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Find Payday Loan Companies in Hawaii

Governing law in state:
In Hawaii, there are laws specifically authorizing cash advance loans. For each payday loan transaction, creditors must submit a written contract. The agreement must contain a statement of all the charges and fees. A borrower with an outstanding loan balance cannot enter into a new agreement with a payday loan company. Under Hawaiian law, a lender is prohibited from initiating a civil suit to collect consumer debt and therefore cannot recover damages.

Maximum loan amount:
The maximum amount that a consumer can borrow is $300.

Loan terms:
The maximum loan term that a cash advance store is permitted to have is 31 days.

Extensions:
Borrowers cannot rollover (consolidate or refinance) or extend a loan. 

Fees and charges:
The maximum fee that a payday loan business can charge a consumer is 15% of the check's amount.

Fee schedules and APR:
If the fee is $15 per $100 borrowed, that will equal an APR of 391.07%.

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Hawaii Loan Statistics
2012 2011 2010
Average Loan640677576
Average Age373536
Pay Schedule
  Weekly7%7%9%
  Bi-Weekly54%55%48%
  Monthly13%13%15%
  Twice Per Month26%25%28%
Home Owner9%14%16%
Renter91%86%84%
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