OHA adds new features to its popular loan program The Office of Hawaiian Affairs today announced some key changes to its loan program that appeals to borrowers who want to improve homes, start businesses or cover education expenses. Now, the Mālama Loan Program will also allow Native Hawaiian borrowers to again consolidate debt -- to lower monthly payments -- for the first time since Sept. 2012, when this particular feature of the program was discontinued over overwhelming demand from consumers burdened with debt. But the program has reduced the maximum size of all loans to $19,999, from $100,000. Also, the program has increased the interest rates on all loans to 6.5 percent, from 4 percent. However, the repayment period on all loans remains seven years and First Hawaiian Bank will continue to administer the program for OHA. The changes are necessary to allow the program to remain solvent, said OHA Chief Executive Officer (Ka Pouhana) Kamanaopono Crabbe. But even with the changes, we believe that our Mālama Loan Program still remains a viable option for Hawaiian borrowers who are in debt trouble and want to get the lowest rates on loans. Since it was created, the Mālama Loan has been tapped by nearly 2,000 Hawaiian borrowers, who have received more than $34 million to start businesses, improve homes, consolidate debts and continue their education. For more information, visit oha.org/malamaloan.
Posted on: Sat, 01 Feb 2014 01:27:13 +0000
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