In Hawaii, a payday loan could give you quick access to emergency money
If you’re short on cash and need extra money for a financial emergency, a payday loan might be on your mind. Before you borrow, read our guide on the regulations surrounding them and the laws your lender should be abiding by.
Check into Cash Loans
Check into Cash allows you to directly apply for a payday loan and have your cash when you need it.
- Min. Loan Amount: $50
- Loan Term: Varies by state
- Turnaround Time: 1–2 business days
- Total Costs: Varies depending on the amount and your state of residency.
- Must be 18+
- No security needed
- Confidential and secure!
Can I get a payday loan in Hawaii?
Yes, payday loans are legal in Hawaii. All payday lenders in this state have to follow the guidelines laid out in Hawaii Revised Statute 480F-1 et seq.
Lenders in Hawaii must abide by the following guidelines:
- Maximum loan: $600
- Maximum term: 32 days
- Minimum term: None
- APR: A 14-day $100 is 459%
- Rollovers: Rolling over or refinancing your loan isn’t permitted.
Consider these payday lenders
Check the websites of any providers you’re interested in to confirm they operate in your state of residence.
Are payday loans a good idea?
If you’re in a financial bind, a payday loan may be able to help you pay for an unexpected bill or emergency expense. Still, it’s important to remember that these are high-cost forms of credit. Before you borrow, consider these alternatives.
What are the fees and charges of a payday loan in Hawaii?
Lenders in Hawaii are permitted to charge the following fees:
- Financing fees: 15% of check value
- Collection fees: $20 non-sufficient funds (NSF) charge
- Rollover fees: None
How can I apply for a payday loan?
Every lender will have different criteria for those who apply, but these are the basics you’ll need to meet: be at least 18 years old, a US citizen or permanent resident and have a regular source of income. In addition, you’ll likely have to provide your Social Security number, details about yourself such as your date of birth and address, where you’re employed and how much you make, details from a valid ID and access to your checking account.
This bill, SB 286, has failed to pass in previous years. Keep an eye out for further development.
When thinking about a payday loan, it’s important to consider how much it will cost before you borrow. The interest rates are quite high, but if you’re smart about it and know you can afford the total you’ll need to pay, borrowing might be a good idea. As always, read your loan contract thoroughly before you sign. It can be the difference between a dangerous debt cycle and a quick fix for a problem.