Best Personal Loans Good and Bad Credit Hawaii, Payday Laws of February 2024

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Last Update: November 2, 2022 Loans By State
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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 apply to loans with terms of 48 months or less. When terms exceed 48 months, lenders can levy excess finance charges if 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 of February 2024

Amount:

$100 - $15,000

Min. Credit Score:

0

APR:

5.99% - 35.99%

Approval:

5 Minutes

Terms:

1 - 72 Months

Licensed in Hawaii:

Yes

Amount:

$1,000 - $50,000

Min. Credit Score:

300

APR:

5.6% - 35.99%

Approval:

5 Minutes

Terms:

3 - 5 Years

Licensed in Hawaii:

Yes