Best Debt Consolidation Loans in Honolulu of 2024
Updated: December 28, 2023
Advertising & Editorial Disclosure
- Best Overall Debt Consolidation Loan Lender in Honolulu
- Runner-Up for Best Overall Debt Consolidation Loan Lender in Honolulu
- Best Debt Consolidation Loan Lender for Bad Credit in Honolulu
- Best Debt Consolidation Loan Lender for Good Credit in Honolulu
- How to Choose the Right Personal Loan for You
- What to Do if You Can’t Get a Debt Consolidation Loan in Honolulu
- Calculate Your Monthly Payment
- Frequently Asked Questions About Debt Consolidation Loans in Honolulu
Best Debt Consolidation Loan Lenders in Honolulu, HI
MoneyGeek reviewed lenders for over 30 key data points to help you choose the most suitable lender for a debt consolidation loan in Honolulu. We analyzed different aspects of loans, including the terms of the loan agreement, such as APR ranges, loan amounts and repayment periods as well as customer services ratings from the Better Business Bureau (BBB).
Although each borrower will find a different lending company as their ideal option, MoneyGeek determined that LightStream is the best debt consolidation loan provider in Honolulu. MoneyGeek's guide will streamline your hunt and help you make an informed decision.
Best Overall Debt Consolidation Loan in Honolulu, HI: LightStream
Runner-Up for Best Debt Consolidation Loan in Honolulu, HI: SoFi
Best Debt Consolidation Loan for Bad Credit in Honolulu, HI: Upstart
Best Debt Consolidation Loan for Good Credit in Honolulu, HI: Upgrade
How to Choose the Best Debt Consolidation Loan in Honolulu, HI, for You
If you’re among the many in Hawaii that have personal loan debt — the average personal loan debt in the state is $13,131 — you can pay back your loan faster and at a lower interest rate through a debt consolidation loan. To find the best lender for you, you can evaluate each for their interest rates, loan amounts, late fees, origination costs, repayment schedules and other key factors.
Before submitting an application for a debt consolidation loan in Honolulu, you should take the steps outlined by MoneyGeek below.
Ask Yourself the Important Questions
Before researching different lenders’ requirements, you should think about if a debt consolidation loan is the best option for your financial needs. Answer the following questions to determine whether a debt consolidation loan is right for you:
- How much funding do you need? First, calculate the amount of money you'll require, and then look for a lender who can meet these needs. It’s best to accurately approximate this amount to avoid taking out more or less than you need.
- What’s your credit score? Your credit score will determine your eligibility for a debt consolidation loan in Honolulu as well as impact the interest rates that you’ll receive.
- Can you afford the monthly payments? Ensure that you can make your monthly payments for at least two to four years, which is the average time for a debt consolidation loan.
- Do you have existing debts? It’s important to consider what debts you currently have because not all are eligible for a debt consolidation loan. For instance, although credit card debt can be consolidated, debt from post-secondary education cannot.
- Is your debt manageable through other means? It's possible that you won't need a loan to consolidate your debt if you can meet your requirements in some other way.
Do Your Research
Before applying for a debt consolidation loan, you should thoroughly research lenders for their terms and rates. Some lenders limit how you can use your loan, so you should always ask your lender about any restrictions before applying. Although MoneyGeek’s guide is a great starting point to find the best debt consolidation loan providers in Honolulu, there’s no substitute for your personal research.
Wait
Once you've gathered all of the information required, you should wait a few days. Before making a final decision, you should hold off until you are certain that you will be able to fulfill all of the criteria for the loan. Keep in mind that you will be liable for the repayment of your debt consolidation loan for a period ranging from two to four years.
Read the Fine Print
Before you move forward with your application for a loan, make sure you read the fine print. If you don't pay attention to it, it could end up costing you a significant amount of money. Do not make the assumption that you are aware of all the specifics of the loan. It is imperative that everything is studied thoroughly in order to have a clear understanding of it.
Apply
After you’ve completed all the previous steps, it’s time to apply. You will be required to provide information and certain documents, such as proof of employment, income and identification, as part of your loan application. Although you have the option to submit a loan application online, you can also submit an application over the phone or in person.
What to Do if You Can’t Get a Debt Consolidation Loan in Honolulu, HI
A loan application may be initially rejected for a number of reasons, including insufficient income, a high debt-to-income ratio, a lack of employment history and poor credit scores.
Even if your initial application for a debt consolidation loan is turned down, you shouldn't give up; ask your lender specifically why your loan application was denied. Sometimes, making simple modifications to your application can lead to approval. If your credit score is the issue, you should work to improve it first before reapplying.
MoneyGeek highly recommends avoiding payday loans. These feature extremely high interest rates and short repayment terms, which can lead to financial disaster.
Calculate Your Monthly Payment
It’s important to keep in mind that the interest on debt consolidation loans is added to the monthly payments. MoneyGeek provided a debt consolidation loan calculator so that you can easily determine whether or not you qualify for a loan.
Frequently Asked Questions About Debt Consolidation Loans in Honolulu, HI
MoneyGeek answered frequently asked questions about debt consolidation loans to help you choose the best lender for your needs.
MoneyGeek's research indicates that LightStream offers the best debt consolidation loan to Honolulu residents. However, depending on your needs, a different lender may be best for you.
Upstart provides the lowest starting interest rates to borrowers in Honolulu.
Restrictions vary by lender. For example, certain lenders prohibit debt consolidation for investment or business objectives.
In Honolulu, lenders offer loan maximums up to $100,000, but this varies by lender.
Depending on the lender, acquiring a debt consolidation loan in Honolulu can take one to two days.
You may be able to repay your loan early, but depending on your lender, you might be charged a fee.
Methodology
MoneyGeek reviewed more than 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 amounts, minimum credit scores, minimum income amounts, application fees and disbursement times.
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, we make our picks 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
- LightStream. "About Us." Accessed October 3, 2022.
- LightStream. "Rates and Terms." Accessed October 3, 2022.
- Social Finance. "Credit Card Debt Consolidation Loans." Accessed October 3, 2022.
- Social Finance. "Low Rates. No Fees. Personal Loans Made Easy." Accessed October 3, 2022.
- Upstart Network. "This Is Upstart." Accessed October 3, 2022.
- Upstart Network. "What Are the Minimum Credit Requirements to Receive a Loan?." Accessed October 3, 2022.
- Upgrade. "Upgrade Triple Cash Rewards." Accessed October 3, 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. Learn more about
our editorial policies and expert editorial team.