to borrowers. We use a point-based system, assigning scores according to the presence or absence of certain desirable features in various critical categories.

Our analysis was completed in April 2024 and considers banks and lenders who are licensed to do business in New Hampshire. We also consider financial companies who partner with federally insured institutions to offer competitive rates.

34Lenders Analyzed

Best Overall Personal Loan Lender

First Tech

98MoneyGeek Score
8.94% to 18.00%APR Range
UndisclosedMinimum Credit Score
$500 to $50,000Loan Amount Range
6 to 84 monthsRepayment Terms

First Tech Federal Credit Union, with a MoneyGeek score of 98 out of 100, is MoneyGeek's recommended top lender for personal loans in New Hampshire. Its annual percentage rate (APR) range is 8.94% to 18.00%, which stands competitively low compared with other lenders. First Tech's loan products offer significant flexibility in repayment terms, featuring options up to 84 months. It excels in providing competitive rates with no unnecessary fees and a highly user-friendly application process, contributing heavily to its top ranking.

Pros

Insured by the National Credit Union Administration (NCUA)
No early repayment penalty
Provides granular APR data for a variety of loan terms

Cons

Need to become a member to access loan services
Could be more transparent about the loan application procedures
Scant information about credit score qualifications available publicly

Runner-Up Best Personal Loan Lender

PenFed

96MoneyGeek Score
7.99% to 17.99%APR Range
UndisclosedMinimum Credit Score
Up to $50,000Loan Amount Range
Up to 60 monthsRepayment Terms

PenFed is MoneyGeek's second-best choice for personal loans in New Hampshire with a score of 96 out of 100. The lender offers competitive APRs ranging from 7.99% to 17.99%, which is on the lower side compared to other lenders. PenFed's standout offerings include robust customer service and a high degree of flexibility in loan terms, making it a reliable choice for consumers seeking favorable loan conditions and support.

Pros

Offers some of the lowest APRs available
No early repayment penalty
Insured by the National Credit Union Administration (NCUA)

Cons

No information provided about credit score requirements
$50 minimum monthly loan payment

UNDERSTAND YOUR DEBT-TO-INCOME RATIO

The amount of monthly debt payments you have relative to your monthly gross income is called your debt-to-income ratio or DTI.

Most lenders prefer to see a debt-to-income ratio of 35-40% or below for secured loans, and 40-45% or below for unsecured personal loans. Debt includes items like mortgages, car loans, credit cards and existing personal loans. A debt-to-income ratio above 50% is considered high and so approval may be more difficult, or your loan may come with higher interest rates. — Alvin Yam, CFP®

Calculate Your Monthly New Hampshire Loan Payment

According to our analysis, lenders in New Hampshire offer personal loan products averaging about 56 months, but this may change depending on the financial institution and the borrower's credit profile. Explore your loan options with our personal loan calculator, a simple tool to calculate monthly payments and total loan costs based on amount, interest rate and term length, helping you make informed decisions before committing.

Personal Loan Calculator

Estimate the monthly payment for your loan.

Updated: Dec 21, 2024

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5 Years

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Although MoneyGeek partners with some of the companies we recommend, our content is written and reviewed by an independent team of writers, editors and licensed agents. Learn more about our editorial policies and expert editorial team.

Best Personal Loan Lender for Bad Credit

Happy Money

94MoneyGeek Score
11.72% to 17.99%APR Range
640Minimum Credit Score
$5,000 to $40,000Loan Amount Range
24 to 60 monthsRepayment Terms

MoneyGeek's pick for the best personal loan provider for individuals with low credit in New Hampshire is Happy Money, boasting a MoneyGeek score of 94 out of 100. Happy Money is not a traditional lender; it collaborates with multiple federally insured financial institutions to offer installment loans. With an APR range of 11.72% to 17.99%, it offers competitive rates that often undercut others. Requiring a minimum credit score of 640, the company stands out for its customer service and clear information sharing. Customers benefit from Happy Money's streamlined application process and its transparent approach to lending.

Pros

Collaborates with a network of 10 federally insured financial institutions for loan origination
Communicates clear-cut eligibility criteria, inclusive of the requisite credit score
Does not impose fees for applying

Cons

Charges an origination fee
Longer time to wait for loan approval compared to other lenders analyzed

How does MoneyGeek score lenders for bad credit loans?

We use our standard methodology and weights, but we limit our analysis to lenders that explicitly mention their minimum credit score requirements on their public websites. Only 12% of lenders that offer personal loans fit this criteria.

We filtered our analysis to include lenders with minimum credit score requirements between 580 and 640, which happens to meet Experian's definition of fair credit. Our research did not find any published minimums lower than 580.

It's still possible to get a personal loan if you have lower credit than this, but you will not have access to the best interest rates and terms available. Some lenders allow prequalification, which won't affect your credit score, to help you understand what you might be eligible for.

Best Personal Loan Lender for Debt Consolidation

Alliant Credit Union

96MoneyGeek Score
10.99% to 13.99%APR Range
UndisclosedMinimum Credit Score
$1,000 to $100,000Loan Amount Range
12 to 60 monthsRepayment Terms

MoneyGeek recommends Alliant Credit Union as the top choice in New Hampshire for borrowers consolidating debt, particularly for its competitive APR range and high transparency. Alliant requires membership and a 90-day good standing for loan eligibility. With an APR range of 10.99% to 13.99%, Alliant's rates are advantageous when compared to other providers analyzed. The company excels in providing upfront information and competitive fees, achieving a MoneyGeek score of 96 out of 100.

Pros

Among the highest loan limits available in our analysis
Insured by the National Credit Union Administration (NCUA)
Wide variety of loan types available

Cons

An online-only credit union, no physical branches
Have to be a member for 90 days to apply

How does MoneyGeek score lenders for debt consolidation?

We looked only at interest rates and fees and loan terms and flexibility, with a 60% and 40% weighting respectively. If the winner in our analysis also was won as Best Overall or Runner-Up, then we selected the next best winner for diversity.

Some lenders have minimum interest rates that are higher for debt consolidation loans compared to their rates for general-use loans. When consolidating debts, finding the lowest interest rate possible will help you save the most money over the long-term.

IS INTEREST ON PERSONAL LOANS TAX DEDUCTIBLE?

Interest on personal loans is generally not tax deductible as personal loans are considered consumer debt. But there are some exceptions where the interest may qualify:

When consolidating high-interest qualifying debts like credit cards or student loans, if used to pay off those debts.
If used for home improvements that increase the home's value.
If the loan proceeds can be demonstrated as used exclusively for business expenses or starting a business.
In some cases, if the loan is used for investment purposes related to income-generating assets.

— Alvin Yam, CFP®

The Impact of Credit Score on Loan Repayment in New Hampshire

When considering a personal loan in New Hampshire, be aware that lenders evaluate your creditworthiness, including your credit score, credit history, income and debt-to-income ratio. MoneyGeek's analysis of the best personal loan lenders in the state takes into account their reputation, transparency, APR ranges, minimum credit scores and flexibility in loan terms, ensuring that you have comprehensive information to make a well-informed decision.

Your credit score plays a significant role in determining your loan terms; a higher score can lead to more favorable APRs, so it may be advantageous to boost your credit score before applying. Refer to the table below to see how your credit score affects monthly loan payments.

Data filtered by:Results filtered by:

Credit Band

Select

Credit Band:690 to 719

Loan Amount

Select

Loan Amount:$2,000


$348	6
$180	12
$97	24
$69	36
$55	48
$47	60
$42	72
$38	84

This table offers an approximation of monthly payments, calculated using median personal loan interest rates typical for various credit score ranges. Please remember that these numbers are median estimates, provided for general guidance. They should not be taken as precise rates for everyone in each credit score category. Actual interest rates can differ due to lender-specific policies, prevailing market conditions and unique borrower profiles.

Understanding Personal Loans: Pros and Cons

Personal loans offer the dual advantage of potentially lower interest rates compared to credit cards and the convenience of consolidating multiple debts into a single, manageable payment. They also enable borrowers to access funds swiftly, often with the option of a co-signer to secure more favorable terms.

However, alongside these personal loan benefits, it's important to be mindful of possible downsides, such as origination fees and the risk of collateral if securing the loan with valuable assets.

The good and bad of personal loans

More competitive interest rates than credit cards
Simplifies finances through debt consolidation
Expedited funding for timely financial needs
Potential for improved loan conditions with a co-signer

Additional costs due to origination fees
Penalties for early loan repayment
Risk of asset forfeiture with a secured personal loan
Encouragement of excessive debt through easy approval

Frequently Asked Questions About New Hampshire Personal Loans

If you have questions about personal loans, MoneyGeek has answers to help you make an informed decision before applying.

Who is the best lender in New Hampshire for personal loans?

According to MoneyGeek's analysis, First Tech is the best lender in New Hampshire for personal loans. It has a MoneyGeek score of 98 and offers an average APR of 12%.

Where is the best place to get a personal loan in New Hampshire?

In New Hampshire, personal loans are available from online lenders, banks and credit unions. For local access and in-person services, New Hampshire Federal Credit Union, Bellwether Community Credit Union and NH Community Federal Credit Union are some of the credit unions offering personal loans.

Who has the best personal loan interest rates in New Hampshire?

PenFed offers the lowest available APR on personal loans in New Hampshire, with rates starting at 7.99%, according to MoneyGeek's analysis. Remember, the best rates are often reserved for those with excellent credit scores, and the best lender for you depends on your specific financial situation. To secure a low rate, you'll generally need an excellent credit score.

What can I use a personal loan for in New Hampshire?

In New Hampshire, you can typically use personal loans for various reasons, including emergency circumstances, vacation or travel and home or auto repair. However, lenders usually don't allow personal loans for gambling or illegal activities.

What are some personal loan red flags to look out for?

When considering personal loans, be cautious of extremely high APRs, strict repayment penalties, a lack of transparency about the loan originator and poor consumer reviews. These red flags can indicate predatory lending practices or a loan that might not suit your financial situation.

Do lenders consider income level when applying for a personal loan?

Yes, lenders take into account income level when evaluating personal loan applications, along with other factors, such as debt-to-income ratio, employment history and credit report. It's important to avoid opening new credit lines when seeking a personal loan, as this can affect your qualification chances.

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About Zachary Romeo, CBCA

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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sources

Experian. "What Is the Average Credit Score in the US?." Accessed October 13, 2024.

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.