Many people imagine life in Hawaii as a pleasant dream, sunny beachside relaxation and cold drinks 24/7. For some of the 1.5 million residents of Hawaii this may be true, but for everyone else, there are still the everyday pains of life to deal with, including financial stability. Finding a loan that can fit your exact needs and situation can be daunting for anyone, however with America Loan Service you can get back to living life on the islands in no time with the peace of mind that you picked the right lender.

If you enter your zip code into our easy lender connection tool below, you can instantly see all of the best companies offering loans in Hawaii, along with all the information you need at a glance to make a decision on the right loan for you.

When choosing the right type of loan, you have the option of an unsecured personal loan or a secured loan. Unsecured loans cap out at $100,000 and have a maximum repayment time of 7 years. A secured loan, on the other hand, uses equity from your home which you can draw against for up to 20 years before it is time for repayment. Secured loans include auto loans, home equity loans, and home equity lines of credit. This can be worth as much as 70-90% of the equity in your home, leaving you a hefty chunk of change to tackle some financial needs. Consider using these loans for consolidating debt from credit cards or educational loans, buying or upgrading your home, or even purchasing a new or used vehicle. Right now in the state of Hawaii with only a 620+ credit score, you qualify for up to $50,000 with as low as 6.87% APR. Depending on how much you need and when you want to pay it back, America Loan Service can connect you with lenders that have the best option for you.

The majority of Hawaii's residents are at the age where they are dealing with educational loans and mortgages that can put a lot of strain on your income. Refinancing your mortgage or even finding your first one is one of the many things that our partnered lenders can guide you through, taking some of the stress away from these big financial decisions.

Bad Credit Options in Hawaii

Usury laws in Hawaii are very simple and clear cut, setting the maximum interest rate of a loan at 10% across the board. This is an effort to combat predatory lenders that take advantage of desperate borrowers to charge sky-high interest rates on small loans. This protection is great for general loans, however there are numerous exceptions to these laws that are regulated under completely different interest caps.

If you are looking for a mortgage, credit card, home equity loan, business loan, auto lease, second mortgage, or home equity line of credit, the 10% interest cap for the state of Hawaii no longer applies. Interest caps on these types of loans are set at the federal level, for a full list of exceptions as well as more information, check out the link at the bottom of this article titled “Exemptions to the Usury Law” from the Washington Department of Financial Institutions.

Finding a loan in Hawaii when your credit score is below 600+ is much more difficult, making it hard to borrow even small amounts under $2500. If you feel trapped under a bad credit score, one of the best things you can do is sign up for a secured credit card. While this is a good step towards fixing your credit, we recommend contacting a credit repair specialist, our favorite being Novita.

Novita was built for Americans with chronic financial troubles, whether from bad credit, overspending, or financial emergencies. Novita is a Personal Financial Guide that identifies and demonstrates how you can prevent or fix your financial issues yourself. Unlike other personal financial services, Novita gives you actions to perform instead of numbers to look at.

Not only are Novita’s prices reasonably priced, they also put the focus on repairing the bad spending habits that cause bad credit in the first place. With Novita, not only can you get back into good financial standing, you can prevent yourself from ever falling back into a slump of poor credit.

It doesn’t matter if you are taking out a loan to cover air conditioning for the tropical climate, a new car to adventure around the island hills, or starting a business to establish your mark on Hawaii, America Loan Service can connect you to the best lenders in your area that can get you the loan you need. All it takes is a few clicks, and you can see all your options laid out plain and simple, allowing you to enjoy more time living in paradise.

Quick Personal Loan Information in Hawaii

Access Over 100 Lenders With One Application

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ALS Detailed Review

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The America Loan Service online request form connects consumers to hundreds of personal loan lenders at one time with rates starting at 5.99%. The service is designed to connect consumers based on lender credit criteria. 

The process is very simple:

  • Fill out the short form, it is safe and secure
  • See if you are approved in real time from a large network of lenders
  • Check your bank account to see if the money arrived as early as the next business day if you are approved

Quick Snapshot

  • Loan Amounts: $1000 to $35,000 
  • Credit Score:  580+
  • APR:  See ALS Detailed Review for up to date APR information
  • Terms:  3 to 36 months
  • Fees: Vary by the lender

The lenders will review your request quickly to determine whether your information meets the lender's loan qualification criteria. You will receive notice within a few minutes if there is a lender interested in discussing a loan. Loans are normally funded within 1-5 business days depending on the lender and if they have all information required to fund.

If a lender is satisfied with all of the information with your request and has decided to offer you a loan, you will be directed to the lender's website. At this point, you will leave America Loan Service and we recommend that you review the terms and conditions of the lender. Take your time to go through all of the information from the loan provider. We recommend that you ask every question to be sure you fully understand the loan. The lender should explain the following information:

  • Loan amount offered
  • Finance charge and fees
  • Annual percentage rate (APR)
  • Loan term
  • Payment schedule 


Upgrade Detailed Review

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Quick Snapshot

  • Loan Amounts:  $1,000 to $50,000 
  • Credit Score:  620+
  • APR:  See Upgrade Detailed Review for up to date APR information
  • Terms:  36 to 60 months
  • Fees:  1% to 6% Origination Fee and will vary by loan term
  • Check this out Hawaii
    • Debt to income of 50%
    • Funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications.
    • Unsecured Line Of Credit to $50,000 (coming soon)

 

SoFi Detailed Review

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Quick Snapshot

  • Loan Amounts:  $5,000 to $100,000 
  • Credit Score:  660+
  • APR:  See SoFi Detailed Review for up to date APR information
  • Terms:  3,4,5,6, or 7 years
  • Fees:  No application fees, no origination fees, and no prepayment penalties
  • Check this out Hawaii
    • Will consider borrowers with limited credit history with great cash flow
    • Unemployment protection: If you lose your job, SoFi will temporarily pause your payments and help you find a new job (unique to SoFi. Check out their disclaimer on the SoFi website for full details)

Earnest Detailed Review

Apply Now with Earnest

Quick Snapshot

  • Loan Amounts:  $5000 to $75,000 
  • Credit Score:  680+ 
  • APR:  See Earnest Detailed Review for up to date APR information
  • Terms:  2 to 5 years
  • Fees:  No fees for origination, prepayment, or loan disbursement
  • Check this out Hawaii
    • Earnest Offers Lower Rates Through Better Data: The Earnest driven application process gives extra credit for financial responsibility
    • Soft Pull only to start
    • Faster response times because they use technology to improve and accelerate their decisions
    • Lifetime service provided in‐house. Unlike other lenders, Earnest will never pass you off to third-­‐party services

Payoff Detailed Review

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Quick Snapshot

  • Loan Amounts:  $5000 to $35,000 
  • Credit Score:  660+ 
  • APR:  See Payoff Detailed Review for up to date APR information
  • Terms:  2 to 5 years
  • Fees:  No fees for origination, prepayment, or loan disbursement
  • Check this out Hawaii
    • Payoff is a team of financial services professionals, research and clinical psychologists, data scientists, neuroscientists, Member Advocates and technology experts working together to better understand and accelerate people’s journey toward financial wellness.
    • Soft Pull only to start
    • Specialize in consolidating credit card debt

LendingPoint Detailed Review

Apply Now with LendingPoint

Quick Snapshot

  • Loan Amounts:  $2000 to $25,000 
  • Credit Score:  590+ 
  • APR:   See LendingPoint Detailed Review for up to date APR information
  • Terms:  2 to 5 years
  • Fees:  Origination fees range from 0 to 6%
  • Check this out Hawaii
  • The company specializes in fair credit loans starting at 590+.  
    • Soft Pull only to start
    • Was established in 2014 offering personal loans throughout America. The company is based in Kennesaw Georgia and has an A+ rating with the BBB

Credible Detailed Review

Apply Now with Credible

Quick Snapshot

  • Loan Amounts:  $1000 to $50,000 
  • Credit Score:  640+ 
  • APR: See Credible Detailed Review for up to date APR information
  • Terms:  2 to 5 years
  • Fees:  Fees will vary by lender
  • Check this out Hawaii
    • Apply once to Lending Club, Prosper, Avant, Upstart, FreedomPlus, Payoff, Best Egg
    • Soft Pull only to start
    • Unemployment protection: If you lose your job, SoFi will temporarily pause your payments and help you find a new job (unique to SoFi. Check out their disclaimer on the SoFi website for full details

Secured Personal Loans

  1. Usually a larger loan amount
  2. Access to capital can take longer if the asset used for security requires an appraisal.

Secured auto loans are processed quickly with lower interest rates because the vehicle secures the loan.

A home loan equity loan or Home Equity Line of Credit (HELOC) is an excellent option for higher loan amounts and you have the time to wait. For many people that have just purchased their home or if the equity is not available to secure a home equity loan, an unsecured personal loan can get the job done and it can be completed very quickly.

When to consider a Secured Loan and Line of Credit

Secured Loan

Secured loans and lines of credit are protected against assets and provide the lenders the ability to increase the borrowing amount, lower interest rates and work with a lower credit score. The main advantage of a secured loan is that you can access more capital when you use an asset to protect the lender. Secured loans require collateral and the process can be longer as the collateral must be verified by the lending institution. This step can be well worth your time when you receive lower interest rates.If you need a larger amount of capital for debt consolidation or home repairs, you may want a Home Equity line of credit or secured loan. If you have a low credit score, the lender is usually more willing to lend you money as they have security that they could take to repay the loan.

Where to find the best Secured Loan

LendingTree is a great option for those looking for a secured loan with over 1500 providers to choose from. 

Business Loan vs. Personal Loan

When you're just starting your business or made a big sale, you may need a cash injection. If your business in grossing over $50,000 annually, you can qualify for a loan using for business for security even with a poor credit score as low as 500.

Small business loans can be taken with your name as collateral for secured or unsecured loans.

The Difference between Secured and Unsecured Personal Loans

A personal loan is unsecured based on your signature and credit report where a secured personal loan is protected by the collateral you provide. Typical uses of unsecured loans are credit cards, lines of credit, student loans and personal loans for debt consolidation and home improvements. A secured loan collateral may be the item you’re purchasing an RV or vehicle that the lender is securing. In many cases, a secured loan could also be referred to as a home equity loan as they both require collateral. The home equity loan is your house as the collateral and lenders feel secure in that none of us want to risk losing our home. Interest rates may be less with a secured loan as the lender is taking less risk in the transaction. If you are not taking out a lot of credit, a secured loan may be the way for you to go if it saves you money in interest over the long term.

Net-Worth Statement to prepare for a Personal Loan from a Bank

If you decide to go to a bank to apply for a personal secured or unsecured loan, you will need to complete a personal net worth statement. This link will offer you an example of what most banks will be looking for today. You can also go online to the bank you are planning on using and they may have their net worth documentation online. This may save you a trip back to the bank if you have this prepared before you go. Completing a net-worth statement will also help you understand the positive and negative issues the lender will question. Take the time to answer these questions before you get to the bank. The person you are talking to will need to forward information up to the bank's risk assessment group. In most cases, they are not making the decision, only passing along what you are telling them. Write out your explanation or email it to the bank so it is easy for the lender to get the information into the right hands. Remember that we are all responsible for our own financial futures and if we don’t look after it, someone else will.

Electronic Records

Online lenders will require that you agree to the use of electronic records. As the entire transaction is completed online, the lenders are sending and receiving your private information over the Internet. Read the statement of the use of Electronic records to make sure you are comfortable with any lenders policies and their terms of use. 

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