Top Lenders & Best Picks for You
Best Personal Loans in Honolulu, HI
Updated: December 28, 2023
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- The Best Overall Personal Loan Lender in Honolulu
- The Best Personal Loan Lender for Bad Credit in Honolulu
- The Best Personal Loan Lender for Good Credit in Honolulu
- The Best Personal Loan Lender for Debt Consolidation in Honolulu
- The Best Personal Loan Lender for Home Improvements in Honolulu
- How to Choose the Right Personal Loan for You
- Frequently Asked Questions About Personal Loans in Honolulu
MoneyGeek's Picks for Best Personal Loan Lenders in Honolulu, HI
To determine the best Honolulu personal loan lenders, MoneyGeek analyzed over 30 data points. Our analysis considered interest rates, fees, affordability and accessibility, terms, minimum credit score, income requirements, disbursement time, customer service, BBB ratings and other factors to select the top picks.
We looked at several different categories when determining the top-rated lenders, including the best personal loan lender for borrowers with bad credit and good credit, as well as borrowers looking for debt consolidation and home improvement personal loans.
MoneyGeek’s analysis shows that different borrower profiles may benefit from using different lenders.
Best Overall Personal Loan Lender in Honolulu: Lightstream
Best Personal Loan Lender for Bad Credit in Honolulu: Upstart
Best Personal Loan Lender for Good Credit in Honolulu: SoFi
Best Personal Loan Lender for Debt Consolidation in Honolulu: Upgrade
Best Personal Loan Lender for Home Improvement in Honolulu: Best Egg
How to Choose the Best Personal Loan Lender in Honolulu for You
When applying for a personal loan, it’s wise to research many lenders. Consider your credit score, income and existing debts when applying to determine the best option for you. In Honolulu, the average personal loan debt is $13,131. MoneyGeek analysis details the processes of applying for a personal loan in Honolulu.
Ask Yourself the Important Questions
Before applying for a personal loan, you should ask yourself a few questions. These include:
- How much funding do I need? Take the time to think through how much money you actually need to borrow. This can impact whether or not you get approved for a loan.
- What is my credit score? Different lenders have different credit score requirements. Determine your credit score so that you can apply to lenders who will approve your application.
- Can I afford the monthly payment? You don’t want to overextend yourself financially, so make sure you can handle the monthly payments of the loan you are applying for.
- How much debt do I already have? Keep in mind that adding personal loans on top of your existing debts can put you in a tight financial spot.
Do Your Research
When looking for a loan, be sure to do your research. There are several types of loans and lenders to choose from. The penalties for paying loans off early, the maximum amount of money you may borrow and the maximum interest rate that can be charged will differ. Ensure that the credit check procedures have no negative impact on your credit score. Remember that personal loans are long-term commitments that normally take two to four years to repay, so choose a lender that will work for you now and in the future.
MoneyGeek is committed to providing accurate details about lenders and their products. However, before making a final decision, you should do your own research to ensure the lender you choose meets your needs.
Wait
Before applying for a personal loan, thoroughly consider your financial situation. Consider all of the factors before deciding on a loan. Even if you think that you've found the perfect lender, wait a few days before making a final decision. You'll be able to learn more about the company and make an educated decision about which option you should choose. It might also give you time to find a different source of funding.
Read the Fine Print
Read the fine print that your lender shares, which covers fees and interest rates, before applying for a personal loan. Prepayment penalties, early payback penalties or origination fees may significantly raise the overall cost of a personal loan. Consider any additional terms and conditions that may apply to your loan. Ask questions if you're unsure about anything so that you don't get charged for something you weren't expecting. In the long term, reading the fine print will save you money.
Apply
Once you have found the right lender for your needs, you can apply for a loan. Many lenders request a great deal of information before accepting your loan and funding your account. Be sure you provide accurate information. Ask about anything that seems odd or unclear. A quick phone call or a visit to the lender, if possible, may answer many questions that might otherwise make approval more difficult. Keep in mind that lenders often want identification, address verification and proof of income during the application process.
What to Do if You Can’t Get a Personal Loan in Honolulu
Getting a personal loan is not always straightforward. Your loan application may be denied if your credit score is insufficient or you haven't had a consistent income for a long enough period of time. If your personal loan application is rejected, you can contact the lender by phone or email to find out why.
If necessary, you may apply for a loan from another lender, but you should wait until you have resolved the issue that caused your previous application to be declined. You may need to apply with many lenders and assess their features to find a suitable alternative lender.
A payday loan may seem appealing, but it is usually a bad idea. It has several disadvantages. For example, these loans feature high-interest rates and short repayment terms.
Frequently Asked Questions About Personal Loans in Honolulu
Your specific circumstances determine the best Honolulu personal loan company for you. Lenders consider factors such as your credit history, income, current debts and what you want to do with your loan. MoneyGeek answered the most frequently asked questions about Honolulu personal loans below to help you find the right option for your needs.
MoneyGeek rated LightStream as the best overall personal loan provider in Honolulu. However, depending on your needs and financial situation, the ideal personal loan provider for you may differ.
Upstart has the lowest interest rates in Honolulu, starting at 3.22%.
Personal loans can be used to pay for many things, including vacations. However, checking with your lender to see if there are any limits on using a personal loan to fund a trip is a wise thing to do.
Yes, you may use a personal loan to renovate your property in Honolulu. MoneyGeek found that Best Egg is the best lender in Honolulu for home improvement loans.
Your lender determines your Honolulu personal loan limitations. Upgrade and LightStream, for example, prohibit borrowers from using loans for post-secondary education or investment.
Your maximum loan amount varies based on the lender. Some lenders only give up to $50,000, while others offer up to $100,000.
The time it takes to receive funds is determined by the lender. Some lenders will give you funds the same day, while others may take a couple of days to give you the funds.
Yes, you can pay off your loan early. Just be sure to check with your lender to see whether you'll be charged an early payment penalty if you repay your loan early.
Our Personal Loan Methodology
We assessed over 30 personal loan providers based on 35+ unique data points in six major categories. These included loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency, among others.
We analyzed many individual data points under each ranking criterion area that we believe hold the most weight when selecting a personal loan provider. These considerations include APR ranges, available loan amount, minimum credit score, minimum income amount, application costs and disbursement time.
We value you, the consumer, at MoneyGeek. As a result, we consider each lender's customer service, company ratings and other services that might make your experience easier and more accessible, like prequalification, payment alternatives and mobile applications.
Our selections are made after thorough consideration and calculation, with your best interests in mind. Our personal loan recommendations and professional advice are intended to help you make the best decision when choosing a lender that meets your needs.
sources
- Best Egg. "Best Egg." Accessed June 15, 2022.
- LightStream. "LightStream." Accessed June 15, 2022.
- SoFi. "SoFi." Accessed June 15, 2022.
- Upgrade. "Upgrade." Accessed June 15, 2022.
- Upstart. "Upstart." Accessed June 15, 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
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