Quick Look: The Best Personal Loans in Hawaii
- Best for Comparing Multiple Rates: Credible
- Best for Additional Services: SoFi
- Best for Flexible Terms: Rise
- Best for Low Fees: OppLoans
- Best for Quick Funding: Figure
Considering taking out a personal loan in Hawaii? Lenders all over the islands can offer you loans to invest in big purchases like the new computer that’s caught your eye or the sparkling kitchen you’ve always wanted.
Check out Benzinga’s guide to the best personal loans in Hawaii so you can find the right personal loan for you.
Best Personal Loans in Hawaii
The right personal loan in Hawaii will help you build good credit and offer a fixed interest rate. Personal loans generally have notably lower interest rates than credit cards, which is why many people use them to consolidate and pay off credit card debt. Plus, you can use them for unexpected expenses, traveling, emergencies, home improvements or anything else that will give you a sense of financial freedom.
Credible
Credible’s easy-to-use, organized website gives you the largest range of personal loans in this article. Credible compares rates and terms from a range of legitimate online lenders. You can tap into 1- to 10-year terms. Origination fees do vary, so make sure to take that into account when comparing APRs.
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Credible Operations, Inc. NMLS# 1681276
Credible. Not available in all states. www.nmlsconsumeraccess.org.
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Credible Operations, Inc. NMLS# 1681276, “Credible.” Not available in all states.
All bonus payments are by gift card. See terms
Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.
Won’t impact your credit score DISCLOSURE: (May be in the footer, a tooltip, or a popup the user has to click on or scroll to see)
Requesting prequalified rates on Credible is free and doesn’t affect your credit score. However, applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you.
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We receive compensation from the companies below if you click on a link or purchase a product. Amount of compensation may impact the ranking or placement of a particular product. Not all available financial products and offers from all financial institutions have been reviewed by this website. This content is not provided by Credible or any of the Providers on the Credible website. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by Credible.
Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.
SoFi
SoFi provides access to unique features such as helpful financial advice, members-only events and the highest quality referrals to make the most of your lending experience. Personal loans received from SoFi are not permitted for funding postsecondary education, investments, business transactions or real estate.
Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.
Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
Rise
With Rise, Hawaiians can borrow $500 to $5000, enjoy a risk-free guarantee and borrow on your terms. You can also take advantage of credit tracking that will help you improve your financial picture. This can be especially helpful for veterans because it is hard to manage your money when you’re moving frequently, deployed, etc.
The application and approval process is simple because you can:
- Apply online
- Choose your terms and amount
- Sign and get your money
You can get the process done quickly without worrying about availability on the islands, and you can access that cash as quickly as possible.
OppLoans
OppLoans by OppFi offers Hawaiians online loans with quick applications, fast decisions and faster funding. You can choose from a range of small loan amounts, get personalized service and manage your loan online with no issue.
There are also loans for those with bad credit and some that involve no credit check at all. As a Hawaiian, you have a right to keep your finances in pristine order, and you deserve some peace of mind. The platform also offers:
- Quite a bit of information related to financial education
- No origination or prepayment fees
- Fixed rates
- No hidden fees
If you want to apply, you can visit the website right away, or you can contact the firm for assistance if you’re not yet ready to apply. This is a simple platform to work with that makes it easier to manage your money, and you will find it simpler to complete this process from home so that you can go on with your daily routine.
Figure
Figure offers Hawaiians personal loans in an all-online format that allows you to get started as quickly as possible. The firm offers competitive rates and quality customer service throughout the process, and they even offer gift cards to customers who refer friends and family to their personal loans department.
Plus, Figure also offers:
- Financing up to $50,000
- Multiple fixed-term options
- Low fees
- Quick funding
Consider Figure when you want to take out a personal loan to addressing an emergent situation, unexpected expense, you want to travel, and much more. There’s less waiting around, and you can even earn a bit of that money back through referrals. Plus, you don’t need to find a bank when you can easily complete this process online.
Personal Loan Considerations
As you compare personal loans and look for your next lender, it’s a good idea to keep a few things in mind.
- Make sure an online independent lender’s services are valid by checking the Better Business Bureau or the Consumer Financial Protection Bureau.
- Taking on any kind of loan or debt can impact your financial future. Taking out a personal loan and consistently paying it back on time will help you build good credit. This makes it much easier for you to get loans when you need them in the future.
- Carefully consider whether to choose an unsecured personal loan or a secured personal loan. Secured loans require collateral. If you fail to pay the loan back on time, the lending institution is then entitled to your assets. Every loan contract is different, so make sure you read carefully to compare restrictions and consequences.
You can also consider other alternatives. A relatively newer approach to lending, peer-to-peer lending, means you apply for a loan and get connected to investors who see your proposed loan as an investment with good risk. These investors can individually choose to fund a portion of the loan or the entire loan and you may be able to get funding for multiple portions of the loan from various investors. If you have a favorable credit history, you might qualify for a competitive interest rate on a peer-to-peer loan. Borrowers with lower credit scores will likely only be offered higher interest rates on these loans.
A home equity loan is equivalent to taking out a second mortgage. Your lender allows you to borrow a percentage of your home's equity — typically around 80%. You repay the loan in monthly payments with interest just like your original mortgage. Your home serves as collateral, which means your home will be seized by the lender in the event that you’re unable to pay back the money you borrow and end up defaulting on your loan.
Personal Loans vs. Credit Cards
Why opt for a personal loan over a credit card? Your decision depends on various factors, such as the:
- Amount of money you intend to use or need
- Desired term for repaying the debt (and interest)
- Amount of time you want to pay off the debt
Credit cards are great for smaller habitual expenses and boosting credit when used responsibly. Some experts suggest using them for monthly bills or subscriptions to services like Netflix and Amazon Prime, then paying the card off monthly to boost your credit.
However, credit cards have notoriously sky-high interest rates that can increase over time. Even “fixed” rates on these cards can increase due to late payments or other penalties outlined in your contract.
Hawaii’s Got You Covered
Whether you choose a bank, credit union or independent online lender, the islands of Hawaii have a great range of personal lending options to fit your needs. Make sure to research and take precautionary measures, such as checking an online lender for legitimacy and comparing secured and unsecured loan opportunities.
Frequently Asked Questions
What happens if I can’t repay my personal loan on time?
It’s critical to talk with your lender about not being able to make payments before they are due so you can avoid mounting fees and negatively impacting your credit score.
How does preapproval work for a personal loan?
When you want to see if you qualify for a loan from a specific lender, first ask if it offers preliminary loan applications. If it does, fill out the application accordingly and wait for the lender to review the application.
How much can you borrow for a personal loan?
The amount you can borrow for a personal loan typically ranges from $1,000 to $100,000. The typical repayment period is one to seven years.