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