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Best Personal Loans in Hawaii

Personal loans are obtained through banks, loan lenders or credit unions for needs like debt consolidation, home improvement, auto financing, paying college or medical expenses. Lenders evaluate your loan eligibility primarily based on factors like your income, credit score, debt-to-income ratio and age. The average personal loan debt in Hawaii is $13,131, while the average loan interest rate is 8.81%.

Last Updated: 6/8/2022
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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 Recieve Funds

    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 Recieve Funds

    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 Recieve Funds

    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 Recieve Funds

    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 Recieve Funds

    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:

1

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.
2

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.

3

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.

4

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.

5

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.

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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.

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*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’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, credit card issuer, hotel, airline, or other entity.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings for our coverage of credit card products. MoneyGeek and CardRatings may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.