Best Loans for Bad Credit in Hawaii for 2024

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Updated: July 26, 2024

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Happy Money is the best personal loan lender for bad credit in Hawaii, boasting a MoneyGeek score of 94 out of 100. It provides quality service, flexible payment options and is credible and transparent about its loan terms and process. The runner-up Prosper has established itself with a MoneyGeek score of 91 out of 100, showcasing broad payment options, a quick application and approval process and strong customer service.

To identify the best personal loans for bad credit in Hawaii, MoneyGeek reviewed two personal loan lenders that disclosed their minimum credit score requirements between 580 and 640. But other lenders not featured in this comparison also present viable options, such as Hawaii State Federal Credit Union, Hawaii Federal Credit Union and Hawaii Central Federal Credit Union, which offer localized services for residents.

MoneyGeek Logo IconBest Bad CreditLendersHawaii
2024

Best Bad Credit Loans in Hawaii

Best Overall - Happy Money
Runner-Up - Prosper

MoneyGeek scored personal loan lenders in Hawaii 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 that are licensed to do business in Hawaii. We also consider financial companies who partner with federally insured institutions to offer competitive rates.

34Lenders Analyzed

    Overall Best Bad Credit Loan Lender in Hawaii

  • 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 Hawaii with a MoneyGeek score of 94 out of 100. It is not a lender but a fintech company that works with lending partners federally insured by the National Credit Union Administration to originate personal loans.

    The minimum credit score is set at 640, and borrowers can access loan amounts ranging from $5,000 to $40,000, typically receiving funds the next day. Happy Money's policy of not imposing late or early repayment fees is favorable for borrowers managing their finances. But it offers debt consolidation loans only and charges an origination fee.

    Pros

    • Doesn't charge late, early repayment, bounced check, failed ACH or other fees
    • Offers to pay creditors directly
    • Conducts soft credit pulls

    Cons

    • Only offers loans for debt consolidation
    • Charges an origination fee
    • No co-signers or co-borrowers
    Happy Money

    Runner-Up for Best Bad Credit Loan Lender in Hawaii

  • Prosper
    • 90MoneyGeek Score
    • 8.99% to 35.99%APR Range
    • 600Minimum Credit Score
    • $2,000 to $50,000Loan Amount Range
    • 24 to 60 monthsRepayment Terms

    Prosper is the runner-up for the best bad credit loan lender in Hawaii, with a MoneyGeek score of 91 out of 100. Personal loans through Prosper are originated by WebBank, an FDIC-insured industrial bank.

    It requires a minimum credit score of 600, offers loans ranging from $2,000 to $50,000 and provides funds as soon as the next day. Not charging prepayment penalties and offering flexible repayment periods from 24 to 60 months can assist people with less-than-perfect credit. But note its origination fee between 1% and 7.99%. It also also imposes certain fees on checks, late and insufficient funds.

    Pros

    • Doesn't charge prepayment penalties
    • Flexible repayment terms from 24 to 60 months
    • Does soft credit inquiries

    Cons

    • Has an origination fee between 1% and 7.99%
    • Charges check payment, late and insufficient funds fees
    • Maximum loan amount at $50,000
    Prosper

Calculate Your Monthly Payment in Hawaii

In Hawaii, the average new account balance for personal loans is $13,523, according to TransUnion's Credit Industry Snapshot report. A personal loan, typically an unsecured loan, is repaid in fixed monthly installments over a set period, which can range from a few months to several years. Estimating your monthly loan payments accurately is especially beneficial for individuals with bad credit, because it can help prevent costly overborrowing or defaults.

To accurately calculate your loan payments, consider using MoneyGeek's personal loan calculator, a tool designed to make estimation straightforward and precise.

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Updated: Jul 26, 2024

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Best Bad Credit Loans by Credit Score in Hawaii

In Hawaii, the average credit score is 732, slightly higher than the national average of 715 based on Experian data.

A bad credit score doesn't close the door on obtaining a personal loan. Some lenders in Hawaii specialize in assisting borrowers with less-than-perfect credit, though they often have higher interest rates and more stringent terms. To explore your personal loan options in Hawaii, refer to the table below to identify lenders tailored to your credit score bracket.

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
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 Hawaii

Personal loan application denials are common, especially when your credit score is lower than average — but it doesn't have to halt your borrowing journey. Here's what you can do to enhance your chances of approval for future applications.

1
Find out the reason for the denial

Your loan application may be denied due to factors such as a low credit score, high debt-to-income ratio, low income level or errors in your application. Reviewing the reasons for denial helps you identify areas to improve before reapplying.

2
Modify your loan terms

Consider asking the lender if adjusting the loan amount or repayment terms might lead to approval. Lenders may have flexibility that can help you secure a loan.

3
Find another lender

Lenders differ in their criteria for loan approval, so shop around for the right lender. Consider these factors:

  • Eligibility requirements: Various credit score, income level and employment history requirements exist. Knowing these helps you match with compatible lenders.
  • Interest rates: Look for lenders with competitive rates, beneficial if credit is less than perfect.
  • Additional fees: Find out if lenders charge fees like origination, late or prepayment fees. No-fee options could be more suitable for bad credit.
  • Loan terms: Options vary from short to long repayment terms; each has implications for the total loan cost and monthly payment amounts.
  • Customer service and reputation: Research lenders' customer service and reputation for managing relationships and resolving issues.
4
Look for alternatives

Personal loans aren't the only finance options for those with bad credit. Explore alternatives such as secured loans and credit builder loans. You can also join a credit union, which may offer more suitable products.

5
Improve your credit score

Over time, you can work on improving your credit score, enhancing loan approval odds. Regular bill payments, reducing debt and checking credit reports for errors are ways to improve your credit score.

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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 Hawaii

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

What is the best personal loan lender for bad credit in Hawaii?
Which lender in Hawaii has the lowest APR rates for personal loans?
Which lender in Hawaii has the lowest minimum credit score requirement for personal loans?
How to apply for a personal loan for bad credit in Hawaii?
How long does it take to get a bad credit loan in Hawaii?
Can I pay off my personal loan early in Hawaii?
Is there a difference between personal loans and installment loans in Hawaii for bad credit?

Sources

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

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

About Zachary Romeo

Zachary Romeo headshot

Zachary Romeo is the Head of Loans and Banking at MoneyGeek, with over 10 years of experience and forthcoming certification as a Commercial Banking and Credit Analyst (CBCA). Previously, he led production teams for some of the largest online informational resources in higher education.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt through people-first content.

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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.

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