Best Loans for Bad Credit in New Hampshire for 2024
Updated: April 25, 2024
Advertising & Editorial Disclosure
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.
- 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
Overall 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
Runner-Up for Best Bad Credit Loan Lender in New Hampshire
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.
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.
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.
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.
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.
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.
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.
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.
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.
The best personal loan for bad credit in New Hampshire is offered by Happy Money with a MoneyGeek score of 94 out of 100.
The lender in New Hampshire with the lowest starting APR is Achieve, offering rates as low as 8.99%. Keep in mind that the most competitive rates are typically available to borrowers with excellent credit.
The lender with the lowest minimum credit score requirement is Avant, which requires a score of 580.
The timeframe to receive a bad credit loan in New Hampshire varies by lender. Some lenders provide funds on the same day, while others may take from a few business days up to a week.
Yes, you can pay off your loan early in New Hampshire. However, check with your lender to determine if there are any prepayment penalties.
Sources
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.