Best Personal Loans Good and Bad Credit Hawaii, Payday Laws 2019 - Elite Personal Finance
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Best Personal Loans Good and Bad Credit Hawaii, Payday Laws 2019

EPF August 20, 2019
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Citing Article 9 of Hawaii’s Code of Financial Institutions, licensed lenders are required to cap consumer loans at $25,000.

For precomputed loans, interest rates are capped at 14% per year for the first 18 months, 10.5% per year for the next 12 months, 7% per year for the following 12 months and 4% per year for the last 6 months. Rates are applicable to loans with terms of 48 months or less. When terms exceed 48 months, lenders are allowed to levy excess finance charges as long as the annual APR does not exceed 24%.

For simple interest loans, APRs are capped at 24%, regardless of the term.

Licensed lenders can also charge:

  • A late payment fee of up to 5% of the unpaid balance
  • Prepayment fees under certain conditions
  • Rollover fees under certain conditions

To operate in the state, licensed lenders also have to pay an annual fee of $50.

Best Bad Credit Loans In Hawaii 

Lender:Min Credit Score:Loan Amount:APR:Licensed in Hawaii:
BadCreditLoans0$500 – $5,0005.99% – 35.99%Not a direct lender
CashUSA0$500 – $5,0005.99% – 35.99%Not a direct lender
Opploans0$1,000 – $4,00099% – 199%Yes
PersonalLoans580$1,000 – $35,0005.99% – 35.99%Not a direct lender

For more information, see our  guide on bad credit loans.

Best Personal Loans for Good Credit In Hawaii 

Lender:Min Credit Score:Loan Amount:APR:Licensed in Hawaii:
Payoff640$5,000 – $35,0005.99% – 24.99%Yes
Upgrade620$1,000 – $50,0007.99% – 35.97%No, but complies with law
PersonalLoans580$1,000 – $35,0005.99% – 35.99%Not a direct lender
LendingTree500$1,000 – $35,0003.99% – 35.99%Yes

For a list of other great options, see our recommended lenders.

Also try SuperMoney. They can help you find a reliable loan today.

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Payday Loans in Hawaii

Maximum Loan Amount: $600

Minimum Loan Term: Not specified

Maximum Loan Term: 32 days

Maximum Fee: 15% of the loan; up to $17.65 per $100

Maximum APR: 460%

Rollovers: Prohibited

Loan Limit: You can only have one payday loan at a time

Payday loans are legal in Hawaii.

Under the Deferred Deposit Act, loans are capped at $600 and finance charges are capped at 15% of the face value of the loan. Over a 14-day period, APRs can reach nearly 460%. Over a 32-day period, APRs can reach 201%.

To operate legally, licensed lenders are also required to provide the following notices:

  1. A notice that sets forth:
    • The fees charged for cashing a check, for selling or issuing a money order, and for the initial issuance of any membership or identification cards; and
    • That consumer complaints about the check cashing business may be filed with the department of commerce and consumer affairs, and includes and identifies the telephone number of the consumer information service of the department of commerce and consumer affairs;
  2. Provide written notice to each customer of the fees charged for cashing checks that is separate from and in addition to any posted notice;
  3. Obtain a written acknowledgment from the customer that written notice of the fees charged for cashing checks was provided; and
  4. Provide each customer a receipt documenting any and all fees charged.

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Car Title Loans in Hawaii 

Car title loans are illegal in Hawaii.

Despite that, online lenders still find ways to offer the product.

Alternative Payday Loans In Hawaii 

When personal loans aren’t an option, alternative lenders are there to fill the void.

Opploans is a licensed alternative lender in Hawaii that partners with FinWise Bank. A member of the Federal Deposit Insurance Corporation (FDIC), FinWise is responsible for approving and underwriting loans, while Opploans manages collections.

Typical loans in Hawaii range from $500 to $4,000 and come with average APRs of 160%. Terms usually range from 9 to 18 months.

Credit Unions In Hawaii 

Name:APR:Amount:
HawaiiUSA Federal Credit Union5.25% – 18%$30,000+
Hawaii State Federal Credit Union5.00% – 18%Up to $50,000

HawaiiUSA Federal Credit Union

Until August 31, 2019, HawaiiUSA Federal Credit Union is offering promotional APRs as low as 2.49% for its personal loans. You need to borrow at least $1,000, but loans can be used for nearly any reason.

Typical APRs look like this:

  • 12 Months: as low as 5.25%
  • 24 Months: as low as 5.75%
  • 36 Months: as low as 6.25%
  • 48 Months: as low as 6.50%
  • 60 Months: as low as 7.25% or a promotional APR as low as 6.25% on loans ≥ $10,000
  • 72 Months: as low as 7.75% on loans ≥ $20,000

As a secondary product, HawaiiUSA’s Signature Line of Credit allows you to borrow up to $30,000 with a variable APR of 6.75%. Variable rates also adjust each January.

HawaiiUSA operates 14 branches across the state, with locations in Aiea, Honolulu, Kaneohe, Mililani as well as many others.

Hawaii State Federal Credit Union

Similar to HawaiiUSA, Hawaii State Federal Credit Union is offering promotional APRs for its personal loans until August 31, 2019. If you borrow a minimum of $500, you may qualify for their 1-year special APR of 2.99%. However, without setting up automatic payments from your Hawaii State checking account, the APR will be 0.25% higher and may require higher monthly payments.

Typical personal loans offer up to $50,000 and APRs are structured by term:

  • 1-Year: as low as 2.99% (promotional)
  • 2-Year: as low as 5.00%
  • 3-Year: as low as 5.50%
  • 4-Year: as low as 6.25%
  • 5-Year: as low as 6.75%
  • 6-Year: as low as 7.25%

You can also opt for a Personal Line of Credit. Variable APRs are as low as 8.75%, but the 0.25% increase applies without automatic payments.

Hawaii State operates 10 branches across Hawaii, with locations in Honolulu, Kaneohe, Kapolei, Kahului as well as others.

Student Loans In Hawaii 

Hawaii Community Foundation Scholarship

Offering student grants that range from $1,000 to several thousand, the Hawaii Community Foundation Scholarship is a needs-based scholarship designed to help residents of Hawaii pursue higher education. The average grant is $2,500 and you have to re-apply for funding each year.

To qualify:

  • You must be a resident of Hawaii
  • You must demonstrate financial need
  • You must attend an accredited two or four year not-for-profit institution within the United States
  • You must register as a full-time student
  • You must maintain a minimum 2.7 GPA

With your application, you also need to submit a personal statement outlining why you’re attending college, why you chose your course of study and describe your career goals. You also need to explain how you plan to give back to Hawaii.

Federal Housing Administration (FHA) Loans In Hawaii 

Hawaii has five counties that are eligible for FHA loans. The lowest loan amount of $387,550 is available in Hawaii County, while the highest loan amount of $1,386,650 is available in Honolulu County.

County:Lowest FHA Loan Amount:Highest FHA Loan Amount:
Hawaii County$387,550$745,300
Kalawao County$678,500$1,304,850
Maui County$678,500$1,304,850
Kauai County$713,000$1,371,150
Honolulu County$721,050$1,386,650

Business Loans in Hawaii 

To obtain a hassle-free business loan, consider one of the online options below:

Lender:Min Credit Score:Loan Amount:APR:Licensed in Hawaii:
LendingTree500Varies5.99% – 35.99%Yes
Kabbage0Up to $250,00024% – 99%Not a direct lender

For a local resource, Hawaii is also home to Commercial and Business Lending (CBL):

Commercial and Business Lending (CBL)


Aiming to diversify the local economy and enhance community and rural development across Hawaii, Commercial and Business Lending (CBL) has over 30 years of experience.

The company also has several loan programs to choose from:

  • Income-Property Loans are designed for property investors looking to generate rental income. You can borrow anywhere from $25,000 to $10 million and you can choose between fixed or variable APRs. Terms range from 10 to 15 years and loan-to-value (LTV) ratios are typically 75% (80% in some cases).
  • Commercial and Agricultural Land Loans offer a minimum of $100,000, with loan terms ranging from 1 to 30 years. APRs can also be fixed or variable and LTV ratios can reach upwards of 96%.
  • Business and Industry Loans are available to businesses operating in qualified rural areas with a population of less than 50,000. Loans typically range from $750,000 to $5 million ($10-$25 million in some cases) with terms up to 25 years. APRs can be fixed or variable and loans can be used for real estate purchases or remodeling, debt refinancing, machinery and equipment purchases and working capital. To qualify, your business must have U.S. majority ownership and personal or corporate guarantees are required.
  • Community Facilities Loans are designed for non-profit or municipality operations in rural areas with a population of less than 20,000. Loans typically start at $750,000 though there is no maximum. Terms extend up to 30 years and APRs can be fixed or variable. To qualify, your business must be a non-profit, operate for public use or have Native American Tribe status.
  • SBA 504 and 7(a) Loans provide up to $3.5 million for 504 Loans and up to $1.33 million for 7(a) Loans. Terms can be structured to fit your needs and the company encourages interested parties to call for details.

You can visit CBL Lending at: 1188 Bishop Street Suite 602 Honolulu, HI 96813. You can also call them at (808) 585-7227 or (808) 585-7447. As a third option, you can also fill out the contact form on their website.

Conclusion

Hawaii state officials place interest rate caps on consumer loans of less than $25,000. However, because payday loans are considered ‘deferred deposit’ loans and not consumer loans, lenders can levy APRs of up to 460% on a 14-day loan. Before going down that road, you should exhaust all other resources. If you don’t qualify for a personal loan, consider HawaiiUSA or Hawaii State Federal Credit Union. APRs are capped at 18% so their products are extremely affordable. As a payday loan alternative, Opploans is licensed in Hawaii and partners with FinWise Bank to provide loans to borrowers who don’t qualify elsewhere. APRs average 160%, but they’re still much lower than traditional payday loans.

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