Payday loans and their availability in Hawaii

Payday lending business is legalized in Hawaii for those lending companies that are involved in check cashing operations. The whole payday lending industry in the State is regulated by the official law under the name 26 Hawaii Rev. Stat. Ann. § 480F-1 et seq.

Payday loans in the State of Hawaii are represented by the small-sum loans which are to be paid off by a borrower on the due date when he receives his next paycheck. Usually this period amounts 14 days. Payday loans are generally not secured by any collateral and make up a small amount of money, sometimes reaching up to $1000. In order to be approved for receiving this kind of loan, a customer should have a constant job or at least a permanent income from a checked and safe source. All the financial fees and charges for payday loans should be paid in US dollars by borrowers. Since these loans are rather expensive due to the high interest, annul percentage rates on them may be even more than 300%.

Only payday lending firms that are providing check cashing services can work in the State under Hawaii legislation. The main law states that payday lenders are allowed to set interest rates not exceeding 15% on a payday loan. The maximum financial fee for a loan which amounts $100 is $17.65. Therefore an annual percentage rate on the loan makes up 459% (the loan amount – $100, the loan period – 14 days). A borrower is prohibited to take a loan for more than $600, for a time exceeding 32 days. The loan can not be rolled over and is to be paid back till the deadline.

The Hawaii Department of Commerce and Consumer Affairs is the agency that is responsible for all the activities of payday lending companies in the State. By having any problems or claims against payday lenders customers should contact this agency.

Regarding payday loans collections, it is forbidden for a lender to bring any criminal suit against his customer, if the latter isn’t able to pay the credit of on time. The only exception is made in case a borrower has intentionally closed his check account before repayment or asked a bank to block the payment.

Due to the legality of payday loans in Hawaii, a lot of the State residents can resort to them in order to resolve their financial issues. Even despite the fact that these short-term loans are pretty expensive because of high percentage rates, they can be of great assistance to people who need urgent cash. Taken into consideration that a couple of bills are to be paid in several days, and a person has no savings in his family budget, he can surely address to a payday lender and receive the necessary money quickly and easy. All the Hawaii citizens are allowed to apply for such loans. For most people it is the best way of getting fast money.

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