Hawaii Payday Loans
Are you living paycheck to paycheck with no end in sight to your financial worries? Hawaii payday loans can be the help you need in these troubled times. Being short on cash can put you in a difficult proposition and therefore, being informed on the best options to get out of a financial situation is important.
Are Hawaii Payday Loans legal?
Yes, it is legal to take out a Hawaii payday loan. However, there are laws governing payday loans in Hawaii to which all vendors must comply. All payday lenders in this state have to follow the guidelines laid out in Hawaii Revised Statute 480F-1 et seq. The main provision of this law that protects Hawaii’s citizens is that a person cannot get a new loan until the old one is paid in full. The law also clearly states that the agreements signed have to indicate all the costs related to the loan, including applicable fees and APR.
Advantages of Hawaii Payday Loans
There are many options available between stores and online vendors.
- Easy application. The application process is simple as all you need to do is go through an online process and upload documents which will be verified electronically. There is no need for faxing out documents.
- Quick money. If your online application is successful, depending on the time of day, you could get your money the same day. If unable to receive cash on the same day, then it should be the next day.
- Bad credit is ok. Even if your credit history is below par, there is a good chance you will be approved. This is because what Hawaii payday loan companies are looking for is a steady job and the ability to repay on time.
Fees to consider
There is a fee structure that every Hawaii payday lender should follow. Lenders in Hawaii are permitted to charge the following fees:
- Financing fees. The maximum that a lender can charge you is 15% of the check value.
- Collection fees. Lenders can charge you up to $20 if your check bounces.
- Rollover fees. Hawaii payday loan companies are not permitted to activate rollovers therefore charges do not apply.
How to apply for a Hawaii Payday Loan
Every lender will have different criteria for those who apply, but these are the basics you’ll need to meet: be at least 18 years old, a US citizen or permanent resident and have a regular source of income.
In addition, you’ll likely have to provide your Social Security number, details about yourself such as your date of birth and address, where you’re employed and how much you make, details from a valid ID and your checking account numbers.