What is the best personal loan lender in Hawaii?

LightStream is Hawaii's best overall personal loan lender. However, SoFi is the best lender for individuals with good credit, while Upstart is the best for those with bad credit. Upgrade and Best Egg are the best debt consolidation and home improvement loan lenders, respectively.

Which lender in Hawaii has the lowest interest rate?

In Hawaii, the lender with the lowest interest rates is Upstart, with an APR range starting at 3.22%.

Can I use a personal loan for vacations in Hawaii?

It depends. Not all lenders allow their loans to be utilized for this purpose. Check with your lender in Hawaii to see if your personal loan has any restrictions on how you may utilize it.

Can I use a personal loan for home improvement in Hawaii?

The majority of personal loans are suitable for home improvements in Hawaii. If in doubt, check with the lender to determine if they allow the loan to be used for home renovation or repair.

What can I not use my personal loan for in Hawaii?

Personal loans from most lenders can be used for almost anything. However, some lenders may restrict what it may be used for. For example, some companies do not authorize the use of their loans to refinance mortgages or other loans, pay for education, make business purchases, buy bonds or stocks or participate in illegal or gambling activities. Your lender can inform you if they have any restrictions in place.

How much can I borrow in Hawaii?

The amount of money you can borrow from a lender in Hawaii varies. However, lenders typically offer loans of $1,000 to $100,000 depending on your credit score and other factors.

How long does it take to get a personal loan in Hawaii?

The time it takes for your personal loan in Hawaii to be funded varies from lender to lender. Generally, processing a personal loan might take anywhere from one day to a week depending on the lender.

Can I pay off my loan early in Hawaii?

The lender may impose a prepayment penalty if you pay off a personal loan early in Hawaii. However, some lenders do not charge a fee for that. You must contact your lender or check their fine print or loan agreement for more details.

Top Lenders & Best Picks for You

Best Personal Loans in Hawaii

The best personal loans in Hawaii, based on MoneyGeek's study, are offered by LightStream. The high maximum loan limit, autopay discount and fast funding make LightStream a great lender.

MoneyGeek's research of the best personal loans in Hawaii determined the most ideal for specific borrower profiles. Upstart is ideal for consumers with bad credit, SoFi is good for borrowers with good credit, Best Egg is the best option for borrowers with home improvement needs and Upgrade is ideal for debt consolidation.

WHAT WE’RE GEEKING OUT ON

The Best Overall Personal Loan Lender in Hawaii
The Best Personal Loan Lender for Bad Credit in Hawaii
The Best Personal Loan Lender for Good Credit in Hawaii
The Best Personal Loan Lender for Debt Consolidation in Hawaii
The Best Personal Loan Lender for Home Improvements in Hawaii
How to Choose the Right Personal Loan for You
Frequently Asked Questions About Personal Loans in Hawaii

MoneyGeek’s Pick for Best Personal Loan Lender in Hawaii: LightStream

Using more than 30 data points, MoneyGeek ranked Hawaii's loan providers. According to our evaluation of loan features, like APR and term ranges, minimum credit score and income requirements, fees, disbursement time, customer service, BBB ratings, we chose the best personal loan lenders in Hawaii.

The best personal loan company for you will depend on your unique needs, and MoneyGeek evaluated the top options for various demographics.

Best Overall Personal Loan Lender 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
LightStream, a part of Truist Financial Corporation, is an online portal that offers personal loans for almost any purpose. You can handle various big expenditures with its large maximum loan amount and longer terms. Aside from its BBB's A+ rating, the company has additional features that qualify it as the best overall personal loan provider. Its no-fee structure and autopay discount are appealing. Furthermore, the majority of accepted loans are processed on the same working day.
However, the lender doesn’t offer loans to people who do not have a credit score of 660. It's also not ideal for someone who wants to borrow money with a co-signer. Additionally, you can't utilize the loan to refinance a LightStream loan that you already have, finance college tuition or post-secondary educational expenses, make investments or make purchases for businesses.
Pros
A+ BBB rating
No late fees or prepayment penalties
Loans of up to $100,000
Same day loan processing
Auto-pay discount of 0.5%

Cons
Hard credit inquiry lowers credit score
No co-signers
Restrictions on funds usage
APR range: 4.49%–20.49%
Minimum/maximum loan amount: $5,000 to $100,000
Minimum credit requirements: 660
Repayment terms: 24–84 months
Time to receive funds: Same day
on LightStream Website

Best Personal Loan Lender 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
With an A+ rating from the BBB, Upstart is a lending platform that launched in 2012 and doesn't place restrictions on how you utilize the money you get for your personal loan. The lender caters to individuals with credit scores as low as 300, which is one of the reasons it was named the best lender for those with bad credit. Additionally, it has a modest $12,000 minimum salary requirement and uses soft inquiry credit checks that leave your credit score intact. Notably, the lender accepts borrowers with debt-to-income ratios up to 45%, which is higher than most other lenders.
It's not a great option if you don't want to pay high interest rates or are looking for a larger loan amount. The company can only lend up to $50,000. People who want to apply with a co-signer will not benefit from using this lender either.
Pros
A+ BBB rating
Low credit score requirement
Soft credit inquiry
No prepayment penalty
Low minimum income requirement of $12,000

Cons
Potentially high interest rates
Origination fee of up to 8%
Late fee of $15
Maximum loan amount eligible is $50,000
APR range: 3.22%–35.99%
Minimum/maximum loan amount: $1,000 to $50,000
Minimum credit requirements: 300
Repayment terms: 36–60 months
Time to receive funds: Next day
on Upstart Website

Best Personal Loan Lender 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
SoFi began as Social Finance in 2011, intending to provide a variety of loans and other financial solutions. It serves around 2.5 million customers as of 2021. Aside from receiving a high rating from the BBB, MoneyGeek chose it as the best because of the benefits that come from being a client with a strong credit score. You might get authorized for a loan of up to $100,000 and receive the funds two days after approval.
SoFi doesn't charge an origination or late fee for its loans and doesn't penalize you for prepayment. SoFi’s unemployment protection program may give you some breathing room if you unexpectedly become unemployed by allowing you to put your debts on hold and lower your monthly loan payments. Autopay users can also save up to 0.25% on personal loan premiums. Plus, the bank's soft credit inquiry will not affect your credit score.
However, the lender does not accept applicants who require co-signers, do not earn $50,000 annually and do not have a credit score of 680.
Pros
No origination fees, late fees or prepayment penalties
Autopay discount of 0.25%
Unemployment protection
Funding within two days

Cons
High credit score requirement
Minimum income requirement of $50,000
No co-signers
APR range: 5.74%–20.28%
Minimum/maximum loan amount: $5,000 to $100,000
Minimum credit requirements: 680
Repayment terms: 12–60 months
Time to receive funds: Two days
on SoFi Website

Best Personal Loan Lender for Debt Consolidation 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
Upgrade is a relatively new lender and was founded in 2016. It also comes with a strong rating from BBB and offers various conveniences to personal loan consumers. If you choose to consolidate your debts, Upgrade will pay the third-party lender directly, which contributes significantly to the company's good rating in this category. Fast loan processing and soft credit checks from the lender might be a huge relief to the majority of borrowers. Besides, those who set up automatic payments receive a 1% discount on their premiums. Furthermore, clients will not be charged a fee for prepayment either.
Regardless, the lender is not good for people who want a loan to pay for post-secondary education or to make investments. Based on your creditworthiness, your loans may also have a higher APR, making the lender unsuitable for people who want low APR loans.
Pros
Same day loan processing
Soft credit check
No prepayment penalty
Autopay discount
Mobile app

Cons
Use of funds is subject to restrictions
Charges origination and late fee
Potentially high APR
APR range: 5.94% to 35.47%
Minimum/maximum loan amount: $1,000 to $50,000
Minimum credit requirements: 560
Repayment terms: 36–60 months
Time to receive funds: Same day
on Upgrade Website

Best Personal Loan Lender for Home Improvement in Hawaii: Best Egg

Best Egg
- 4.99% to 35.99%APR Range
- 700Minimum Credit Score
- $2,000 to $50,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Next DayTime to Receive Funds
Marlette Funding, a financial services firm, launched Best Egg in 2014 as an online loan platform. Cross River Bank and Blue Ridge Bank guarantee its loans. It has an A+ rating with the Better Business Bureau and can benefit people looking for personal loans for home improvement. The company uses soft credit checks to make sure that your credit score won't be damaged in the application process. A 0.5% discount is given to those who want to pay their premiums automatically. There are no extra costs for repaying loans early.
Those looking for a joint loan or a loan with a co-signer cannot get one from Best Egg. There is also a $50,000-a-year income requirement, which makes it inaccessible to those who don't make that much money.
Pros
Same day loan processing
Soft credit inquiry
Auto payment discount
No usage restriction on loans
Mobile app

Cons
Late fee of $15
Origination fee of between 1% and 6%
Minimum income requirement of $50,000
Minimum credit score requirement of 700
Potentially high interest rates
APR range: 4.99% to 35.99%
Minimum/maximum loan amount: $2,000 to $50,000
Minimum credit requirements: 700
Repayment terms: 36–60 months
Time to receive funds: Next day
on Best Egg Website

How to Choose the Best Personal Loan Lender in Hawaii for You

In Hawaii, the average personal loan debt is $13,131. This is an average figure that may vary depending on the borrower's needs. When applying for personal loans in Hawaii, your income, employment history, debts and credit score are all taken into account. However, to find the best lender in your state, you should follow these steps:

Ask Yourself the Important Questions

The first step is to evaluate your current financial situation and determine your financing needs. Prior to selecting a lender and applying for a personal loan, you must find answers to the following critical questions:

How much funding will I require? - Make sure you only apply for what you need. Otherwise, this may cause financial difficulties later on.
How much debt do I owe at the moment? - Evaluate if adding more debt to your financial picture makes sense right now.
What is my credit score? - Make sure your credit score meets the minimum requirements for the lenders you are considering.
How much monthly payment am I capable of making? - You don’t want to overextend yourself financially, so make sure you can afford the payments to avoid going further into debt.

Do Your Research

Each lender has different terms and conditions, so it’s important to consider how each one operates. The best way to determine which lender is the best for your long-term financial health is to compare multiple lenders. Don't choose a lender solely on the basis of their willingness to provide you with more than you require. It is important to understand how the duration of your loan will affect your overall financial situation. Ultimately, long-term loans will cost more than short-term loans.

Certain lenders may do a hard credit check, which may affect your credit score. If you can't afford to have your credit score drop any further, choose a lender that performs a soft credit inquiry. Nevertheless, our recommendations are generalizations, and you should conduct your own research to know what your options are.

Wait

Choosing a loan can be challenging as you compare the features, fees, rates and offers of several lenders. Waiting a few days before deciding on a loan and lender is a good idea. When you take out a personal loan, you are making a significant financial commitment, so you want to be sure you are making the best decision.

Read the Fine Print

When conducting personal loan research, it is common for the details to be neglected. Along with the fees and rates that are explicitly stated in the lender's terms and conditions, some lenders may charge hidden fees that are only disclosed after you have signed the loan application. Once you've chosen a lender, thoroughly study their fees and rates as well as any prepayment penalties, late fees and origination fees they may impose. Additionally, keep an eye out for any collateral requirements and loan usage restrictions that may be in place. If you take the time to read the fine print, you may uncover all of this and more. These minor details might save you a lot of money in the long run.

Apply

It's time to submit your application after you've done your homework, read the fine print and waited to make a choice. By now, you have thoroughly researched your chosen lender and should be ready with all the information you'll need to apply. During the loan application process, lenders seek verification of personal identity, address and evidence of income. While some may prefer to apply online, there is no harm in calling or visiting the lender as a way to help you comprehend the loan and clear any doubts you might have.

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

Your personal loan application may get rejected due to factors such as a low credit score, not having the minimum income requirement or not correctly filling out the application form. Besides, if you have a debt-to-income ratio of more than 43%, your application may be rejected.

Those who apply for loans and get turned down should contact the lender to find out why they were rejected and see how they can improve their chances of getting approved. To get approved, you may be advised to shorten your loan term or reduce the loan amount. Otherwise, getting a loan with a co-signer or a collateral-based loan may be your best bet. It's ideal to wait until you've addressed the issue before reapplying. Consider a different lender only if it’s absolutely necessary.

Try not to opt for payday loans. These have very high interest rates and fast repayment terms.

Frequently Asked Questions About Personal Loans in Hawaii

The best personal loan in Hawaii for you will be determined by your unique needs and eligibility. We've compiled a list of some of the most frequently asked questions people in Hawaii might have regarding personal loans and lenders.

METHODOLOGY

We reviewed more than 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking criteria 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 decided and chosen with your best interest in mind. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.

sources

LightStream. "Loans for Practically Anything." Accessed March 4, 2022.
Upgrade. "Personal Loans." Accessed March 4, 2022.
Upstart. "Personal Loans." Accessed March 4, 2022.
Best Egg. "Personal Loans." Accessed March 5, 2022.
Best Egg. "Frequently Asked Questions." Accessed March 5, 2022.
Forbes. "What Is A Payday Loan?." Accessed March 5, 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.