How to Apply for a MicroCredit Membership Account at PayDayHawaii
If you are caught short between paydays or have an unexpected expense, MicroCredit is a good alternative to a traditional loan*. Sometimes a short-term cash advance is all you need to solve an immediate problem. PayDayHawaii's higher
MicroCredit amounts (up to $510) can even help with those big emergencies! And best of all, PayDayHawaii allows you to pick
your payday and pick your fee. You can apply for MicroCredit in person, by fax or online and get up to $510 cash right now at PayDayHawaii. It’s fast, friendly, and easy!
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How Much Can I Get? MicroCredit is
available up from $100 to $510 depending on your
income and qualifications. Your limit is
qualified based on your Teletrack score and your
gross monthly income but no more than 25%.
Use MicroCredit wisely! Don't take more than you can comfortably pay back on your payday. MicroCredit should never take the place of a traditional term loan for long term borrowing. Our PayDayHawaii representatives will be happy to help you make an informed decision about your borrowing needs.
Truth In Lending Discloser: The amount of the Annual Percentage Rate ("APR") will depend upon the period of time we hold your electronic payment draft before depositing it. Examples:
7 days = 713%, 14 days = 407% , 21 days = 307%,
31 days = 208%. The specific APR that applies to your
MicroCredit will will be clearly stated on your contract before you sign it. APR calculations include all transaction fees and Hawaii State GET. |
What Will It Cost Me? MicroCredit is regulated under Hawaii State law as a deferred deposit transaction. You must have a bank account and write PayDayHawaii a post-dated electronic payment draft.
Fees lquoted are against the face amount of your
draft and includes applicable General Excise Tax.
Micro-Credit Options
Micro-Credit 7: A fee of 12%
of the repayment amount is charged for the
advance. Your advance will be due on any
payday up to 7 days.
Micro-Credit 14: A fee of 13.5%
of the repayment amount is charged for the
advance. Your advance will be due on any
payday up to 14 days.
Micro-Credit 21: A fee of 15%
of the repayment amount is charged for the
advance. Your advance will be due on any
payday up to 21 days.
Micro-Credit Social Security: A
fee of 12-15% of the repayment
amount is charged for the advance. Your
advance will be due on your benefit payment
date but no later than 31 days.
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How Do I Qualify? Bring the documents listed below to one of our offices (Locations) or fax the documents toll free to (866)-822 0275. Or scan and email the documents to our general office (Contact us):
- Your most recent bank statement.
(Checking account or direct deposit savings account)
- Your 2 most recent pay stubs.
- Your most recent residential telephone or cell phone bill.
(Residential phone bill need not be in your name. Cell phone bill MUST be in your name.)
- Your Hawaii State driver’s license or ID.
(Only Hawaii residents can qualify for an account)
- Your completed Application Form.
(If Applying by Fax or On-line: Also complete the Authorization Agreement for direct deposits. Your pay stubs must verify that you receive direct payroll deposit if you are using a savings account.)
How Soon Can I Get My Advance? Right away!
If you are applying in person: You will be
given cash immediately.
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How Long Will It Take For Approval? Approval is fast and easy. Whether you are applying in person or online, you can expect to be approved in under an hour during our regular business hours. You don’t have to worry about a formal credit check.. PayDayHawaii submits your social security number to TeleTrack™ to verify your identity, and that you do not have another
deferred deposit outstanding.
How Do I Pay Back My Advance? You don’t have to do anything! PayDayHawaii will
debit your bank account on your next payday. If you would prefer to redeem your
draft for cash, you may do so in person at any PayDayHawaii office prior to the due date. To avoid the late charge of
$20 and additional bank service charges, please be sure to call us at once, if funds will not be available for on the agreed upon
due date. |
| If you are applying by fax or online: Fill in the Virtual Check after you have completed your Application. PayDayHawaii will fax or email you a contract complying with Hawaii State check cashing law and Federal Truth in Lending law. Simply sign and return this form and money will be wired directly to your bank account. PayDayHawaii will notify you by e-mail when the funds will be available for withdrawal. Please allow two business days for funds to clear. |
Fast, Friendly and Easy!
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PayDayHawaii's MicroCredit
