Hawaii Payday Loans

Payday loans are legal in Hawaii with various companies willing to meet short-term needs for money. If you’re currently seeking payday loans, the first step is to read up on Hawaii payday loan laws. This site offers you an in-depth guide on cash advance loan laws before obtaining the services of a lender. Through our website, we hope to establish protection for every consumer of cash advance loans. We welcome any comments, questions or updates you might have regarding Hawaii payday loan regulations.

Payday Loan Process in Hawaii

To apply for a payday loan in Hawaii, individuals must meet the following requirements:

  • 18 years old and above
  • Proof of residency in Hawaii
  • Proof of US citizenship
  • Holder of a savings or checking account
  • Meets minimum salary requirements

Borrowers that meet the basic requirements of the lender need only to fill in an application form and have it evaluated by the lender. Note that different lenders offer varied deals. For example, there are those that require a minimum monthly salary of $800 while others prefer someone who earns at least $1000 monthly. Most Hawaii payday loan applications are processed in less than a week. Transactions may be done through the internet or through office based businesses. Borrowers with bad credit are entertained by most lenders.

Hawaii Payday Loan Laws and Regulations

To control payday loan regulations in the state, Hawaii enforces the following laws:

  • Maximum loan: $600
  • Maximum fees and finance rate: 15% of check
  • Loan term: No more than 32 days
  • APR for a $100 loan in 14 days: 459%
  • Finance charge for $100 loan in 14 days: $17.65
  • Collection fee: $20 NSF

Hawaii residents are only allowed one loan at a time, regardless of the amount involved. There are also no rollovers permitted and borrowers do not have the option of consolidation or refinancing.

Hawaii Consumer Protection

These laws and regulations governing Hawaii are being monitored through the Hawaii Department of Commerce and Consumer Affairs.

Address: Consumer Resource Center, 235 S. Beretania Street, RM 801

Phone: (808) 587-3222
Fax: (808) 586-2640
Web: www.hawaii.gov/dcca
Email: ocp@dcca.hawaii.gov

Borrowers are advised to keep regulations in mind when applying for a loan. To further enhance protection, you can contact the regulatory board to confirm the validity of the lender you plan to transact with. Any complaints can also be sent to the regulating body either through the internet or via their land-based office. Stay informed in order to make the most of your payday loan privileges.

Hawaii Cash Loan Alternatives

Those who prefer to exhaust all possible options before seeking payday loans can also try out other alternatives. If the amount is not too large, individuals can borrow from friends or relatives to meet financial obligations. Seeking a pawnshop or selling unused items is also less expensive in the long run. Employees with a stable income can try borrowing directly from their employers and avoid the encumbrance of interest rates. Credit cards are always a good option and for large amounts, a bank loan will offer better rates backed up by more stringent laws of the state.

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