Best Personal Loans in New Hampshire for 2024

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Reviewed byAlvin Yam, CFP
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Updated: April 11, 2024

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MoneyGeek ranks First Tech with a score of 97 and PenFed with 96 as the best lenders for personal loans 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 loan terms, 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.

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    Best Overall Personal Loan Lender

  • First Tech

    • 97MoneyGeek Score
    • 9.29% to 14.09%APR Range
    • UndisclosedMinimum Credit Score
    • $500 to $50,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms

    First Tech Federal Credit Union, with a MoneyGeek score of 97 out of 100, is MoneyGeek's recommended top lender for personal loans in New Hampshire. Its APR range is 9.29% to 14.09%, 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
    First Tech

    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
    PenFed
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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®

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Calculate Your Monthly New Hampshire Loan Payment

According to our analysis, lenders in New Hampshire offer personal loan products averaging about 56 months. 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.

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    Best Personal Loan Lender for Bad Credit

  • Happy Money

    • 93MoneyGeek 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 93 out of 100. Happy Money is not a traditional lender; it collaborates with multiple federally insured financial institutions to offer 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
    Happy Money
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    Best Personal Loan Lender for Debt Consolidation

  • Alliant Credit Union

    • 95MoneyGeek Score
    • 11.49% to 14.49%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 11.49% to 14.49%, 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 95 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
    Alliant Credit Union
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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.

Estimated Monthly Payment
Term Length (Months)

$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.

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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.

According to MoneyGeek's analysis, First Tech is the best lender in New Hampshire for personal loans. It has a MoneyGeek score of 97 and offers an average APR of 12%.

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.

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.

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.

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.

Yes, lenders take into account income level when evaluating personal loan applications, along with other factors, such as debt-to-income ratio, credit score, employment history and credit history. 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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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.