Personal loans can be a financial lifesaver when you find yourself in a pinch. Whether you're dealing with unexpected medical bills, planning a home renovation or consolidating high-interest debt, they offer the flexibility to cover these costs efficiently. Plus, personal loans typically have lower interest rates than credit cards, making them a smart choice for many financial scenarios.

Depending on your particular needs and borrower profile, the best lender for you could vary. MoneyGeek found that LightStream offers the best personal loans in New Hampshire overall. Upstart is the best option if you have bad credit, and SoFi is ideal if you have good credit. Upgrade is the best lender for debt consolidation loans, while Best Egg is great for home improvement loans.

    Best Overall

  • LightStream

    • 7.49% to 25.49%APR Range
    • UndisclosedMinimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 144 monthsRepayment Terms
    • Same day funding possibleTime to Receive Funds

  • Best for Bad Credit

  • Upstart

    • 6.4% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 3 or 5 yearsRepayment Terms
    • 1 business dayTime to Receive Funds

  • Best for Good Credit

  • SoFi

    • 8.99% to 25.81% (with all discounts)APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • 2 DaysTime to Receive Funds

  • Best for Debt Consolidation

  • Upgrade

    • 8.49% to 35.99%APR Range
    • UndisclosedMinimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Within a dayTime to Receive Funds

  • Best for Home Improvement

  • Best Egg

    • 8.99% to 35.99%APR Range
    • UndisclosedMinimum Credit Score
    • $2,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Best Egg

Understanding Personal Loans

A personal loan grants you a set amount of money, which you're free to use for various needs. These include consolidating multiple high-interest debts, covering emergency medical expenses or even financing home improvements.

When you opt for a personal loan, you're essentially agreeing to repay the borrowed amount, known as the principal, along with any interest accrued over a predetermined period. This period can vary, typically ranging from one to seven years. The interest rate is often influenced by your creditworthiness. It can be either fixed, offering predictable monthly payments, or variable, which may fluctuate based on market conditions.

Several factors can impact your personal loan application. Your credit score is a significant determinant, affecting your eligibility and the interest rate you're offered. Lenders may also consider your debt-to-income ratio, which measures your ability to manage repayments effectively. Additionally, the lender's specific criteria, such as minimum income requirements or employment history, can influence the loan terms.

The Types of Personal Loans Available in New Hampshire

When you're in the market for a personal loan, you'll quickly discover that not all loans are created equal. Various types of personal loans cater to different needs and financial situations. Understanding the nuances of each can help you make an informed decision that aligns with your specific requirements.

  • Unsecured personal loans: Unsecured personal loans don't require any collateral, making them a popular choice for general-purpose borrowing. However, the lack of collateral often results in higher interest rates compared to secured loans.
  • Secured personal loans: Secured personal loans require you to put up an asset as collateral. This could be anything from a car to a savings account. These loans generally allow for lower interest rates.
  • Debt consolidation loans: Debt consolidation loans are specialized loans designed to pay off multiple debts, essentially consolidating them into a single monthly payment. This type of loan can be a strategic move to manage debts more efficiently and often comes with lower interest rates.
  • Co-signed loans: If you have a lower credit score or limited credit history, a co-signed loan allows a more creditworthy person to co-sign the loan with you. This increases your chances of approval but also puts the co-signer at risk if you default on the loan.
  • Fixed-rate loans: With a fixed-rate loan, the interest rate remains constant throughout the loan term. This provides the advantage of predictable monthly payments, making budgeting easier.
  • Variable-rate loans: Variable-rate loans come with interest rates that can fluctuate based on market conditions. While they often start with lower rates, there's the risk of the rate — and your payment — increasing over time.

Pros and Cons of Personal Loans

Personal loans can be a financial boon or a burden, depending on how you use them. Before pursuing an application, it's crucial to weigh the pros and cons of personal loans to ensure it aligns with your financial goals and capabilities.

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  • Flexible usage: You can use a personal loan for almost any expense, from home repairs to medical bills.
  • No collateral required: Most personal loans are unsecured, meaning you don't have to put up any assets as collateral.
  • Credit score boost: Timely payments on a personal loan can boost your credit score.
  • Quick approval process: Many lenders offer quick approvals, sometimes within 24 hours.
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  • High interest rates for poor credit: If your credit score is less than stellar, you could be facing steep interest rates.
  • Risk of overborrowing: The ease of getting a personal loan might tempt you to borrow more than you actually need.
  • Additional costs: Some loans come with origination fees, plus you could face penalties for late payments or early payoff.
  • Limited loan amount: Some lenders cap the loan amount, which might not meet your financial needs.

Where to Get Personal Loans in New Hampshire

When you're in the market for a personal loan, you'll find that the lending landscape is diverse, offering a range of options to suit various financial needs and situations. Understanding the unique benefits of different types of lenders can help you make an informed decision.

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    Traditional Banks

    These financial institutions have been around for ages and offer the benefit of in-person consultations. Many traditional banks also provide a wide array of financial services beyond personal loans, making it convenient for those with existing accounts.

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    Online Lenders

    Specializing in quick, hassle-free loan approvals, online lenders are ideal for those who value speed and convenience. They often use innovative algorithms to assess creditworthiness, making it easier for those with less-than-perfect credit to secure a loan.

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    Credit Unions

    These member-owned institutions often offer lower interest rates than traditional banks. Credit unions also tend to be more flexible with loan terms, especially for members with a long-standing relationship.

How to Get the Best Personal Loan in New Hampshire for You

New Hampshire’s average personal loan debt stands at $18,703. Residents often turn to personal loans for a variety of reasons, from consolidating high-interest credit card debt to covering unexpected medical expenses or even financing home improvements.

If you're considering joining the ranks of New Hampshire residents with personal loans, it's crucial to know how to find and apply for the best option available. Here's a step-by-step guide to help you navigate the process:


Evaluate your financial situation

The first step in securing a personal loan is to get a clear picture of your financial situation. Your credit score will be a key factor that lenders use to determine your interest rate, so it's essential to know where you stand. Also, closely examine your monthly budget to understand how much you can comfortably repay.


Determine the loan’s purpose

Clarifying the purpose of the loan will help you determine the exact amount you need and the loan terms that will best serve your needs. Whether you're aiming to consolidate debts, cover medical costs or invest in a home improvement project, the reason for the loan will influence the type of loan you should pursue. Different loan purposes may also come with unique qualification requirements, making it vital to be specific about your needs.


Explore lender options

There are a range of lending options available in New Hampshire, from traditional banking institutions to online lenders and community credit unions. Consider what aspects are most crucial for you, such as lower interest rates, quicker approval times or more lenient terms. For example, credit unions in New Hampshire may offer a more community-focused approach, while online lenders often excel in speedy approvals.


Prequalify and compare loan offers

Prequalification is a preliminary step that many lenders offer, allowing you to see potential loan terms without affecting your credit score. This usually involves a soft inquiry on your credit. Use this information to compare offers from various lenders, taking into account not just the interest rate but also other factors like fees and repayment terms.


Gather required documents

After you've shortlisted your preferred lenders, collect the required documents. This usually includes income statements, proof of employment and recent financial transactions. Some lenders in New Hampshire may have unique documentation requirements, so be sure to inquire. Being prepared with all your paperwork can make the application process smoother.


Submit the loan application

Once you have all your documents in order, you can proceed to fill out the loan application. This step usually triggers a hard credit inquiry, which could have a minor impact on your credit score. Make sure to adhere to any state-specific application guidelines that New Hampshire lenders may have. Verify all the information on your application to prevent any setbacks.


Read the fine print

Before committing to the loan, read the terms and conditions meticulously. Pay attention to any hidden charges, penalties for early repayment or other clauses that could affect you later. Be aware of any regulations that New Hampshire law may impose on personal loans. A thorough understanding of the contract can help you avoid unexpected complications later on.


Finalize the loan

After you've read and understood all the terms, you can go ahead and finalize the loan. This involves signing the loan agreement and setting up a repayment plan. The disbursement of funds usually occurs within a few days, although this can vary by lender.

Alternatives to Personal Loans

Personal loans are a frequently sought-after solution for financial needs. Still, they're far from being the only option on the table. Depending on your unique financial circumstances and what you're looking to achieve, other avenues might be more fitting. Here are some alternatives:

  • creditCards icon

    Credit Cards

    Credit cards offer the convenience of immediate access to funds. However, they often come with higher interest rates, especially if you don't pay off the balance in full each month.

  • house2 icon

    Home Equity Line of Credit

    A Home Equity Line of Credit (HELOC) allows you to tap into the equity of your home for extra cash. While this option often comes with lower interest rates, it does put your home at risk if you fail to make repayments.

  • fourZeroOneKPlan icon

    401(k) Loans

    Borrowing from your 401(k) can be quick and doesn't require a credit check. But it's worth noting that you're essentially borrowing from your future, which could impact your long-term retirement savings.

  • giveMoney icon

    Peer-to-Peer Lending

    This involves borrowing from individual investors rather than traditional financial institutions. While it can offer more flexible terms, the interest rates can vary significantly based on your creditworthiness.

Frequently Asked Questions

The best personal loan in New Hampshire depends on your needs, income and credit factors. We answered some frequently asked questions about personal loans to guide you through this financial route.

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We evaluated more than 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, consumer friendliness, customer service, accessibility, flexibility and lender transparency.

Within each ranking criteria category, we considered several individual data points that we feel carry the most weight when choosing a personal loan lender. These factors include available loan amounts, APR ranges, minimum credit score and income requirements, application fees and disbursement time.

MoneyGeek values you, the consumer, so we also factored in each lender’s customer support, business ratings and additional features that could make your experience easier and more convenient — like prequalification, payment options and mobile apps.

After careful consideration and calculation, we selected our top picks with your best interest in mind. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.

About Christopher Boston

Christopher Boston headshot

Christopher Boston is a Senior Manager of Content Strategy and SEO at MoneyGeek. For over half a decade, they have crafted hundreds of articles spanning the higher education, mortgage and personal loan industries. Christopher is passionate about using their skills and experience to create quality content that helps people save and spend their earnings 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 our editorial policies and expert editorial team.