Short-term loans known as cash advances or payday loans have become increasingly popular, especially for those living from paycheck to paycheck (throughout the state of Hawaii as well as the entire country), who have had a small financial emergency without the means to finance it.

Such an emergency might be that your vehicle’s radiator overheats in the middle of the summer. Let’s say that you don’t have the cash to fix it this week, but if you don’t get it fixed, you’ll have no transportation to and from work. At the risk of losing even more money, and perhaps even your job, a cash advance is the ideal solution.

Cash advances are made with the information from your paycheck (gross and net pay, etc.) instead of your credit report, so if your credit is bad, you may still qualify. These loans are small in dollar amount (usually6 under $1,000) and short in term (usually until the borrower’s next payday). Extensions may be available for additional fees.

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Post-dated checks are one of the more popular choices for cash advance lenders. The borrower writes out a personal check to the lender, dated with the loan payment due date in the full amount of the loan plus all applicable fees. The lender deposits the check on the loan due date, and keeps the fees. This is why many lenders prefer consumers that have their paycheck directly deposited into their checking account.

Hawaii has laws governing the payday loan industry, protecting all involved parties:

Maximum loan time frame of 32 days.
Fees cannot exceed 15% of the total loan amount ($15 per $100 borrowed).
Only one such loan may be out at one time.
No rollovers (paying off one cash advance with another) allowed.
Returned check fees cannot exceed $20.

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* Cash-Advance-USA.org provides information and research on cash advances/payday loans. We are not a payday lender or broker, nor are we necessarily affiliated with the companies profiled on this site. Not all products and services are available in each state.