RSS FeedAlmost all Americans, except perhaps the 1%, will take out a loan at some point in their lives, usually for large purchases such as a house, car, or an education. In these situations, large financial institutions have become the go-to answer for most people. However, since large banks often give loans out only in large sums, a Micro-Credit Advance is one way to obtain quick cash if a smaller loan is all you need.
In Hawaii, our “ohana” culture encourages the reliance on our family and friends for support, which often includes financial assistance. Our tendency to mistrust large, faceless institutions is almost warranted, considering the state of the financial crisis, the new fees banks are charging and the Occupy Wall Street movement. Those reluctant to depend on nationwide banks seem more reasonable than ever before.
However, relying solely on family and friends can be disadvantageous, as well as sometimes impossible, in certain situations. When you are unable to pay this month’s rent, pride and other factors can lead us to look beyond the help of our loved ones. A Micro-Credit Advance is there for situations such as these. Large banks often require an intensive credit history check or steady employment. For people who lack collateral and may not have a stable source of income, a Micro-Credit Advance extends small loans perfect for these unexpected situations.
Unlike large banks, local institutions such as PayDayHawaii act as smaller, more intimate establishments reminiscent of your family and friends. Established in 1999, PayDayHawaii is locally owned and operated and is only available to Hawaii residents. It began in Kauai and currently has ten offices all over Hawaii. At PayDayHawaii, you can get a small loan if you are laid off or do not have enough funds for the chaotic and extremely costly holiday season. If you have a family emergency, you may not have enough to cover medical costs. If your rent is unexpectedly raised for whatever reason, your monthly income may not be sufficient. Or when the new school year starts for new clothes and school supplies. Life throws us all sorts of obstacles, and it may be inevitable that we cannot afford to pay the price.
PayDayHawaii offers Micro-Credit Advances that fit every situation. Once you receive your next pay check, you can work towards paying off your loan. For Micro-Credit 3, 11% of the repayment amount is charged for the loan, which will be due on any payday up to 3 days, ideal for over the weekend. For Micro-Credit 7, 13% of the repayment amount is charged for the loan, which will be due on any payday up to 7 days. For Micro-Credit 16, 15% of the repayment amount is charged for the loan, which will be due on any payday up to 16 days. For Micro-Credit Social Security, 11-15% of the repayment amount is charged for the loan, which will be due on your benefit payment date but no later than 31 days.
The size and density of our islands foster a culture of interdependence and close-knit ties. The aloha spirit and treating each other as ohana are just two things that make Hawaii such a unique place. It makes perfect sense that we go straight to the people we trust for favors. However, since our pool of resources is likely to run dry, especially in today’s economy, it is reassuring to know that Micro-Credit Advance can serve as a suitable substitute.
