Residents of Hawaii do not have to worry when they need some cash to get them through the next paycheck as payday loans is also legal in this small island. This article talks about the payday loans in the State of Hawaii to provide individuals interested in obtaining a short term loan adequate information.
Just like other states in the United States, Hawaii also passed statutes addressing the payday lending industry, so anyone short on cash can get instant loan without worry. Today, there are more than 12 payday lender stores throughout Hawaii servicing locals and visitors alike and numerous online payday lenders ready to assist anyone needing cash without the hassle associated with applying to local payday stores.
What Is The Maximum Payday Loan Limit In Hawaii?
The payday loan limit in Hawaii is $600, which means individuals applying in local payday stores and online cannot borrow more than the allowed limit. In order to apply for a small dollar loan, you must be at least 18 years old, residents, or U.S citizen, have a bank account and most importantly, employed for about 3-6 months at the time of the loan.
What Is The Payday Loan Interest Rate In Hawaii?
The State of Hawaii caps the interest rate at 15% of the face value of the check or loan amount. Payday lender cannot charge more than the maximum limit, so when you borrow one hundred dollar the interest fee you will need to pay is $17.65 based on an APR of 459% for 14 days.
Why Online Borrowing Is Better Than Visiting A Local Payday Loan Stores?
Online payday lenders offer hassle free service, quick loan approval and no fax or paperwork system, which is why many people prefer borrowing online because of the ease and convenience that payday loans online lender provide their customers.Share