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Best Debt Consolidation Loan Lenders in Hawaii

A debt consolidation loan is great for borrowers that need to pay off several outstanding payments. You can also get more affordable terms when merging your monthly bills.

If you want to get a debt consolidation loan in Hawaii, lenders typically examine your credit score, income and debt-to-income ratio. The average Hawaiian has a personal loan debt of $13,131 with an 8.81% interest rate. Below, MoneyGeek rated the best debt consolidation loan lenders in Hawaii for different kinds of profiles.

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Last Updated: 9/9/2022
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Best Debt Consolidation Loan Lenders in Hawaii

To help you find an ideal debt consolidation lender in Hawaii, MoneyGeek evaluated more than 30 data points. We analyzed Better Business Bureau ratings, loan amounts, APR ranges, minimum credit scores, disbursement times, employment requirements, repayment terms, origination fees, late fees and more.

MoneyGeek determined that Upgrade is the best overall Hawaii debt consolidation lender. However, the best debt consolidation lender for you is based on your financial needs. For instance, Upstart is a great option if you have bad credit while SoFi is ideal for those with good credit.

Best Overall Debt Consolidation Loan in Hawaii: Upgrade


  • Upgrade

    • 5.94% to 35.47%APR Range
    • 560Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    on Upgrade Website

Runner-Up for Best Debt Consolidation Loan in Hawaii: LightStream


  • LightStream

    • 4.49% to 20.49%APR Range
    • 660Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Same DayTime to Receive Funds

    on LightStream Website

Best Debt Consolidation Loan for Bad Credit in Hawaii: Upstart


  • Upstart

    • 3.22% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    on Upstart Website

Best Debt Consolidation Loan for Good Credit in Hawaii: SoFi


  • SoFi

    • 5.74% to 20.28%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • Two DaysTime to Receive Funds

    on SoFi Website

How to Choose the Best Debt Consolidation Loan in Hawaii for You

In Hawaii, the average borrower has a total debt of $19,328 in personal loan and credit card debt. With debt consolidation, you can combine multiple debts to make monthly payments more convenient. You’ll also be able to secure a lower interest rate.

Take note that lenders will assess your credit score, employment, proof of income, current debts and more. To help you through the process, MoneyGeek listed a step-by-step guide:

1

Ask Yourself the Important Questions

Before you apply for a debt consolidation loan in Hawaii, determine if it’s what you really need. A good place to start is to evaluate your current financial standing. Below, you’ll find a couple of questions that can guide your decision-making process:

  • How much funding do you need?
  • What’s your credit score?
  • Can you afford the monthly payments?
  • Do you have existing debts?
  • Is your debt manageable through other means?

These questions can help you map out how much to budget and determine if you can afford to borrow and repay long-term. It may also help to think about your financial goals before, during and after you take out a debt consolidation loan. If getting a debt consolidation loan doesn’t seem to address your needs, consider other options that will better suit your situation.

2

Do Your Research

When you choose a debt consolidation lender in Hawaii, it should be the best option for your financial background. A debt consolidation loan is a long-term financial commitment and takes roughly two to four years for borrowers to fully repay.

Compare fees, rates, terms and requirements since these vary by lender. You may find a great interest rate but don’t have the required credit score or income for that loan. Double-check requirements before applying because many lenders conduct hard credit checks that lower your credit score. So before applying, make sure that you’re certain about your desired lender.

MoneyGeek compiled a list of the best debt consolidation lenders in Hawaii based on factors like BBB rating, repayment terms, credit score requirements and more. If our recommendations don't fit what you need, explore other lenders in Hawaii.

3

Wait

After choosing a debt consolidation lender, MoneyGeek recommends waiting a day or two before you submit your application. Getting a debt consolidation loan is a big commitment and you will want to be confident about your financial readiness and desired lender. So think it over before finalizing your loan application.

If you’re still unsure, consider going through the first and second steps again then give yourself time to think about it. Be patient! Waiting gives you the necessary amount of time to process your thoughts and reach an objective decision.

4

Read the Fine Print

It’s common for borrowers to miss reading tiny yet important pieces of information in the fine print of their debt consolidation loan. We strongly encourage you to carefully read through the fine print to catch key details like prepayment penalties, origination fees, late fees and more. Skipping this step may cost you more and reduce your monthly savings.

If you need to clarify certain terms or if you’re unsure about its implications, consult a representative from the debt consolidation lender or talk to a financial expert. Remember, you’ll be paying this loan monthly for an average of two to four years. Understanding and knowing the ins and outs of your terms are key, especially if you want to save or maintain your monthly budget.

5

Apply

If you’re satisfied with your chosen lender and know that you meet their requirements, you’re ready for the final step: submitting your application. It’ll help to gather documents pertinent to a debt consolidation loan. Generally, lenders will ask for your identification, address verification and proof of income during the application process. In some cases, they may ask for other official papers to supplement your application.

You can usually apply for a debt consolidation loan in Hawaii either online, through the phone or by visiting the lender. If available, you’re free to decide the most convenient and comfortable method for you. After that, all you need to do is wait for the lender to contact you about your results.

What to Do if You Can’t Get a Debt Consolidation Loan in Hawaii

If your application for a debt consolidation loan in Hawaii is rejected, don’t worry. There are other Hawaii lenders available and ways that you can make your application more favorable. Moving forward, you can ask the lender for the specific reason why your application was denied.

Debt consolidation lenders can deny an application for several reasons, including low credit score, insufficient income, high debt-to-income ratio or no employment history. If possible, negotiate with your desired lender and request for a shorter repayment term or a reduced loan amount. If that doesn’t work, consider applying with another lender. If you do, ensure that you can correct whatever caused your first application to be rejected.

After loan rejections, some borrowers consider payday loans out of convenience. MoneyGeek strongly discourages taking out a payday loan since they are high-risk, offering extremely high interest rates and short repayment terms.

Calculate Your Monthly Payment

Debt consolidation loans are usually paid in monthly installments, interest included. Below, you can compute a debt consolidation loan with MoneyGeek’s calculator. This can help you figure out how much you’ll need to budget.

years
months
%



Principal

+ $114.98

Interest

+ $8.33

Origination Fee Percentage

+
%

Origination Fee Fixed amount

+

Total monthly payment

$123.31

FAQs About Debt Consolidation Loans in Hawaii

It may help to figure out your personal financial needs before taking out a debt consolidation loan. Below, MoneyGeek answers commonly asked questions about debt consolidation loans in Hawaii.

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METHODOLOGY

MoneyGeek reviewed over 30 personal loan lenders using at least 35 individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

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

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

After careful consideration and calculation, our picks are chosen with your best interests in mind. Our personal loan recommendations and expert tips are meant to help you make smart financial decisions when choosing a lender that meets your needs.

sources
  • Better Business Bureau. "LightStream." Accessed June 28, 2022.
  • Better Business Bureau. "SoFi." Accessed June 28, 2022.
  • Better Business Bureau. "Upgrade, Inc." Accessed June 28, 2022.
  • Better Business Bureau. "Upstart." Accessed June 28, 2022.
  • SoFi. "About Us." Accessed June 28, 2022.
  • Upgrade. "Upgrade." Accessed June 28, 2022.
  • Upstart. "Overview." Accessed June 28, 2022.

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.