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Rates and rules

Hawaii Loan Rates and Rules

Who regulates consumer lending in Hawaii, how rates are set, and how to check a lender and its rate before you borrow. For new requests SET Financial is not the lender: it connects Hawaii residents with third-party lenders who set all rates and terms.

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This page is general information, not a rate quote. Not everyone who applies will be matched or approved.

Who regulates consumer lending in Hawaii

In Hawaii, consumer lenders are overseen by the Department of Commerce and Consumer Affairs through its Division of Financial Institutions (DFI). Under Act 56 (2021), effective January 1, 2022, Hawaii replaced its old payday loan framework with a licensed installment lender system under Hawaii Revised Statutes Chapter 480J, and small dollar installment loans made under that law are capped at 36 percent APR. A loan made without a required license is void. SET Financial does not set rates or terms. Your actual APR, fees, and repayment schedule are set by the third party lender and depend on the loan type, the lender, and your qualifications.

Regulator: Hawaii Department of Commerce and Consumer Affairs, Division of Financial Institutions (DFI).

How to check a lender before you borrow

Before you sign, confirm the lender is properly licensed to lend in Hawaii through the DFI, and read your loan agreement so you know the exact APR, fees, and total cost.

Many consumer lenders are also listed on NMLS Consumer Access, a national database you can search for free to confirm a company's license status and history.

Search NMLS Consumer Access

The four numbers to compare on any offer

A regulator's rules tell you about the lender. These tell you about the loan. Whoever you borrow from, and whether or not you use this site, compare offers on the same four things:

  • APR. The annualized cost including most fees. It is the only number that lets you compare two different loans honestly.
  • Total repayment amount. Principal plus every finance charge over the full term. A lower monthly payment stretched longer often costs more overall.
  • Term and payment schedule. How many payments, how often, and the exact due dates measured against when you actually get paid.
  • Fees and prepayment terms. Origination, late, and returned-payment fees, and whether paying the loan off early saves you interest.

Your loan agreement is the number that governs

Federal Truth in Lending rules require the lender to disclose the APR, finance charge, amount financed, and total of payments on the loan agreement before you sign. Any rate you see in marketing, including on this site, is general information. The figures on your own signed agreement are what actually apply to your loan.

Common questions about Hawaii rates

Who regulates installment and consumer lenders in Hawaii?

Consumer lenders in Hawaii are overseen by the Department of Commerce and Consumer Affairs through its Division of Financial Institutions (DFI). Installment lenders are licensed under Hawaii Revised Statutes Chapter 480J.

What is the maximum APR on a Hawaii installment loan?

Under Act 56 of 2021, effective January 1, 2022, small dollar installment loans made under Chapter 480J are capped at 36 percent APR. Other loan types may follow different rules, so always confirm your APR on the agreement.

This page is general information about Hawaii lending rules, not legal or financial advice, and it is not a rate quote. Rules change; confirm anything that matters to your situation with the Hawaii Department of Commerce and Consumer Affairs, Division of Financial Institutions (DFI) or a qualified advisor. SET Financial is not the lender on new requests and does not set the rates, fees, terms, or approval decisions of the third-party lenders in its network.

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