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New Hampshire Lenders > Manchester

This page was last updated July 2018

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Fair Credit Lenders in Manchester NH

Lenders: contact us for listing removal.

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Members First Credit Union of NH
44 Bridge Street Manchester
NH 03101 / www.membersfirstnh.org
603.622.8781

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Granite State Credit Union
1415 Elm Street, Manchester
NH 03101 / www.gscu.org
603.668.2221

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Bellwether Community Credit Union
425 Hooksett Road, Manchester
NH 03104 / www.bccu.org
603.645.8181

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New Hampshire Postal Credit Union
955 Goffs Falls Road, Manchester
NH 03103 / nhpcu.com
603.625.9032

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Triangle Credit Union
257 Elm Street, Manchester
NH 03101 / www.trianglecu.org
603.622.4156

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Northeast Credit Union
340 Wilson Street, Manchester
NH 03103 / necu.org
888.436.1847

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Service Credit Union
725 Gold Street, Manchester
NH 03103 / servicecu.org
603.669.6546

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Digital Federal Credit Union
369 S Willow Street, Manchester
NH 03103 / www.dcu.org
800.328.8797

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Triangle Credit Union
257 Elm Street, Manchester
NH 03101 / www.trianglecu.org
603.622.4156

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St. Mary's Bank
839 Hanover Street Manchester
NH 03104 / www.stmarysbank.com
603.669.4600

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Bad Credit Loans in Manchester NH

Fast Loan Pre-App Method
Accessing Bad Credit Lender Pool (?)

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Manchester NH Lender Area Map

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Manchester NH Loan App Volume

Top 5 Manchester neighborhood loan app volume

  1. Ledgewood
  2. Pondview Terrace
  3. Washington Park Estates
  4. Pinewoods
  5. East End

Manchester New Hampshire City Hall: Licensing

Manchester Bad Credit Loan Example

Mike would like to borrow $60000 for a number of reasons. He and his wife have lived in their home for over 20 years and they have decided to update their home.

He also has several credit cards that he would like to consolidate with a low interest loan. While he is at it, he would like to pay off the remaining balance on his loan for his car.

There are only 12 payments remaining. If he pays his car loan off, his cash flow after the loan is approved will almost be the same as it is now.

He also has a bad credit rating. Mike just did not pay attention to his credit score. He has not initiated many loans over the past years and established a record of paying off loans.

In addition, he applied for several credit cards which can lower your score. Mike is not really a high credit risk, he just has not paid attention to this area of his life and now he is having difficulty obtaining the loan he needs.

He is not sure if he should consider a new mortgage, a personal loan or a line of credit. He would like some help in deciding what type of loan he should take on, assuming a lender will consider him with his poor credit score.

A $60000 loan with a 25 year term 5.4% interest rate for Mike would cost him the following per month:

Loan Amount (principal) = $60000
Interest Rate = 5.4%
Term Length = 25 year
Monthly Payment = $364.88
Total Paid Back = $109463.39
Total Interest = $49463.39

If Mike can get past the low credit score issue, he has several solutions he can chose from. A personal loan is usually a much shorter term and the payments would be a lot higher than the payment shown above. This is probably not a valid solution for Mike.

A new mortgage on his home, with his home as security would provide him with the lowest interest rate and the lowest payments with a 25 year term. He would receive the full sixty thousand immediately and would also begin paying interest on this amount immediately.

Another potential solution for Mike to consider is a line of credit. Using his home as security for the line of credit, he would be approved for a loan up to a maximum of sixty thousand dollars. He would draw on the loan only as needed.

For example, he could pay off his car loan and credit cards immediately. Once they start the renovations, they can usethe remaining loan to pay for expenses.

Mike can repay the line of credit as quickly or as slowly as he wants. He is required in most cases to repay the accrued interest each month as a minimum payment.

With this kind of flexibility, he will actually pay less interest than he would with a full mortgage. A line of credit is not for everyone.
Consumers are responsible for repaying the line of credit.

Many cannot handle the flexibility and end up carrying the full line of credit much longer than they planned. Consumers need to be disciplined about using the line and plan on repaying the line just like any other loan.

As long as Mike meets all of his payment requirements regardless of which one he chooses, his credit score should improve over time.

If you're living in Manchester like Mike, and need a loan regardless of your credit rating, we may be able to help you find a willing lender.

Sincerely,

Chris Somerset

Chris Somerset is a writer for the WFL Project.

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Upgrades Nearest Manchester NH

Job/Income Upgrades: Indeed / Snag-A-Job

Education Upgrades: College / University

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Manchester Credit Counseling

Manchester Credit Counsellors Map - Initial Static Image

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Counselors contact us for listing removal or info change.

GreenPath Financial Wellness
250 Commercial Street, Suite
3016 Manchester, NH 03101
www.greenpath.com
603.626.4530

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Debt Hero of Manchester
88 Harvey Road, Manchester
NH 03103 / 603.505.4728

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Federal Resources

FTC Budget PDF / USA.GOV Debt Info

Manchester Assistance Programs

Food Bank: New Hampshire Food Bank / Address: 700 East Industrial Park Drive, Manchester, NH 03109 / Phone: 603.669.9725

Hot/Cold Meals: New Horizons For New Hampshire / Address: 199 Manchester Street, Manchester, NH 03103 / Phone: 603.668.1877

Shelter In Case of Eviction: Families In Transition / Address: 122 Market Street, Manchester, NH 03101 / Phone: 603.641.9441

Social Assistance Programs: Manchester Welfare Department / Address: 1528 Elm Street, Manchester, NH 03101 / Phone: 603.624.6484

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Usury Law Governing Manchester NH

Summary of New Hampshire Usury Law(s) / Legal: 10% / Contract: Any rate agreed to / Judgment: New Hampshire judgment rate is 2% over average U.S. 52 week Treasury Bill rate at their last auction prior to September 30 / Corporate: No specified rate (read more on New Hampshire lending laws)

Complaint process for Manchester residents:

New Hampshire Banking Department / New Hampshire Complaint Process / New Hampshire Complaint Form (PDF)

Physical Address: Hampshire Banking Department / 53 Regional Drive, Suite 200, Concord NH, 03301 / Fax: 603.271.1090 / Phone: 603.271.3561 / Email: legal@banking.nh.gov

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WFL Loan Products

Manchester residents who require a fresh start with a bad credit loan to rebuild credit learn more here. Or, perhaps your score is just fair - you can learn more here. If you're in debt way over your head, you can learn about our debt consolidation solutions here.

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