Cash Advance Hawaii
LEARN THE LATEST RULES AND REGULATIONS* ASSOCIATED WITH CASH ADVANCES AND PAYDAY LOANS IN Hawaii
At least one Hawaii legislator has recently tried to change the current state cash advance laws. Sen. Rosalyn Baker attempted to enforce a 36-percent APR cap on all cash advances in Hawaii. Other states have imposed this rate and saw a significant drop in cash advance lenders. The senator’s bill died due to opposition, but that doesn’t mean cash advance law changes are off the table. We’ll help you stay up-to-date on where the Hawaii cash advance laws are right now. If you want to get started with your loan request, please fill out our secure loan request form.
Hawaii Cash Advance State Laws
For Hawaii cash advances, the maximum loan amount is $600. Your loan term cannot be longer than 32 days, and you are not allowed to extend your cash advance. So, no rollovers. The maximum finance rate and fees cannot be more than 15% of the check . That means if you were to take out a $100, 14-day loan, your finance charge would be no more than $17.65, and the APR would be at most 459-percent.
If applicable, your lender is allowed to charge you a $20 NSF fee. The lender isn’t allowed to pursue criminal action against you, unless you closed your checking account or issued a stop-payment on the check.
Hawaii Payday Loan Regulations
It should be noted that state regulators categorize payday loans as the same type of short-term funding we have discussed so far. That means the same regulations apply.
- How Payday Loans Work – When you are short on cash, some lenders will let you borrow against your next paycheck. On the specified due date, the lender will automatically withdraw the borrowed amount (plus fees and interest) from your bank account.
- Maximum Amount – You can borrow up to $600 in Hawaii through this type of funding. Of course, how much you can actually borrow depends on your lender.
- Repayment Extensions – You cannot extend your payday loan in Hawaii.
Hawaii State Economy
We recommend drawing up a payback plan before you apply for a cash advance. You should be confident that you’ll be able to pay the debt off on or before the loan’s due date. One of the first steps of your payback plan should be to make sure your employment situation is safe. Hawaii’s unemployment rate in May of 2015 was a low 4.1-percent. That’s quite a bit lower than California’s 6.4-percent. Hawaii’s worst-ever unemployment rate was 10.4-percent back in January of 1976. The historical low was 2.4-percent December of 2006.
Hopefully these laws will help you know what to expect before you take out a cash advance. You shouldn’t be surprised if your lender’s rates are pretty close to these limits.
*OpenCashAdvance.com strives to present accurate information on each state’s regulations; however, we do not guarantee accuracy of data as presented. Please contact your state’s department of finance or visit your state’s official website for the most accurate information and inquiries. You can find your state’s site here: cca.hawaii.gov