Read this guide to find out what you need to know about payday loans in Honolulu.
You might be short on cash and looking to borrow a small amount if you’re looking into payday loans. This guide outlines the key details about Honolulu short term loans so that you can decide if getting a one is right for you.
Short-term loans, which include payday loans and installment loans, are quick ways to get the cash you need even if you don’t have the best credit. In Honolulu, lenders will have to follow Hawaii’s payday loan laws before issuing you a loan.
What should I know about payday loans in Honolulu?
Hawaii sets the maximum loan amount at $600. Your loan term must be less than 32 days, and the financing fee is 15% of the check value. This means payday loans carry an interest rate of 459%, so you should only take out as much as you need and repay it as quickly as possible to avoid extra charges.
Consider these lenders for a short-term loan in Honolulu
How a short term loan in Honolulu might benefit you
- Money however you need it. When you apply at a store, you can get your loan in the form of a check or cash or have it deposited directly into your bank account. Online loans will be deposited into your bank account, but from there you can use the money for whatever purpose you want.
- High maximum term. Hawaii gives residents up to 32 days to pay back their loan. When you’re reading your contract, see if you can set the term at this maximum instead of the average 14-day term most lenders provide.
- No rollovers permitted. In order to prevent the hefty fees that come with rolling over a loan, residents of Honolulu and Hawaii in general can’t roll over a payday loan.
Olivia needs money to pay late bills
Olivia had a bad month after her car broke down and she had to use most of her paycheck to pay for repairs. Now her bills are due, and she doesn’t have the money to pay for them. The steep late charges also mean that she owes more money as time goes on, so she knows she has to get things under control before things get really expensive.
Unfortunately, her bad credit means she isn’t able to get a personal loan or a credit card. A friend suggests she look into a payday loan. Olivia finds a lender online that approves her for a loan of $500. She reads the contract carefully because she’s heard about how much these loans can cost, and sees that she’ll have to pay back $588.23 on the loan’s due date in three weeks.
Olivia decides to go for it. She picks up an extra couple shifts at work and makes sure she has enough in her account for when the lender debits the money. After all is said and done, Olivia decides to open a savings account with her bank to prevent this sort of situation in the future.
Here’s what you need to submit your application
Start by comparing your options here, then click the Go to Site button when you’ve decided on a lender. You’ll be taken to an application page where you can submit your personal information, including your name, Social Security number and a valid form of ID. Lenders will also want to know about your gross monthly income and details about your employment, and if you apply online, you’ll also need to supply access to your bank account.
You can also decide to apply in-store. Lenders will want you to bring the physical documents as well as a post-dated check.
Whether you apply online or in-store, you’ll need to be at least 18 years old and be a US citizen or permanent resident. Most lenders will also require that you have a regular source of income when you fill out the application.
Payday loan stores near you in Honolulu, Hawaii
Here’s where you can get a loan in Honolulu
- Advance Til Payday. 1365 Nuuanu Ave # 1, Honolulu, HI 96817
- Cash N Advance. 2028 Dillingham Blvd # D, Honolulu, HI 96819
- Easy Cash Solutions. 1734 Kalakaua Ave, Honolulu, HI 96826
- Easy Money EMG. 3131 N Nimitz Hwy #108, Honolulu, HI 96819
- Hawaii Check Cashing. 1284 Kalani Street 103, Honolulu, HI 96817
- Money Mart. 1734 Kalakaua Ave, Honolulu, HI 96826
- Payday Loans & Check Cashing. 94-801 Farrington Hwy, Waipahu, HI 96797
- PayDayHawaii. 4510 Salt Lake Blvd., Stadium Mall Shopping Center A-3, Honolulu, HI 96818
- Safety Loans Co. 2065 S King St # 105, Honolulu, HI 96826