Top Lenders & Best Picks for You

Best Personal Loans in Honolulu, HI

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Updated: October 16, 2024

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WHAT WE’RE GEEKING OUT ON

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


  • 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, launched by SunTrust Bank, is a financial services technology company that provides unsecured personal loans to individuals with good credit scores. After SunTrust Banks and BB&T Corp. merged in 2019, the company became a subsidiary of Truist Bank.

    Due to its capacity to disburse large loan amounts of up to $100,000 and balance of excellent service, MoneyGeek ranked LightStream as the top overall personal loan company in Honolulu. LightStream is also a no-fee lender, with no origination, prepayment or late fees, making it an ideal choice for most borrowers.

    However, LightStream exclusively lends to borrowers with good credit. If you have bad credit, this lender is not for you.

    Pros

    • Same-day fund disbursement
    • Loans of up to $100,000 offered
    • Offers an autopay discount
    • No late, prepayment or origination fees
    • A+ BBB rating

    Cons

    • Requires several years of credit history
    • Only available to borrowers with good credit
    • No co-signers
    • Restriction on the use of loan
    • Conducts hard inquiry
    LightStream

Best Personal Loan Lender for Bad Credit in Honolulu: 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

    Upstart, founded in 2012, is an artificial intelligence (AI) lending platform with an A+ rating from the Better Business Bureau. Upstart provides loans ranging from $1,000 to $50,000 with three- to five-year terms.

    Upstart provides loans to applicants with credit scores as low as 300, which adds to the company's good ranking in this area. The company processes loans rapidly within the next day and performs a soft inquiry credit check that doesn't affect your credit score.

    However, if you want more than a $50,000 loan or want to avoid expenses such as late fees, Upstart may not be the best option for you.

    Pros

    • Next-day funding
    • No prepayment penalty
    • Conduct soft inquiry first
    • A+ BBB rating
    • Low credit score requirement

    Cons

    • May charge origination fee of up to 8%
    • Doesn’t accept co-signers
    • High maximum APR
    • Doesn’t offer discounts
    • No autopay discount
    Upstart

Best Personal Loan Lender for Good Credit in Honolulu: 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 is an online lending platform that provides unsecured personal loans. Since its launch in 2011, it has financed over $59 billion in loans.

    MoneyGeek found that SoFi has an A+ rating from the Better Business Bureau and gives a 0.25% autopay discount. Furthermore, it conducts a soft credit inquiry, which has no impact on your credit.

    Although SoFi offers various benefits that make them the perfect lender for consumers, the lender requires a minimum credit score of 680, which means those with bad credit are ineligible for SoFi loans. It also has a minimum income requirement that may disqualify some applicants.

    Pros

    • A+ rating from BBB
    • No origination fees
    • Soft credit inquiry
    • Autopay discount
    • Loans of up to $100,000 offered

    Cons

    • High minimum credit score requirement
    • No co-signers
    • High minimum loan amount
    • Does not accept individuals with new or no credit
    • No same day funding
    SoFi

Best Personal Loan Lender for Debt Consolidation in Honolulu: 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

    Launched in 2016, Upgrade offers the best personal loans for debt consolidation in Honolulu. The company offers secured and unsecured personal loans, credit cards, auto loans and reward checking accounts.

    If you take out a loan to consolidate your debt, Upgrade pays your creditors directly and provides funds as fast as the day of approval. It also lets those with fair credit apply for loans. The personal loan amount may vary from $1,000 to $50,000, making it an excellent option for people looking for smaller loans.

    That said, Upgrade often charges high-interest rates and the origination fees range from 2.9% to 8%. If you have a good credit history, you could obtain lower rates by shopping around and comparing quotes from other lenders.

    Pros

    • A+ rating from BBB
    • No prepayment fees
    • Soft credit inquiry
    • Modest credit score of 560
    • Same-day loan disbursement

    Cons

    • High APR
    • Maximum loan amount is capped at $50,000
    • Charges origination fees
    • No co-signers
    • Charges late payment fees
    Upgrade

Best Personal Loan Lender for Home Improvement in Honolulu: 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

    MoneyGeek found that Best Egg provides the best personal loans for home improvement in Honolulu. The lender was established in 2014.

    Best Egg offers consumers online pre-qualification and conducts a soft credit check, which does not impact their credit ratings. Borrowers typically receive loan funds in their bank accounts a day following their approval. Best Egg allows you to borrow amounts ranging from $2,000 to $50,000 and use the money for various purposes such as debt reduction, home improvements and more.

    However, the company charges a high APR and has high minimum credit score requirements. If you have a low score, you may not qualify with this lender.

    Pros

    • Performs soft credit inquiries
    • Autopay discount
    • No prepayment penalty
    • A+ rating from BBB
    • Fast approval and funding

    Cons

    • High APR
    • Charges origination fees
    • High minimum credit score
    • Gross income requirement
    • No co-signers
    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.

  1. 1
    Ask Yourself the Important Questions

    Before applying for a personal loan, you should ask yourself a few questions. These include:

    1. 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.
    2. 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.
    3. 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.
    4. 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.
  2. 2
    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.

  3. 3
    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.

  4. 4
    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.

  5. 5
    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.

What is the best personal loan lender in Honolulu?
Which lender in Honolulu has the lowest interest rate?
Can I use a personal loan for vacations in Honolulu?
Can I use a personal loan for home improvement in Honolulu?
What can I not use my personal loan for in Honolulu?
How much can I borrow in Honolulu?
How long does it take to get a personal loan in Honolulu?
Can I pay off my loan early in Honolulu?

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.

About Christopher Boston

Christopher Boston headshot

Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.

Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.

Read Full Bio »
sources
  • Best Egg. "Best Egg." Accessed September 18, 2024.
  • LightStream. "LightStream." Accessed September 18, 2024.
  • SoFi. "SoFi." Accessed September 18, 2024.
  • Upgrade. "Upgrade." Accessed September 18, 2024.
  • Upstart. "Upstart." Accessed September 18, 2024.
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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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