Best Debt Consolidation Loans in Hawaii 2024

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Updated: November 20, 2024

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Debt consolidation loans are unsecured personal loans that are used as part of a debt repayment strategy. It's a popular way to streamline and pay off debts you currently owe — like credit card or student loan debt — at a lower interest rate than what you're currently paying.

MoneyGeek analyzed 22 lenders and found PenFed to be the top choice for debt consolidation loans in Hawaii, scoring 96 out of 100. Although PenFed stands out in our analysis, you may also want to contact local lending options like Hawaii State Federal Credit Union and Hawaii Federal Credit Union to see if they fit your borrowing needs.

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2024

Best Debt Consolidation Loans in Hawaii

Best Overall - PenFed
Runner-Up - Alliant Credit Union
Best for Affordability - Wells Fargo
Best for Large Loans - PNC
Best for Fast Funding - Rocket Loans

Overall Best Debt Consolidation Loan Lender in Hawaii

Company logo for PenFed
PenFed
MoneyGeek Score:
96/ of 100
APR Range8.99% to 17.99%
Loan Amount RangeUp to $50,000
Repayment TermsUp to 60 months
Time to Receive Funds1 to 2 Business Days
Overview

PenFed offers the best debt consolidation loan in Hawaii with a MoneyGeek score of 96 out of 100. Several features contribute to an ideal debt consolidation loan lender, such as competitive rates, how much you can borrow, how quickly you can get your funds, the quality of service it provides and its reputation.

PenFed's APR range of 8.99% to 17.99% can help borrowers in Hawaii secure a loan with favorable interest rates. The loan amount range of up to $50,000 provides flexibility for consolidating various debts.

Runner-Up for Best Debt Consolidation Loan in Hawaii

Company logo for Alliant Credit Union
Alliant Credit Union
MoneyGeek Score:
95/ of 100
APR RangeFrom 10.49%
Loan Amount Range$1,000 to $100,​​​​​000
Repayment Terms12 to 60 months
Time to Receive FundsSame Day
Overview

Alliant Credit Union is another solid option for a debt consolidation loan in Hawaii, with a MoneyGeek score of 95 out of 100. It offers competitive interest rates, which can help you save money on interest payments over the life of your loan. Flexible loan terms allow you to choose a repayment plan that fits your budget and financial goals.

Additionally, Alliant Credit Union's quick approval process means you can consolidate your debts and start managing your finances more effectively in a short amount of time. For example, you can receive funds on the same day, which is beneficial if you need to pay off high-interest debts quickly. These features make it a practical choice for anyone looking to streamline their debt payments.

Best Debt Consolidation Loan in Hawaii for Affordability

Company logo for Wells Fargo
Wells Fargo
MoneyGeek Score:
94/ of 100
APR Range7.49% to 24.99%
Loan Amount Range$3,000 to $100,000
Repayment Terms12 to 84 months
Time to Receive Funds1 to 3 Business Days
Overview

Wells Fargo offers the best debt consolidation loan in Hawaii for borrowers who prioritize affordability, with a MoneyGeek score of 94 out of 100. Its APR ranges from 7.49% to 24.99%, making it a competitive option for those looking to consolidate their debts.

One benefit is the absence of origination fees, which means you won't have to pay extra costs upfront, making the loan more affordable. Additionally, rate discounts are available, which can lower your overall interest cost. Affordability isn't just about interest rates; it's also about minimizing fees and maximizing savings.

Best Debt Consolidation Loan in Hawaii for Large Loan Amounts

Company logo for PNC
PNC
MoneyGeek Score:
97/ of 100
APR Range12.59% to 30.00%
Loan Amount Range$1,000 to $20,000
Repayment Terms6 to 60 month
Time to Receive Funds3 Business Days
Overview

PNC offers the best debt consolidation loan in Hawaii for borrowers needing a large loan amount or longer repayment terms. With a MoneyGeek score of 96 out of 100, it stands out for its flexible options. The loan amount range is $1,000 to $20,000, catering to various financial needs.

One benefit is the flexible repayment terms, which can extend up to 60 months. This allows borrowers to manage their monthly payments more comfortably. Additionally, the large loan amounts available can help consolidate multiple debts into one manageable payment, simplifying the repayment process.

Best Debt Consolidation Loan in Hawaii for Fast Funding

Company logo for Rocket Loans
Rocket Loans
MoneyGeek Score:
95/ of 100
APR Range9.116% to 29.99%
Loan Amount Range$2,000 to $45,000
Repayment Terms36 or 60 months
Time to Receive FundsSame Day
Overview

Rocket Loans offers the best debt consolidation loan in Hawaii for borrowers who need funds quickly. It has a MoneyGeek score of 95 out of 100. You can receive funds on the same day you apply, making it a top choice for urgent financial needs.

One of its key features is a fast approval process, which means you can consolidate your debts without waiting for days. Another benefit is its flexible loan terms, allowing you to choose a repayment plan that fits your budget. These features make it easier for borrowers to manage their debt efficiently and swiftly.

Should You Get a Loan to Consolidate Debt in Hawaii?

Using a debt consolidation loan in Hawaii can simplify your finances by merging multiple payments into one. But debt consolidation may not be the best move for all situations. If the interest rate on the new loan is higher than your current debts, it might not make sense. Consider your specific situation before deciding.

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    Good Credit

    Having good credit can get you better terms on a debt consolidation loan in Hawaii, affecting interest rates and monthly payments.

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    High-Interest Debt

    If you have high-interest debt, a debt consolidation loan in Hawaii can lower your interest rates. For example, reducing from 20% to 10%.

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    Multiple Payments

    Managing multiple monthly payments is easier with a debt consolidation loan in Hawaii. One payment instead of several simplifies budgeting.

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    Lower Monthly Payments

    A debt consolidation loan in Hawaii can lower your monthly payments. For example, reducing from $500 to $300 per month.

When You Shouldn't Get a Debt Consolidation Loan

  • When your new monthly payment is higher: The loan may increase your financial burden rather than alleviate it.
  • When you can pay off debt within a year: Consolidating may not be necessary if you can clear debt quickly.
  • When your income and employment are uncertain: Unpredictable finances can make it risky to commit to new loan payments.
  • When your debt-to-income ratio is high: Lenders may deny your application or offer unfavorable terms.

In Hawaii, it's essential to evaluate these factors before deciding on a debt consolidation loan. Make sure it aligns with your financial situation to avoid further complications.

How to Get a Debt Consolidation Loan in Hawaii

The average amount of personal debt in Hawaii is $147,103, significantly higher than the overall average debt for Americans, which stands at $104,215. In Hawaii, the average monthly debt translates to around $12,259.

Using a personal loan to consolidate debt in Hawaii can simplify your payments and potentially lower your interest rates. Going into the process blindly can lead to higher interest rates and damage your credit score. To avoid these risks, follow these steps to apply for a debt consolidation loan.

  1. 1
    Review your debts and credit score.

    Account for your existing debts to see which ones to consolidate, like credit card debt. Choosing the wrong debts can lead to higher interest rates. Check your credit scores and improve your credit score by paying bills on time and reducing outstanding balances.

  2. 2
    Compare loan terms from lenders.

    Compare loan terms from multiple lenders to find the best deal. Contact lenders to ensure the loan can be used for consolidating debts. Look at APRs, loan limits, and how soon you can receive the funds.

  3. 3
    Check for extra benefits.

    Some lenders offer added features that benefit you long-term. For example, in Hawaii, Laurel Road and SoFi offer rate discounts.

  4. 4
    Watch out for fees and penalties.

    Some lender features can be drawbacks. In Hawaii, Upgrade charges an origination fee and Rocket Loans charges a late fee. These fees can impact your short- and long-term finances.

  5. 5
    Get prequalified.

    Prequalification helps you understand your loan options without affecting your credit score. It involves a soft credit check, which doesn't impact your credit.

  6. 6
    Complete your loan application.

    Complete your loan application by preparing necessary documents like proof of income, identification, and bank statements. This speeds up the process.

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WHAT TO DO IF YOU'RE DENIED A DEBT CONSOLIDATION LOAN IN HAWAII

Lenders might deny your loan application due to a poor credit score or a high debt-to-income ratio. Before applying for a debt consolidation loan in Hawaii, consider improving your credit score and reducing your existing debt to increase your chances of approval.

You can also reach out to some credit counseling agencies to help you manage your debts better. Another option is to use a 0% APR balance transfer credit card. This allows you to transfer high-interest debt to a card with 0% APR for a set period, which can save you money on interest payments.

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MORE ON PERSONAL LOANS

FAQ: Debt Consolidation Loans in Hawaii

MoneyGeek addresses common questions homeowners have about debt consolidation loans in Hawaii, offering precise and reliable information. Learn about how these loans work, their benefits, and their impact on your credit score. Our guide helps you understand interest rates and eligibility, tailored specifically for Hawaii residents.

What is a debt consolidation loan in Hawaii?
What's the best debt consolidation loan lender in Hawaii?
Can I get a debt consolidation loan in Hawaii if I have bad credit?
Can a credit counseling agency in Hawaii help manage debt?
When should I get a debt consolidation loan in Hawaii?

MoneyGeek analyzed 22 national lenders licensed to do business in Hawaii, based on a rubric that includes APR ranges, loan amounts and repayment terms, among other key areas. We use a point-based system and assign scores according to the presence or absence of desirable features in various important categories.

We score lenders differently when recommending the best for affordability, loan amounts and fast funding.

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We conducted our analysis in September 2024.

22Lenders Analyzed

About Zachary Romeo, CBCA

Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.

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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.

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