Personal Loans Hawaii Bad Credit – Ultimate Guide

If you need a personal loans Hawaii bad credit, there are many options for how to still take money to survive the financial crisis. To do this, we will look at some examples and provide you with the addresses of organizations and banks that will help you solve this issue.

Hawaii Usury and Regulations

Personal loans hawaii bad credit

Summary of the laws of Hawaii on usury / Legal issues: 10% Contract: 1% per month / Court decision: 10% / Corporate Law: There is no specific bid

Our website strives to include the most up-to-date legal data for Hawaii, but no warranties or guarantees of any kind are expressed or implied regarding the accuracy of this data. This data is not intended to be used as legal advice.
To get legal assistance, talk to a lawyer in Hawaii and / or contact the Department of Banking and Financial Law of the government of the State of Hawaii – the legal provisions have been studied FindLaw.com and American Lawyers Quarterly.

Information about usury laws in Hawaii:

Legal maximum interest rates: Quote: “10% H. R. S. 478-2”

Fines for usury: Quote: “The creditor can only recover the principal amount; the debtor collects expenses / The creditor is fined up to $ 250 and / or imprisoned for up to 1 year 478-5. 6 HR. S.”

Court Decision Interest Rates: Quote: “10% on a court decision on any civil claim (H. R. S. 478-3)”

Legal exceptions: Nil

Hawaii Lenders By City

Wahiawa HI / Kapolei HI / Mililani Mauka HI / Ewa Gentry HI / Kaneohe HI / Waipahu HI / Mililani HI / Pearl City HI / Honolulu HI

Complaints to:

Division of Financial Institutions, Department of Commerce and Consumer Affairs, P.O. Box 2054

Honolulu, HI 96805 / In Person: Division of Financial Institutions – Department of Commerce and Consumer Affairs

335 Merchant Street, Room 22, Honolulu, HI 96813 / Email: [email protected]

Main Office Information: Division of Financial Institutions, Department of Commerce and Consumer Affairs: King Kalakaua Building, 335 Merchant Street, Room 221, Honolulu, HI 96813 / Phone: (808) 586-2820 / Fax: (808) 586-2818 / Residents In Other Islands Call: Kauai 274-3141, Maui 984-2400, Hawaii (808) 974-4000, Lanai & Molokai 1-800-468-4644 (toll free)

What Is a Credit Rating

Personal loans hawaii bad credit

The credit rating was invented in order to quickly and clearly demonstrate the reliability of the borrower, so to speak, his credit reputation. It was developed by a private organization FICO (Fair Isaac Corporation) and the method of its calculation remains a secret of this agency, but there is official information that affects the change in this rating. But about this in a separate article.

A credit score is just one digit, which ranges from 300 to 850 (in some agencies from 330 to 830). However, 60% of people have a rating ranging from 650 to 800, and the national average rating is 723. It is well known that the higher the rating, the more reliable the borrower is. The credit rating usually rises very slowly; sometimes it takes years to pay off the loan or raise the average age of their credit cards (which significantly affects the rating).

But it falls very quickly and for a long time — for this it is necessary to enter at least one bad entry in the report and it will be stored there for years. This can be a loan request, stored for two years; collection, up to 7 years; late payment, depending on the terms, but can be stored for up to 10 years; bankruptcy, up to 15 years. The presence of such information has a very negative impact on the result when considering your application for a loan.

When exactly do you need a good credit history and credit rating:

  • when do you want to get a credit card;
  • when do you want to get a cash loan;
  • when do you want to buy a car on credit;
  • when do you want to get an education loan;
  • when do you want to reduce the interest rate on existing loans;
  • when do you want to get a home mortgage;
  • when you want to rent an apartment in your own name (in this case, you can reduce the deposit amount);
  • when you sign a contract for a certain service — internet, telephone, gas, electricity;
  • when you open your business and rent a room;
  • when trying to get a good job (many employers check their credit history).

Remember that Credit Score is your credit reputation. It is very difficult and takes a long time to improve it, but you can spoil it in one day. So be very careful, pay your bills on time, do not make mistakes in credit reports, follow the advice of credit specialists and remember that in the future this will bring not only convenience, but also noticeable financial benefits.

Hawaii Lender Service Areas Map

Bank of Hawaii Safeway

377 Keahole Street, Honolulu

HI 96825 – www.boh.com

808.397.2250

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Bank of Hawaii

67-1191 Mamalahoa Hwy, Waimea

HI 96743 – www.boh.com

808.885.7995

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Bank of Hawaii Hawaii

7192 Kalanianaole Hwy Honolulu

HI 96825 – www.boh.com

808.397.4010

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Big Island federal credit union

66 Lono St, Hilo

HI 96720 – 808.935.9778

www.bigislandfcu.com

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HELCO Federal Credit Union

1437 Kilauea Ave #105, Hilo

HI 96720 – www.helcofcu.org

808.969.6999

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Hawaii County Employees federal credit union

131 Puuhonu Wy, Hilo

HI 96720 – 808.935.2969

www.hawaiicountyfcu.com

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Valley Isle Community FCU

160 Paahana St, Kahului

HI 96732 – www.vicfcu.org

808.877.3232

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HawaiiUSA FCU

1310 S Kihei Rd, Kihei

HI 96753 – 808.875.5700

www.hawaiiusafcu.com

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Maui Federal Credit Union

107 E Wakea Ave, Kahului

HI 96732 – www.mauifcu.com

808.873.5050

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Molokai Community Federal CU

135 Puali Pl, Kaunakakai

HI 96748 – 808.553.5328

www.molokaicommunityfcu.com

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Oahu Federal Credit Union

2219 Pauoa Rd, Honolulu

HI 96813 – oahufcu.org

808.521.6727

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Hawaii Federal Credit Union

1244 Kaumualii St Honolulu

HI 96817 – 808.847.1371

www.hawaiifcu.org

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Signature Loan Example In Hawaii

Personal loans hawaii bad credit

Henry’s son attends a private educational institution in Honolulu, for which you need to pay for tuition in the near future. Also, Henry recently broke down the truck on which he earns a living, and his wife was in a small accident and her car also needs urgent repair, since she drives it to work across the city every day.

After calculating all possible expenses, Henry came to the conclusion that he would need personal loans about $ 11,000 for all this. Naturally, in order to properly transfer these difficult financial times, he needs to apply for a personal loan to sign.

Although Henry has never applied to a bank for a loan before, now he has no choice but to decide on this action, because there are many problems that require immediate financial solutions.

But at the same time, in January, Henry became seriously ill. He has medical insurance available, but if you take into account the deductible of $ 5,000, then his savings are rapidly beginning to melt before his eyes. Before that, he had a budget that covered all the necessary expenses for medical services, but his account now will not be able to cover current expenses and is not designed for serious financial difficulties.

Henry and his wife work full-time, and his son does not stay away from the family budget and also works part-time. They know that long and hard work will help them earn enough money for living, and they will not have to go to the bank and take on such a burden as a loan. And although Henry was forced to apply for repayment of the loan in four years, he wants to pay off the bank as soon as possible.

He doesn’t want to pay huge interest on the personal loans if he can’t avoid it. So, Henry took $ 11,000 for a period of four years at an interest rate of 6.25 percent. His monthly expenses for the payment will be:

Loan amount (principal amount) = US $ 11,000

Interest rate = 6.25%

Term of office = 4 years

Monthly payment = 259.60 US dollars.

Total refund amount = 12460,70 US dollars.

The total amount of interest = 1460.70 US dollars.

Henry and his family are the right clients who will suit any lender. They work hard at their job, always pay all the bills and they have an excellent credit history behind them. Since the risk of lending is quite high, Henry can get a loan with a good interest rate.

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Henry’s son is well aware of how important private school is to him and understands that this is quite a large amount of money for their family. Henry takes care of his son’s tuition, but his son still needs to keep working so that he has money for pocket expenses, the purchase of textbooks and other needs.

Many will consider this a mere trifle, but for Henry’s son it is a serious obstacle and an opportunity to teach him to appreciate every penny he personally earned. He must manage his money rationally. He knows this, because his father taught him this since childhood.

The loan will also cover the amount of repair of the truck. The truck is not just a car for Henry, but a way of earning money, without it he will not be able to bring money to the family, and his wife’s car is the only way for her to get to work on time.

This loan will help them to keep their income at work, and will also allow them to continue to earn a living, without sinking into loans in the future. Creditors are convinced that he will be able to achieve his goal and repay the loan ahead of schedule under the contract. If you live in the state of Hawaii and you are unable to get a loan due to a bad credit rating, we can help you.

Debt Consolidation Providers In HI

Debt Free Hawaii

46-5 Kawa St Kaneohe

HI 96744 – 808.339.3310

www.debtfreehawaii.com

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CU Hawaii FCU

75-5781 Kuakini Highway

Kailua-Kona, HI 96740

www.cuhawaii.com

808.933.6700

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CU Hawaii FCU

16-710 Milo St, Keaau

HI 96749 – 808.933.6700

www.creditunionsonline.com

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Big Island FCU

75-5737 Kuakini Hwy #101

Kailua-Kona, HI 96740

www.bigislandfcu.com

808.329.8889

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Hawaii Community FCU

73-5611 Olowalu St, Kailua-Kona

HI 96740 – www.hicommfcu.com

808.930.7700

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Valley Isle Community FCU

160 Paahana St, Kahului

HI 96732 – www.vicfcu.org

808.877.3232

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Maui County FCU

270 Dairy Rd #146, Kahului

HI 96732 – 808.244.7968

www.mauicountyfcu.org

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West Oahu Community FCU

91-1717 Fort Weaver Rd

#B, Ewa Beach, HI 96706

www.wocfcu.com

808.689.3000

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Pearl Hawaii FCU

91-1401 Fort Weaver Road

Suite A-102, Ewa Beach

HI 96706 – www.phfcu.com

808.737.4328

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Ewa FCU

91-1202 Renton Road #A

Ewa Beach, HI 96706

www.ewafcu.com

808.681.3033

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OE FCU

2181 Lauwiliwili Street

#120, Kapolei, HI 96707

www.oefcu.org

808.682.4440

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About Debt Consolidation Loans In HI

If you live on one of the islands of the state of Hawaii and you have a lot of debts, then you will probably need a loan for consolidation. If your credit rating leaves much to be desired, it is very difficult to find a bank or a private lender that can give you the necessary loan.

If you can’t get a loan with the right interest rate approved by the bank, then you need to first improve your credit rating. You can do this yourself, as well as use the services of special companies that specialize in this issue for more than a year. This is not a quick process, but it will help you get out of a difficult financial situation.

Consolidation Loan Example in Hawaii

Personal loans hawaii bad credit

Let’s look at the story of Mary, which is quite common. She works hard, trying to earn the necessary budget for living, always pays the bills, and her dream is to succeed at work and in life. Like many, she lost her job for some time, collected debts, got a new job, but now she needs to somehow pay off the accumulated debt.

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Mary needs an amount of $ 5,000 to take out all her debt in one loan. Moreover, she needs to choose the lowest possible percentage and a low monthly payment. She is the owner of a credit card, which already has almost no necessary amount for the maximum amount of debt.

She also owed the apartment owner rent for the months that she was looking for a new job. He made concessions to her and extended her debts for two months, but threatens that if she does not pay the necessary amount in due time, he will have to ask her to leave the apartment.

She really does not want to move somewhere, but she simply does not have the funds to rent a new apartment, not to mention the time to search for it.

She also has a small loan before the salary, which she can hardly pull, but then she simply had no choice. If she manages to take out $ 5,000, she will be able to repay this loan on payday, pay off her credit card and give the money to the landlord for her accommodation. She really doesn’t want to move.

She likes this place, and she is already too used to the apartment that she even calls it her home. She’s holding on to this place. She also understands that her credit rating will become even lower if the landlord evicts her from the apartment.

Mary applied for a loan for the right amount for herself for three years, which will help her get rid of many problems and get back on the right financial track. A loan of $ 5,000 for three years and an interest rate of 7.74 percent for Mary will cost like this:

Loan amount (principal amount) = $ 5,000.

Interest rate = 7.74%

Term of office = 3 years

Monthly payment = 156.08 US dollars.

Total refund amount = 5618.98 US dollars.

Total amount of interest = 618.98 US dollars.

When Mary lost her previous job, she got two jobs at once, so that she could earn normally, and also not lose her income when she was dismissed. In the current situation in the country, it can be too difficult to stay at work. She works in the service sector, almost seven days a week, and she is praised for the work done.

But in the current situation, many restaurants are opening and closing, because customers are looking for new experiences in their lives over time, and the arrival of money can be so fickle that the restaurant will simply go bankrupt.

She has thought through all her priorities correctly and understands that her income should cover the rent of an apartment, paying bills and food. These are the main amounts, and all the rest, she can spend on buying things and entertainment with friends.

This is a really difficult life, but statistics show that a lot of consumers live like this today. At the moment, she really needs this loan to withstand difficult financial times, if she takes this $ 5,000, she will be able to survive.

She really wants to pay off the loan as soon as possible, so that she can finally get rid of all the debts. If you want to get approved for a loan for debt consolidation, you can always use the help of qualified specialists. Also, you can watch this video:

Personal Loans Hawaii Bad Credit

Good Habits for Creating a Credit Rating

Pay your bills on time. This also applies to rent and utility bills. If you are late and you have unpaid balances, companies often share your payment history with credit agencies. Unpaid bills can be sold to a collection agency, which will negatively affect your credit rating. If you received a credit card, most companies have an app or a way to automatically set up your payments so that they go away on time, even if you forget.

Credit usage is the amount of your credit limit that you use every month. Many credit experts recommend maintaining the use of credit at the level of 30% of the total credit limit. Pay the balance in full every month.

If you want to use the card more often, you can pay with it several times during the month. For example, if your credit limit is $ 300, try to ensure that the total expenses do not exceed $ 100. If you want to use the card until the next payment cycle, deposit $ 100 before withdrawing additional funds.

Another criterion for a credit rating is the age of the account. Keep your accounts open as long as possible. Eventually, you will need to open another account to continue building up the loan, buy / rent a car or something else. Each new account reduces the average age of your account. Since a longer credit history is better for your credit score, don’t open too many accounts at the same time.

Author of article
Helen Rubby
Hi! My name is Helen Rubby. I have been working in the banking industry for 15 years. Now I have decided to start running my own blog on banks. I hope I will be useful!
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