Best Debt Consolidation Loans in Honolulu of 2023

Following the merger of SunTrust and BB&T, Truist Bank launched its online lending platform, LightStream, in 2019. Personal loans can be obtained from this firm to meet a variety of financial needs, including the consolidation of existing debts. MoneyGeek ranked LightStream as the best debt consolidation loan provider in Honolulu.

A minimum credit score of 660 is required to qualify for a LightStream debt consolidation loan. The lending platform provides loans between $5,000 and $100,000 with loan repayment periods ranging from 24 to 84 months. Unlike the majority of its lending competitors, LightStream provides same-day funding, which means your funds will be dispersed on the day that your application is approved. This makes LightStream an attractive option for customers who need emergency funding.

Pros

• A+ BBB rating
• No origination or late payment fees
• Same-day funding
• Autopay discount of 0.5%
• High maximum loan amount of $100,000

Social Finance, Inc., or SoFi, is a fintech business that was founded in 2011. SoFi, headquartered in San Francisco, provides personal loans to borrowers in 49 states, Mississippi being the only exception. According to our research, this lender is the runner-up for the best debt consolidation loan provider in Honolulu.

SoFi offers debt consolidation loans in Honolulu, ranging from $5,000 to $100,000, which is a higher maximum loan amount than other lenders in the city. In addition, the lending company does not impose any prepayment or late payment fees on its loans and has an A+ BBB rating. However, applicants are required to have a minimum credit score of 680 and a minimum income of at least $50,000 per year and provide proof of employment.

Pros

• A+ BBB rating
• Low interest rates
• Soft credit check
• No prepayment fee
• No late fees

Upstart is the best option for borrowers with poor credit who need a debt consolidation loan in Honolulu within one to two days. It received an A+ BBB rating and does not charge any origination fees or prepayment penalties.

Upstart is a great choice for borrowers who require a loan of up to $50,000 within a short time frame. Borrowers who have a credit score as low as 300 may still be eligible for a loan because the lender also considers your employment history. Prior to applying with the lender, borrowers can check their eligibility through a soft credit inquiry that won’t impact their credit score.

However, the maximum APR for an Upstart personal loan is 35.99%, which is significantly higher than APRs offered by other lenders. Those with poor credit should be mindful of this lender because although it accepts those with low credit, they may receive a high APR. Moreover, Upstart doesn’t offer autopay discounts, and there is a 45% debt-to-income limit.

Pros

• A+ BBB rating
• Minimum credit score requirement of 300
• Joint loans available
• Soft credit inquiry
• No prepayment penalty

Upgrade, a fintech company, was established in 2011 by a group of fintech industry executives. This lender is an ideal option for borrowers who have good credit and require a debt consolidation loan in Honolulu to pay off other obligations at reasonable rates. As an Upgrade customer, you will have access to its online portal, where you can easily manage your account.

Loan amounts vary from $1,000 to $50,000, making this a great lender for those that need to consolidate both small and large amounts of debt. It conducts a soft credit analysis without affecting your credit score, and funds may be disbursed the day after your application is approved.

However, the lender requires all of its applicants to provide proof of employment, so you’ll want to choose a different lender if you’re between jobs. Although the lender’s starting APR is quite low, only those with the highest credit scores will receive it. If you have a lower credit score, you could be given an APR exceeding 35%. Additionally, the lender charges an origination fee to process your loan application.

Pros

• A+ BBB score
• Autopay discount of 1%
• No prepayment penalty
• No minimum income requirement
• Soft credit check