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Payday Loan Laws in Hawaii
Payday loans are small, short-term cash loans. Generally, consumers write a post-dated check for
the desired amount, in addition to an interest fee. The lender will hold onto the check until the
next payday (usually 14 days) and then deposits it. Consumers also have the option to return with
cash to reclaim the check. Or, in some cases, consumers can repay the loan with a signed agreement
which allows the lender to electronically withdraw the funds from their bank account on a
pre-determined date. Payday loans are regulated by state; therefore, it's important to understand your state laws.
Payday loan laws in Hawaii include the following:
The maximum amount of money you're allowed to borrow may not exceed $600.
The maximum interest rate is 15% of the total amount of the check.
The maximum loan term is 32 days.
Example:
A loan for $100 + $15 interest fee = $115 total
Borrower's are permitted to have a maximum of 1 outstanding loan at any one time.
'Roll-overs' are prohibited, meaning that a payday lender cannot offer you a new loan to repay an existing loan.
Lenders may charge a one-time fee of $20 or less for insufficient funds. However, this does not apply to the fees your bank may charge.
Currently, there is no limit on the number of payday loans that you're allowed to withdraw annually.
The Department of Commerce and Consumer Affairs licenses and regulates payday lenders and the payday loan industry for Hawaii. Online payday lenders that lend to residents of Hawaii must be licensed and comply with their loan limits and terms. You can verify the license of a payday lender in Hawaii by calling 808-587-3222 or online.
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