Cash Advance and Payday Loans in Hawaii

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Hawaii recently passed new legislation regarding payday and installment loans. Although the new law does not go into effect until 2022, we'll help outline current regulations and the upcoming changes.

Hawaii Cash Advance and Payday Loan Rules and Regulations

Overhead view of mountain range and ocean in Hawaii.

Hawaii recently capped all interest rates on payday loans at 36%. The new law also requires all licensed payday lenders to offer installment loans instead of traditional payday loans. The maximum loan amount is capped at $1,500 in Hawaii. The loan is repayable within two to 12 months. In addition to the 36% APR, lenders can also charge a monthly fee of up to $35. However, the total fees cannot exceed more than half of the original loan amount.

Hawaii Cash Advance Lenders by City

Hawaii residents may be looking for local payday loan options. If this is the case, some brick and mortar providers may be willing to help. Here are some lenders by city in Hawaii:

  • Hilo – PayDayHawaii, Pay Day Loans & Check Cashing 

  • Honolulu – PayDayHawaii, Money Mart 

  • Kailua – PayDayHawaii, Money Mart 

  • Kahului – PayDayHawaii

  • Lihue – PayDayHawaii

  • Waimea – Pay Day Loans & Check Cashing 

How to Get a Payday Loan in Hawaii

You can fill out a loan request online to get the ball rolling.

A loan request usually asks for the following:

  • Personal information, such as your name, address, and phone number

  • Business information, such as your employer or revenue source

  • Bank information, such as your account number

After you submit your loan request, you may know within minutes if a lender is interested in working with you. If the lender approves you for a loan, you may receive your funding in as little as one business day.

Installment Loans in Hawaii

Unlike payday loans, installment loans are personal loans that customers can pay back over a fixed period. Installment loans in Hawaii are capped at $1,500, and the finance charges may not exceed 50% of the principal loan amount. Repayment periods range between two and four months. Additional monthly maintenance fees may also be charged based on the loan amount.

·         $25 fee on a loan up to $299.99

·         $30 fee on a loan between $300 and $699.99

·         $35 fee on a loan of $700 or more

Installment Loan Regulations for Hawaii

Hawaii residents who are 18 years or older might be able to request an installment loan online. Lenders may require the following information from applicants:

  • Proof of identity and address

  • Recent pay stubs and proof of employment

  • Social Security number

  • Banking information 

The application process varies by lender and can take between 15 to 60 minutes. Lenders may consider applicants' credit score, credit history, and debt-to-income ratio to determine their eligibility.

Applicants who have alternative forms of income, including but not limited to self-employment, government benefits, alimony, child support, royalties, trust funds, or investments, may be eligible.

Requesting Title Loans in Hawaii

When qualifying for a payday loan is difficult, borrowers may turn to title loans. Title loans require an asset to be used as collateral.

Hawaii does not allow auto title lenders to operate within the state. As a result, car title loans are not permitted in Hawaii. This is due to the APR and interest caps issued by the state. 

Car title loan alternatives in Hawaii include:

  • Pawnshops - pawnshops can be used for small loan amounts. 

  • Boat title loan - boats can be used as collateral in Hawaii.

  • Jewelry title loan - collateral can be gold or any type of expensive jewelry. 

  • Land title loan - you may use land you own as collateral for a loan. 

 

Final Thoughts

Since 2015, we have helped over a million individuals try and find funding. Requesting up to $1,500 with the form on this page is a breeze. Although we are not a direct lender, we help make it easy for the residents of the Paradise State to try and connect with a financer.

*opencashadvance.com strives to present accurate information on each state's regulations; however, we do not guarantee the 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


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