FAQ - General Questions
- Q: How could I reduce my debt?
You can manage your debt by consolidating your various debt (loans, line of credit, credit card balances, etc.) into one loan, usually at a lower rate. As a result, you will have just one payment to deal with and you may find it easier to pay off your debt more quickly. First Hawaiian Bank offers many options for consolidating debt, usually through a home equity or a personal loan. For more information, browse our options on Loans and Lines of Credit.
- Q: What is the best borrowing option for me?
First, determine your needs. Do you need to borrow a large amount? Do you want to make set payments? Do you have property to leverage your credit? Do you want extra money just in case? Our handy calculators can help give you an idea of what loan option is right for you. For a more customized analysis of what loan option is best, talk to a First Hawaiian Banker today or call 643-LOAN (5626). Guam residents, please call 477-LOAN (5626), and from the CNMI call 1-800-403-7167.
- Q: What is the difference between a loan and a line of credit?
A line of credit is similar to a credit card in that it is a flexible borrowing solution. You can draw on this revolving loan simply by writing a check. You are also able to borrow any part of your credit line again once you have repaid it. There are no payments until you use your line. For more information, browse our options on loans and lines of credit.
With a personal loan, you receive the whole loan when you're approved and you start paying interest immediately on the full amount. You have a fixed schedule of payments that will reduce until the loan is paid off. For more information, browse our options on loans and lines of credit.