Best Loans for Bad Credit in New Hampshire for 2024

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Reviewed byAlvin Yam, CFP
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Reviewed byAlvin Yam, CFP
Edited byBenjamar Gabawa
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Updated: April 25, 2024

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Happy Money stands out as the best personal loan lender for bad credit in New Hampshire, with a MoneyGeek score of 94 out of 100. It offers competitive interest rates, has a quick application and approval process, and is credible and transparent about its loan terms and process. The runner-up, Avant, holds a MoneyGeek score of 92, providing broad payment options, a fast application and approval process, and strong customer service.

To find the best options for personal loan lenders for bad credit in the state, MoneyGeek reviewed four lenders in New Hampshire that disclosed minimum credit score requirements ranging from 580 to 640. Other lenders that did not make the top rank but offer localized services include New Hampshire Federal Credit Union, Bellwether Community Credit Union and NH Community Federal Credit Union. These institutions can also be suitable for individuals seeking personalized financial solutions.

MoneyGeek Logo IconBest Bad CreditLendersNew Hampshire
2024

Best Bad Credit Loans in New Hampshire

MoneyGeek scored personal loan lenders in New Hampshire that explicitly disclose their minimum credit score requirements on their websites to find the best personal loans for bad credit. Only 12% of lenders disclose this information.

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

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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 that partner with federally insured institutions to offer competitive rates.

34Lenders Analyzed

    Overall Best Bad Credit Loan Lender in New Hampshire

  • 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

    Happy Money is MoneyGeek's pick for the best personal loan lender for bad credit in New Hampshire, with a MoneyGeek score of 94 out of 100. It is a fintech company that partners with lending entities federally insured by the National Credit Union Administration (NCUA) to offer personal loans. It requires a minimum credit score of 640, provides loans ranging from $5,000 to $40,000 and ensures next-day funds transfer. One key offering is no late or early repayment charges, while its flexible repayment terms can accommodate varied financial situations. However, applicants should note that it charges an origination fee and does not allow for co-signers or co-borrowers.

    Pros

    • Doesn't charge late, early repayment, bounced checks, failed ACH or other fees
    • Offers to pay creditors directly
    • Lower maximum APR than competitors

    Cons

    • Only offers loans for debt consolidation
    • $40,000 borrowing limit
    • No co-signers or co-borrowers
    Happy Money

    Runner-Up for Best Bad Credit Loan Lender in New Hampshire

  • Avant

    • 92MoneyGeek Score
    • 9.95% to 35.99%APR Range
    • 580Minimum Credit Score
    • $2,000 to $35,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms

    Avant is the runner-up for the best bad credit loan lender in New Hampshire, with a MoneyGeek score of 92 out of 100. It collaborates with WebBank — a state-chartered member FDIC bank — to originate personal loans. Avant's minimum credit requirement is only 580, a loan amount ranging from $2,000 to $35,000 and the provision for next-day funding makes it conducive for borrowers with less-than-perfect credit. It offers the flexibility of repayment terms between 12 to 60 months and does not charge a prepayment penalty. Applicants should note that Avant charges an administration fee of up to 9.99% and imposes fees for late or returned payments.

    Pros

    • Doesn't charge a prepayment penalty
    • Flexible repayment terms between 12 to 60 months
    • Offers next-day funding

    Cons

    • Charges an administration fee up to 4.75%
    • Has late fees and dishonored payment fees
    • Low borrowing limits at $35,000
    Avant

Calculate Your Monthly Loan Payment in New Hampshire

According to TransUnion's Credit Industry Snapshot, the average new account balance for personal loans in New Hampshire is $10,600. When you take out a personal loan, you typically repay the amount borrowed plus interest over a predetermined period. The repayment term can range from a few months to several years, and payments are usually made monthly. Calculating your monthly loan payments accurately is particularly beneficial, especially for individuals with less-than-perfect credit. A precise calculation can help you ensure that the loan is affordable and can assist you in avoiding late payments or defaults. For a quick estimate of your loan payments, you can use MoneyGeek's personal loan calculator. This tool simplifies determining your monthly financial commitment when considering a personal loan.

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Best Bad Credit Loans by Credit Score in New Hampshire

New Hampshire's average credit score of 736 is above the national average of 715 according to the data from Experian.

Some New Hampshire lenders extend their services to borrowers with less-than-ideal credit, though they often associate higher interest rates and more restrictive terms with such loans. Review the table provided to explore personal loan lenders in New Hampshire that align with your credit score range.

AvantMinimum Credit Score580APR Range9.95% to 35.99%Loan Amount Range$2,000 to $35,000Repayment Terms12 to 60 monthsTime to Receive FundsNext DayMoneyGeek Score 92
ProsperMinimum Credit Score600APR Range8.99% to 35.99%Loan Amount Range$2,000 to $50,000Repayment Terms24 to 60 monthsTime to Receive Funds1 business dayMoneyGeek Score 90
AchieveMinimum Credit Score620APR Range8.99% to 35.99%Loan Amount Range$5,000 to $50,000Repayment Terms24 to 60 monthsTime to Receive FundsSame Day MoneyGeek Score 92
Happy MoneyMinimum Credit Score640APR Range11.72% to 17.99%Loan Amount Range$5,000 to $40,000Repayment Terms24 to 60 monthsTime to Receive Funds3 to 6 Business DaysMoneyGeek Score 94

What to Do if Your Loan Application Is Denied in New Hampshire

It's not uncommon to face a personal loan application denial in New Hampshire, but this doesn't halt your borrowing journey. Here are some measures to enhance your chances for approval on future applications.

1
Find out the reason for the denial

Your loan application may be denied due to various factors such as a poor credit score, high debt-to-income ratio, low income, or errors in your application. Review these reasons to identify and strengthen your weak areas for future applications.

2
Modify your loan terms

If your loan application is not approved, consider asking the lender whether changing the loan amount or the repayment terms could lead to an approval.

3
Find another lender

Lenders have different criteria for approving loans. It's beneficial to compare options to find a lender that suits your needs and credit history. Consider the following factors:

  • Eligibility requirements: Lenders vary in their criteria for credit scores, income levels, debt-to-income ratios and employment history.
  • Interest rates: Look for lenders with competitive interest rates to save money over time, especially if your credit is less than perfect.
  • Additional fees: Check for origination, late and prepayment fees. Some lenders do not charge these, which can reduce the cost of your loan.
  • Loan terms: Lenders offer various repayment terms. A shorter term can increase your monthly payments but reduce the interest paid over time.
  • Customer service and reputation: Research the lender's reputation and customer service to ensure you have a positive borrowing experience.
4
Look for alternatives

Alternatives to personal loans may suit borrowers with poor credit better. These can include secured loans, credit unions, or borrowing from friends and family. Each option has its own benefits and considerations.

5
Improve your credit score

Enhancing your credit score is a feasible strategy to increase your chances of loan approval. Methods for improving your credit score include paying bills on time, reducing debt and checking your credit report for errors.

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EXPERT TIP

Work on improving your credit score before applying for a personal loan to increase your chances of approval and getting better terms. Here are some long-term steps to consider:

  • Monitor your credit utilization ratio: Keep your credit utilization ratio low, as high credit utilization can negatively impact your credit score. Aim to use less than 30% of your available credit limit.
  • Don’t close old credit cards: The length of your credit history contributes to your credit score. Even if you no longer use a credit card, keep it open unless it has an annual fee.

Alvin Yam, CFP

FAQ About Bad Credit Loans in New Hampshire

When shopping for personal loans in New Hampshire, it's common for borrowers, especially those with bad credit, to have questions or concerns. To assist in this process, we compiled answers to some frequently asked questions, offering clarity and guidance to help you make well-informed decisions.

Who is the best personal loan lender for bad credit in New Hampshire?
Which lender in New Hampshire has the lowest APR rates for personal loans?
Which lender in New Hampshire has the lowest minimum credit score requirement for personal loans?
How long does it take to get a bad credit loan in New Hampshire?
Can I pay off my personal loan early in New Hampshire?
Sources

Experian. "What Is the Average Credit Score in the U.S.?." Accessed April 10, 2024.

TransUnion. "Credit Industry Snapshot." Accessed April 10, 2024.

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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.