A payday loan in Hawaii can give you quick access to much-needed funds.
Hawaii received statehood in August 1959, which made it the 50th and most recent state in the union. Located in Oceania, it is the only US state not located in the Americas and is made up entirely of islands. Hawaii is the country’s eighth-smallest state and its 11th least populated.
Tourism is a driving force in the region’s economy. In 2008, the gross state product of Hawaii topped $65.85 billion. Livestock, crops, and fishing also make up a good portion of the states revenue. In December 2015, the unemployment rate in the state was 3.2%.
Payday loans, also referred to as cash advances and cash loans, find a number of takers in Hawaii. This guide provides all the information you need about payday lending in this state.
Are payday loans legal 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 Statutes 480F-1 et seq. Under payday loans laws in Hawaii, a lender cannot provide a loan to an individual who has an outstanding payday loan. This takes away the possibility of repaying an existing payday loan by using proceeds from a new loan.
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 upon 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!
A selection of loans you can apply for
Payday lenders in Hawaii must get borrowers to sign written agreements which should give you a clear indication of all applicable fees in US dollars and as an annual percentage rate (APR). Payday loans laws in Hawaii don’t permit lenders to accept any kind of collateral.
Why should you consider taking out a Hawaiian payday loan?
- You’ll have a wide range of options. Your options include in-store as well as online loan providers. If you don’t want to do extensive research on your own, you can consider a loan matching service. These companies normally don’t charge any fees to borrowers.
- Your bad credit is alright. Getting a regular loan with poor or bad creditworthiness can be quite a challenge. Payday lenders understand that there is more to a borrower than a credit score, so if you have a steady job and can display an ability to repay, you may qualify for a payday loan.
- Most have an easy application process. If you wish to apply online, all you need is access to an Internet-connected computer. Some payday lenders complete the verification process online, removing the requirement to fax documents over. If you wish to apply by visiting at a store front, the process should take little time.
- You get the money quickly. Successful in-store applicants can get their hands on the approved money almost immediately. With online payday cash loans, some lenders can transfer the money in your account by the following business day, while others may take longer.
What fees and charges do Hawaiian payday loans come with?
Payday loan laws in Hawaii require lenders to follow a predetermined fee structure. This is what it looks like:
- Maximum finance rate and fees. A lender can charge 5% of the face value of a check or $5, whichever is higher. If the check is a payment of any kind of federal social security benefit or state public assistance, the lender can charge 3% of the face value or $5, the whichever is higher. In case of a personal check or a money order, a lender can charge 10% of the face value or $5, whichever is greater. A lender can charge no more than $10 for setting up an initial account and no more than $5 to issue an optional replacement identification card. The maximum finance charge for a 14-day $100 loan is limited to $17.65. The maximum APR of a 14-day $100 loan is 459%.
- Collection fees. A payday lender in Hawaii can charge one NSF fee of $20. If a lender accepts a check passed on insufficient funds, it loses its right to recover damages.
- Rollover fees. Payday loan laws in Hawaii don’t permit rollovers, so the question of rollover fees does not arise.
How can I apply for a Hawaiian payday loan?
Applying for a cash advance in Hawaii is easy. You can do so by visiting any payday lender’s store or by applying online. In both cases, you have to meet some basic eligibility criteria:
- You’re over 18 years of age
- You’re a US citizen or a permanent resident of this country
- You have a steady source of income
In order to complete the application successfully, you’ll have to submit some information:
- Your name, date of birth, and social security number
- A valid form of identification such as your passport or driver’s license
- Your home address, email address, and phone number
- Your employer’s name and information
- Your income and pay frequency
Important information about payday loans
While payday loans can be beneficial for many people, they aren’t always the best option for everyone. Follow the link for more information.
Have any more questions about Hawaii payday loans?
What is the maximum amount I can borrow through a payday loan in Hawaii?
The most you can borrow through a Hawaii payday loan is $600.
How long do I get to repay my payday loan?
Payday loan laws in Hawaii set the maximum loan term as 32 days.
Are there any other ways to get fast cash in Hawaii?
You can consider getting an auto title loan, a personal loan, a credit card cash advance, or an advance on your paycheck.
I wish to file a complaint about a payday lender in Hawaii. Who should I contact?
You should get in touch with the Hawaii Department of Commerce and Consumer Affairs.
Is there an easy way to look for payday loan locations in Hawaii?
You can search online or go through the local Yellow Pages.