Compare Hawaii Payday Loans and Alternatives

Unexpected expenses can pop up at any point and many may require cash, payday loans can be a quick lending source for these situations. These small loans are generally quicker than banks, providing cash in as little as an hour in some cases – you do have to pay for this convenience though.

There are many payday lenders across Hawaii that provides these micro loans, as specialists, their cost structures tend to be different to general loans from banks or credit unions. Many payday lenders may have more flexible approval conditions, offering loans to those with bad credit or a low income and even social security recipients in some cases.

Things to Compare and Consider With Payday Loans
- What are the costs? If considering a loan, ask for total costs in dollar figures and not percentages
- Is the loan affordable? Qualifying for a loan does not mean you can actually afford the loan
- Strict repayment terms with expensive fees should you default

 
Hawaii has many payday lenders across the state. Finding a reputable provider depends on your situation and financial background. Below is a checklist on how to get the best payday loan for you, regardless of your background.

- Always check reviews and complaints of the lender
- Verify their license with the Department of Commerce & Consumer Affairs
- Compare at least 3 different lenders and make sure they quote total costs in dollar amounts and not percentages.
- Consider loans in larger neighboring cities, larger population equals more competition and possibly better terms and costs.

Cities Across Hawaii With Numerous Payday Loans Options
Honolulu – Lihue – Aiea – Ewa Beach – Waianae – Kaneohe – Waipahu – Kapolei – Pearl City – Wailuku – Kaihului – Kailua-Kona – Waimea – Hilo – Pahoa – Captain Cook – Kihei – Lahaina – Wailua – Ma’ili – Wahiawa – Kalihi-Palama – Kaimuki - Waikiki

Most major cities in Hawaii will have payday loan providers; however the above cities are confirmed to have payday loan providers.

General Eligibility Requirements for Payday Loan Applications
Qualification for payday loans can vary from different providers in their application and approval criteria. In most cases, it is a very quick process with loans provide in the same day with minimal paperwork. General eligibility requirements include:

- 18 years of age
- Proof of income, at least $750 per month
- Must have a checking or savings account (1 month minimum history)
- Valid SSI or taxpayer (ITIN) number
- Must be a resident of the state of the loan
- Employed at least 4 months or more
- Must have valid home and work phone numbers
- Must not be active military member (for most lenders)

Cheaper Alternative Loan Options to Compare With
Depending on your need and urgency for money, there are many different alternative loan options available. In many cases, you may even find that a loan isn’t needed as you can establish new repayment terms with most creditors if you are borrowing to pay down debt. Whatever your reason for cash, below are different borrowing options.

- Most banks actually provide their own version of a payday loan; simply ask for a checking or savings account advance.
- Some employers will provide a salary advance, giving you access to some or all of your next paycheck
- Government benefits are another possibility to help with certain household bills such as utilities. If you are borrowing money to pay the electric, water or gas bill…benefits may be a better option.
- Speaking with a free financial counselor may be a great way to get financial assistance in the form of a loan as well as professional advice on how to control and manage money.

In addition, there are specialized loan services for Seniors, Disabled and Social Security recipients. Often times these groups are unsure of where they can get financial aid and help from. There are different community and non-profit organizations that can help.

 
Dealing With Problems with Payday Loans in Hawaii
Over the years there have been some horrific stories about payday lending and different unethical practices some lenders took part in. Because of this there have been different national and state based laws created to protect consumers. Below are your rights as a borrower in the state of Hawaii along with some key facts about payday loans.

- At no time may lenders harass, threaten or intimidate you when colleting loan. If you are, file a complaint with the Hawaii Department of Commerce & Consumer Affairs (DCCA)
- Criminal action cannot be taken by lender unless borrow closes account or makes a stop payment
- A payday lender cannot allow you to borrow another amount from them to pay off a previous loan with them.
- You can only get 1 loan at a time that cannot exceed a 32 day period, resulting in a max of 11 loans per year
- Rollovers are not permitted; loans must be paid off before another is allowed
- You can only borrow a total of $600, and only 1 loan at a time
- The Annual Percentage Rate (APR) for a 14 day loan of $100 must not exceed 459%
- Maximum finance rate and fees cannot exceed 15% of total loan/check

For more information, or to file complaints, contact the Department of Commerce & Consumer Affairs. You can also learn about additional financial assistance programs and options for Hawaii here.