2022 Licenses for Small Dollar Loans/Installment Loans Rev 12.29.21
Starting January 1, 2022, Hawaii DFI will begin licensing companies to provide small dollar loans (up to $1,500 for up to 12 months repayment). Payday lending laws will be repealed (meaning consumers can no longer get these high cost consumer loans). Instead, small dollar loans or installment loans will be offered to consumers with an interest rate of up to 36%. Consumers will be able to repay these loans over the course of time, instead of by their next pay check.
Please see the checklist posted in NMLS for the application.