A short-term loan can relieve you if you’re in Hawaii and face unexpected expenses. We try to connect borrowers with Hawaii’s most reputable and trusted lenders that may offer financing for your exact needs.
Short-Term Personal Loan Rates and Fees in Hawaii
On January 1, 2022, the Hawaii Department of Financial Institutions (DFI) began licensing companies to provide small-dollar loans. Consumers in Hawaii now have access to short-term installment loans of up to $1,500. While this is designed to make short-term borrowing more affordable and manageable, you must still review to confirm the full cost of any loan you accept.
APRs
Under Hawaii law, the interest rate on these installment loans is capped at 36% APR. This limit is designed to keep borrowing costs low—much lower than the triple-digit rates seen not a while ago. Review your loan agreement carefully to ensure all fees and interest charges are included within this 36% cap.
Loan Amounts
Licensed lenders in Hawaii now offer small-dollar instant loans up to $1,500. These loans are intended to cover urgent expenses, such as medical bills or sudden car repairs while helping you avoid overborrowing. It’s always wise to borrow only what you need to keep repayments manageable.
Terms
Unlike payday loans, installment loans in Hawaii have more flexible repayment schedules. Borrowers can now repay their loan over up to 12 months, with the repayment structure broken down into multiple scheduled payments that align with your financial cycle.
Fees
All fees, including finance charges, origination fees, and any administrative costs, must be disclosed and included in the APR calculation. This transparency ensures that borrowers completely understand the total cost of the loan, preventing hidden charges and helping them make an informed borrowing decision.
Short-Term Loan Example
Although many payday-style lenders have left Hawaii after introducing a 36% APR cap, licensed providers still offer small, short-term loans that adhere to state regulations. To illustrate how a short-term installment loan would work in Hawaii, here’s a detailed example:
- Loan Amount: $1,200
- APR: 36%
- Repayment Term: 3 months (installment loan)
- Estimated Monthly Payment: Approximately $436
- Total Repayment: Around $1,308, including interest and any applicable fees
This example shows how an installment loan in Hawaii might work with the maximum allowed APR of 36%. Actual terms may vary based on your lender’s calculations and your specific financial profile.
Lending Regulations in Hawaii
The Hawaii Department of Commerce and Consumer Affairs (DCCA) regulates short-term lending in the state. The state’s consumer protection laws are designed to prevent predatory lending practices and ensure that borrowers receive transparent and fair loan terms.
For more information on consumer lending in Hawaii, visit the Hawaii Department of Commerce and Consumer Affairs.
| Regulation | Details |
|---|---|
| Interest Rate Cap | 36% |
| Maximum Loan Amount | $1,500 |
| Term Length | 2 to 12 months |
| Fees | Included in the APR |
| Oversight | The Hawaii Department of Commerce and Consumer Affairs |
Our Benefits
Simple Request Process
Whether you’re in Honolulu or Hilo, our online application makes applying for a short-term installment loan easy. Forget lengthy paperwork—complete your application quickly from anywhere.Your Choice
We connect you with a trusted, licensed lender that follows Hawaii’s strict regulations. Once you receive a loan offer, review the terms thoroughly to ensure it meets your needs.Data Security
We value your privacy. We use advanced encryption and security protocols to keep your personal information safe during the application process so you can confidently submit your application.What Our Clients Say
Hear from the customers who have successfully used our service to manage unexpected expenses.
How to Request a Short-Term Loan in Hawaii
If approved, you might receive the funds within one business day. Applying for the loans is simple, as you’ll need to:
Provide Your Information
Complete our simple and secure online form with your personal information, financial details, and desired loan amount.We Search Lender Offers
Our system will try to connect you to a licensed lender in Hawaii who offers installment loans that comply with the law.Accept and Get Funded
If you receive an offer, examine the loan terms carefully and sign the agreement electronically. You may receive the funds in your checking account shortly thereafter.Loan Alternatives in Hawaii
Emergency Loans
For immediate cash needed to cover unexpected medical expenses or urgent repairs, emergency loans offer a streamlined application process and instant access to money.
Personal Loans
Short-term personal loans can provide more significant amounts and flexible terms for various financial needs, such as consolidating debt or funding home improvements.
Installment Loans
Installment loans break your repayment into predictable, scheduled payments—ideal for managing your budget without overextending your finances.
Bad Credit Loans
Bad credit loans in Hawaii are designed explicitly for people with less-than-perfect credit. Although they come at high interest rates, lenders who offer bad credit loans focus more on your current financial situation.
FAQ
Are Short-Term Loans Available in Hawaii?
Small dollar loans up to $1,500 for up to 12 months are available in Hawaii. However, payday loans are illegal in the state.
Are Payday Loans Legal in Hawaii?
No, Payday loans are illegal in Hawaii. The state heavily regulates small-dollar or installment loans, an alternative to short-term payday loans.
What Are the Requirements for Requesting a Short-Term Loan?
To be eligible for a short-term loan in Hawaii, you must meet the following requirements:
- Be at least 18 years of age
- Be a U.S. citizen or a permanent Hawaii resident
- Possess a valid Social Security number
- Have a steady income source
- Maintain an active checking account
What Are the Top 5 Cities for Short-Term Loans in Hawaii?
Short-term quick loans are available across the entire state. Major hubs include Honolulu, Hilo, Kailua, Pearl City, and Waipahu.
How Quickly Can I Receive My Funds?
If your application is approved and the agreement is signed, funds are typically deposited into your account within one business day. Sometimes, you may receive the funds on the same day.
Is a Payday Loan Different from a Cash Advance?
A payday loan is a short-term borrowing option generally repaid on your next payday, often at high interest rates. In contrast, a short-term cash advance typically involves funds withdrawn from a credit card or bank account. In Hawaii, where payday loans are not permitted, installment loans offer a regulated and structured alternative for immediate cash needs.
Are Guaranteed Short-Term Loans Available in Hawaii?
No. Licensed lenders in Hawaii must verify your financial eligibility before extending any loan offer. Any promise of “guaranteed” funding without properly reviewing your finances does not comply with state regulations.