Current Payday Lenders in Hawaii – Terms, Rates, Legislation
Being in need of fast cash is a difficult situation and therefore being informed on the best payday loan options is very important. Here is our guide about Hawaii payday loan law and legislation.
The list of payday loan lenders in Hawaii
Check Into Cash
Check Into Cash is a national leader in direct lending, providing people with affordable, short term, small dollar credit solutions. The company has more than 1,100 stores in 30 states. The company was founded in 1993.
- Phone: (423) 479-2400
- Address: 201 Keith Street Southwest Suite 80 Cleveland, TN 37311 USA
- Website: https://checkintocash.com/
- Email: firstname.lastname@example.org
Maybeloan is a loan connection platform. You can apply for payday loans, installment loans, cash advance loans, personal loans and home loans. You can get approval regardless of your credit score.
- Address: 901 Travis St, Houston, TX, USA
- Website: https://maybeloan.com/
- Email: info@MaybeLoan.com
Open Cash Advance
Open Cash Advance is a popular platform that’s focused on finding you the right lender. Here you can request a loan for up to $5000 with our short, simple, and secure request form. The lender offers cash advances online, short-term loans, and installment loans.
- Phone: 1 (844) 675-7424
- Address: 3315 E. Russell Rd. Ste A-4 Las Vegas, NV 89120
- Website: https://opencashadvance.com/
- Email: Support@CashAdvance.com
PayDayHawaii is a loan agency. It is locally owned and operated by Payday Advance of Hawai’i, Inc. The lender is known for fast, friendly and easy financial services.
- Phone: (808) 487-7292
- Address: 4510 Salt Lake Blvd., Stadium Mall Shopping Center A-3, Honolulu
- Website: https://www.paydayhawaii.com/
- Email: email@example.com
OneMain Financial is another popular lender that offers personal loans to consumers with poor to fair credit. It is the largest lending-exclusive financial company in the United States.
- Phone: +1 808-674-1050
- Address: 890 Kamokila Blvd Ste 103, Kapolei, HI 96707
- Website: https://www.onemainfinancial.com/
- Email: firstname.lastname@example.org
Easy Money EMG
Easy Money EMG offers short-term loan products in compliance with all applicable state and federal laws. Here you can apply for a loan in the easy, fast and stress-free way.
- Phone: +1 808-955-1202
- Address: 2000 S Beretania St, Honolulu, HI 96826
- Website: https://www.easymoneynow.com/
- Email: email@example.com
Are payday loans legal in Hawaii?
Yes, payday loan are legal in the state of Hawaii. A person cannot take out a new loan until the previous one is repaid. Each lender must disclose all the rates and terms in agreements, including applicable fees and annual percentage rate (APR).
Although payday loans are quite expensive, in situations of acute need of fast cash they are still considered an easy, fast and effective solution to a problem.
Hawaii’s payday loans were legalized in 1999. There hasn’t been made major changes in the laws that govern this industry since that time. There were many attempts to cap the APR of 36$, however, they all were unsuccessful.
Hawaii payday loan regulations
- Payday lending status: Legal
- Maximum loan amount: $600
- Max loan term: 32 days
- Finance charges for $100 (14-day loan): $17.65
- APR for 14-day $100 Loan: 460%
- Number of outstanding loans permitted: One
- Rollovers: Not allowed
- Repayment plan: Varies
- Criminal action: Banned
Hawaii payday lending statutes
In Hawaii, payday lending is regulated by 26 Hawaii Rev. Stat. Ann. § 480F-1 et seq. According to the statute, a payday loan is referred to as a “deferred deposit” transaction.
Hawaii payday loans are considered small-dollar, short-term, unsecured loans that a person has to pay back with his next paycheck, typically, it is 1–3 weeks. In order to qualify for such a loan, a person must be permanently employed or rather have a stable and verified source of income.
The only payday loan providers that are allowed to do business in Hawaii are the check-cashing ones. All the rest are considered illegal.
Loan amount in Hawaii
- The maximum payday loan amount in Hawaii is $600.
- A person is not allowed to get additional loans until the previous one is paid back.
Hawaii payday loan fees
Each payday lender in Hawaii must follow a specific fee structure:
- Max finance rates. The maximum that a Hawaii payday loan provider can charge you is 5% of your check or $5 whichever is higher. If checks are coming from social security, the amount is 3% or $5. Total charges cannot be more than 10% or $5 for personal checks. Account setup fee is $10 and replacing IDs cost $5. The maximum rate for a $100 loan taken for 14 days is $17.65. The maximum APR is 459%.
- Collection fees. Hawaii payday loan lenders can charge you a NSF fee of up to $20 if your check bounces.
- Rollover fees. Rollovers for payday loan providers in Hawaii are not allowed, therefore there are no charges.
The maximum term for a payday loan in Hawaii
- You can get one payday loan for up to 32 days.
- Rollovers are prohibited; the loan should be paid back in due time.
- Today, lenders are not required to check a person’s ability to pay off a loan.
- Before you take out a loan, evaluate your financial situation. Do not borrow money if you cannot afford a loan.
- A payday loan provider is allowed to charge one NSF collection fee not exceeding $20.
- A payday loan provider is not allowed to take any criminal action against borrowers in case they are unable to pay back in a timely manner. However, there are exclusions – when a person closes the account before the loan is paid off or orders the bank to end the repayment and does it on purpose.
Who is eligible for a Hawaii payday loan?
Hawaii payday loans are easy to access and you can borrow money by visiting a store or online. Here are the basic eligibility criteria to be met.
- At least 18 years old
- US citizen or permanent resident
- A stable job and income
- Name, DOB, SS#, valid ID
- Address, email, phone
- Checking account details
Payday loans in different Hawaii cities
Payday loans are legal in all cities in Hawaii. Below are the most popular cities for payday loans in the state:
- Kailua kona
- Pearl City
- Kailua Kona
- Ewa Beach
Hawaii Department of Commerce and Consumer Affairs
- Address: King Kalakaua Building aka United States Post Office Custom House and Court House, 335 Merchant Street, Honolulu, HI 96813
- Phone: 808-587-3222
- Website: https://cca.hawaii.gov/