Florida Payday Loan Laws and Regulations

Find out if short-term Payday Loans are legal in Florida and what amounts, interest rates and repayment terms are set by the state's Legislation.

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florida payday loans Rates and Terms

Legal Status

Legal Status

The status of a loan type according to the Federal laws and regulations. What concerns Payday Loans some states consider them legal, some – illegal and some restrict them in terms of amounts and interest rates.

Legal
Maximum Loan Amount

Maximum Loan Amount

It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.

$500
Maximum Loan Term

Maximum Loan Term

It’s the maximum period of time within which you are to allowed to pay off your loan.

31 day(s)
Minimum Loan Term

Minimum Loan Term

It’s the minimum period of time within which you are allowed to pay off your loan.

7 day(s)
Maximum APR

Maximum APR

The maximum percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.

419.00%
Average APR

Average APR

The average percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.

304.00%
Finance Charges

Finance Charges

All the payments you’re going to be charged for the loan including APR and other fees.

10% for every $100
Legal Payday Loans Online for Florida residents

Make yourself safe by studying the laws, rules and regulations concerning Payday Loans and other short-term cash advance in Florida. Apply for a Payday Loan online on a strong note.

Compare top legit Payday Lenders in Florida:

LendYou will help you get the cash you need when you need it. You can apply for Payday Loans, Installment Loans or Personal Loans, etc. Compare the lenders and get matched with the best one.

  • MIN Loan Amount: $100
  • MAX Loan Amount: $35000
  • Terms: Varied
  • Rates and fees: Starting at 4.99% APR
  • Turnaround Time: 1 business day
  • $100 - $1000 Payday Loans
  • $1000 - $5000 Installment Loans
  • $5000 - $35000 Personal Loans
  • 18 years of age or older
  • U.S. citizenship
  • Valid checking or savings account with direct deposit
  • Minimum regular income of $1,000 per month
  • Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
Pros
  • High up to $15,000 loan amounts. 
  • Minimal restrictions on how you can use your loan.
  • No collateral or guarantor.
  • Bad credit is OK. 
Cons
  • It's not a direct lender, so you'll need to clarify rates and terms with the company you are matched with. 

 

Check Into Cash offers Payday Loans, Title Loans, Personal Installment Loans and other money products at affordable rates with convenient repayment. 

  • MIN Loan Amount: $50
  • MAX Loan Amount: $3000
  • Terms: Vary by state.
  • Rates and fees: 261% to 782% APR
  • Turnaround Time: 1 business day
  • Payday Loans
  • Online Payday Loans
  • Title Loans
  • Installment Loans
  • Online Installment Loans
  • Line of Credit
  • Flex Loans
  • Other Services
  • Check Cashing
  • Bill Pay
  • Western Union 
  • U.S. Money Card
  • Cell Phone Top-Ups
  • Sell Us Your Gift Cards For Cash
  • Active checking account open for 90+ days
  • US citizen or permanent resident
  • Personal and work phone number
  • Valid email address
  • 21+ years old (19+ in Alabama)
  • Social Security number (for Indiana residents only)
Pros
  • You can get even as low as $50.
  • Quick funding on the next business day.
  • Money can be used for any personal needs.
Cons
  • Not available in every state.
  • APR can be more than 153.73% depending on your state.
  • High late payment fees.

 

Greenlight Cash created an online platform to connect consumers like you with reliable lenders across the country. They partner with a large network of professionals so you get a chance to work with one of them and meet the challenge of improving your financial situation in the most effective way. Once you tap submit, you get one step closer to receiving the funds.

  • Payday Loans
  • Installment Loans
  • Personal Loans
  • be a legal U.S. resident
  • be at least 18 years old
  • have a stable source of income
  • be currently employed
  • have an active bank account
Pros
  • Unrivaled flexibility and accessibility.
  • Predictable monthly payments

  • Quick and simplified borrowing process

  • Any credit is welcome
Cons
  • Not a direct lender.

 

GoGoPaydayLoans offers Payday Loans at affordable rates with convenient repayment terms. 

  • MIN Loan Amount: $100
  • MAX Loan Amount: $1000
  • Terms: Vary by state.
  • Rates and fees: 261% to 782% APR
  • Turnaround Time: 1 business day

$100 - $1000 Payday Loans

  • Active checking account open for 90+ days
  • US citizen or permanent resident
  • Personal and work phone number
  • Valid email address
  • 21+ years old (19+ in Alabama)
  • Social Security number (for Indiana residents only)
Pros
  • You can get even as low as $100.
  • Quick funding on the next business day.
  • Money can be used for any personal needs.
Cons
  • Not available in every state.
  • APR can be more than 153.73% depending on your state.
  • High late payment fees.

 

Loan By Phone offers Payday Loans, Installment Loans and Line of Credit.

  • MIN Loan Amount: $100
  • MAX Loan Amount: $3000
  • Terms: Varied
  • Rates and fees: Vary by state
  • Turnaround Time: 1 business day
  • Payday Loans
  • Installment Loans
  • Line of Credit
  • 21 years of age
  • Social Security Number
  • Proof of Income (from your job, pension, welfare, or other source)
  • Valid email address
  • Active checking account (open for at least 90 days)
  • Current cell/home and work phone number
Pros
  • All loan applications and requests are guaranteed confidential and all transactions are governed in accordance with the laws of your state of residence.
  • Flexible repayment.
  • Available in most states.
Сons
  • High interest rates.
  • If you don't pay back on time your data may be sold to third parties.

 

Indyloan.com offers Personal Loans online at affordable rates with convenient repayment. 

  • MIN Loan Amount: $100
  • MAX Loan Amount: $5000
  • Terms: Vary by state
  • Rates and fees: Varied
  • Turnaround Time: 1 - 2 business day

Personal Loans

  • Active checking account open for 90+ days
  • US citizen or permanent resident
  • Personal and work phone number
  • Valid email address
Pros
  • Quick - no driving, waiting, faxing, paperwork.
  • High approval rate even for bad credit borrowers.
  • Online Payday cash advance with no collateral or co-signer.
  • 24 / 7 online service.
Cons
  • High interest rates.
  • Available not in all the states.
  • Only loans up to $5000 are available.

 

Table of Contents:

Are Payday Loans legal in Florida?

Florida Payday Loan Terms and Amounts

Florida Payday Loans online laws

Florida Payday Loans interest rates, fees and other finance charges

Florida Payday Loans direct lenders regulations

Florida Payday Loans consumer information

Legitimate Payday Loans online with NO credit check in Florida

Does Florida law allow Payday Loans for bad credit borrowers?

Legit Payday Loans in Florida collection practices

Florida Payday Loans news  - latest changes

Florida Payday Loans historical background

Florida Payday Loan alternatives

Are Payday Loans Legal in Florida?

Short-term Payday Loans are legal in the state of Florida and are mostly regulated through  Fl. Stat. Ann. § 560.402 et seq. . The Payday Lending legislation covers all the parts of the process concerning:

  • Payday Loan amounts
  • Payday Loan repayment terms
  • Payday Loan online direct lenders
  • Payday Loan stores near you
  • Payday Loan interest rates and other fees
  • Payday Loan collecting practices
  • Payday Loan default penalties
  • The number of outstanding Payday Loans as well as a cooling-off period in-between etc.

Read more: Payday Loans in Florida

To see if you're eligible for a Payday Loan in Florida check out the lenders' requirements:

  • US residence
  • Minimum regular income of $1,000 per month
  • Valid checking or savings account with direct deposit
  • Phone number and e-mail address

Florida allows maximum 31 day(s) Payday Loan amount. It should be repaid within 7 - 31 days days as you get your next paycheck. Earlier payments don’t contemplate any additional fees. The average APR is 304.00%. For other details read further to find out how many Payday Loans you can borrow, whether rollovers or extensions are allowed, etc.

Florida Payday Loan Terms and Amounts

Florida residents who are eligible for a Payday Loan can get $500 cash advance per contract and have no more than 1.00 outstanding loans at a time. The repayment term is capped by minimum 7 day(s) and maximum 31 day(s).

However, there are no limits on the purpose of loan usage. Any urgent expenses, unforeseen bills, car repair, home repair, etc. may seem a sound reason to apply for a Payday Loan in Florida.

If $500 is not enough, there are always other options to receive the necessary funds in Florida: unsecured Installment Loans, bad credit Personal Loans, Title Loans, Check Cashing, Pawn Shops, etc.

Florida Payday Loans online laws

Cash advances (payday loans) from both storefront and online lenders are legal in the state of Florida. Though online Payday Loans in Florida are highly available, you should be careful and apply for instant cash advance only from legal lenders registered in the state's database. In this case, if you have a problem with a loan or a lending company, you can turn to The Florida Office of Financial Regulations, (850)-487-9687 for help. But if you took an online Payday loan from an out-of-state lender over the Internet or the telephone, the help that Florida can provide may be limited.

Reputable online lenders operating in accordance with all relevant state and federal laws can be applied to and compared on our platform using a simple online application form.

You state the necessary amount, fill in your personal information and get suitable offers from legit direct lenders. It takes only a few minutes and doesn't affect your credit score. 

Florida Payday Loans interest rates, fees and other finance charges

The main part of payday loan payment is mostly made up of the interest rate, or APR. The average APR that may be charged for short-term cash advance in Florida is 304.00%. It means that if you borrow $100 Payday Laon for 14 days the finance charges will be 10% for every $100.

Besides, the total cost of a Payday Loan includes some additional fees. Florida lending rules allow to charge:

$5 verification fee

The law obligates Florida Payday Loan lenders to provide you with a written disclosure of all the rates and fees in the understandable language. You should read them carefully and if you agree acknowledge the notification by signing the contract.

Florida Payday Loans direct lenders regulations

According to Florida payday loan laws all direct lenders are obliged to register their companies which will allow issuing payday loans contract. It concerns both Online Payday Loans and Payday Loans Near Me.

The main rules regarding Payday loan lenders in Florida are:

  • Essential state license.
  • Complete disclosure of all the information concerning the loan such as its repayment terms, rates, fees, etc.
  • Besides, Florida direct lending companies are recommended to educate the customers on the possible issues related to payday loans. Borrowers must be aware of possible risks, default penalties, other consequences of short-term loans and their alternatives.
  • Florida laws prohibit offensive collecting practices connected with the due loans. Criminal action threats are banned and the lender is required to send a mail notification before starting any legal proceedings against expired contracts.

Nevertheless, you should be careful not to come across any scams. Some unfair lenders can operate without license or under a different license and offer too expensive ‘payday loans’ under illegal conditions. Always check that the lender you are going to apply to works under Florida state law.

Florida Payday Loans consumer information

Besides amounts, rates and fees, consumers must be also well aware of other details of Payday Loans in Florida. They include the availability and number of rollovers, extensions and repayment plans, a cooling-off period, any default penalties or additional fees, etc. Check out the table below to find the most essential information:

Rollovers or extensions Repayment plan
Cooling-off period 24 hours
Additional fees and default penalties $5 verification fee
Criminal actions Prohibited

Look for more detailed information on the official Florida state regulator website - https://www.flofr.com/.

Legitimate Payday Loans Online with NO credit check in Florida

Looking for a legal Payday Loan with No credit check in Florida? You must understand the meaning of this phrase correctly at first. No credit check implies that a lender will not inquire about your credit history information from or send your borrowing data to any of the three major credit bureaus Equifax, Experian, and TransUnion.

If you don’t want to damage your credit history Florida law allows you to apply for a Payday Loan with No credit check. But you should understand that a lender needs to check your creditworthiness at least in some way. He can perform a soft credit check when a lender pre-approves you for a loan and this inquiry will not appear on your credit report. Or there’re other ways to prove you can afford the cash advance. Payday Loan lenders use the tracking system to verify your debts, check your income, etc. And generally, they charge higher interest to lessen the risks.

Florida Payday loans online no credit check is one of the easiest options of getting quick cash to cope with emergency financial requirements, especially for the people with poor credit.

Does Florida law allow Payday Loans for bad credit borrowers?

The average credit score in Florida is 668, placing it in the fair range. But it doesn't mean that those who have a worse credit can't apply for a Payday Loan in Florida. 

  • First of all, There're a lot of legit direct lenders in Florida providing Payday cash advance to borrowers with both good and bad credit score.
  • Secondly, you can always find a cosigner to increase your chances of being approved for a bad credit Payday Loan.
  • Find out how to improve your credit score and do your best to do it fast. 
  • Or consider taking out a bad credit Installment Loan, or bad credit Personal Loan.

Legit Payday Loans in Florida collection practices

If you can’t repay the loan amount plus interest on a due date it means you default the loan. Florida law sets the statute of limitations for unpaid debts at five years. This means that if you do not pay back your payday lender, the lender has five years to use the court system to collect the debt.

Even if you failed to pay back the loan on time, the lenders can't do whatever they want to get the money back, their actions are limited by Florida laws:

  • No criminal actions are allowed against you for a bad check.
  • The default payment costs are limited to the 10% fee, the $5 cost and any bad check fees imposed by the lender’s bank (if you did not inform the lender in advance that the check could not be honored).
  • No additional fees are permitted unless a lawsuit is filed and additional costs are imposed by the court.
  • The lender may seek to recover interest on its judgment but it is limited to the judgment rate in the state generally and not a rate based on the payday loan fee.

If you think that your payday lender violates the Florida Payday Loans law, you may file a written complaint with The Florida Office of Financial Regulations, (850)-487-9687. The supervisor from that office interviews witnesses, reviews the payday lender’s business records and documentation, and determine whether to pursue civil or criminal charges

Florida Payday Loans news  - latest changes

In 2001 Florida tried to take a measure to prevent debt traps, but it led to the exact opposite effect: the average APR of a payday loan in Florida is 278%, over $2.5 billion in fees alone have been stripped from Florida communities by payday lenders since 2005, and a report in 2015 showed that 83 percent of Florida payday loans were made to Floridians stuck in seven or more loans.

In 2019 it was proposed to change regulations for payday lenders in Florida. The House Commerce Committee approved the HB 857 bill to allow the businesses to make “installment” loans up to $1,000, with repayment over 60 to 90 days which would be a suitable alternative to Payday Loans available at the amount of $500 for periods of seven to 31 days. Payday Loans are still supported as a need for those who don’t have access to other sources of credit.

But this proposal has faced some opposition from some consumer-advocacy groups and credit unions, which argue that payday loans can lead to borrowers getting stuck in “debt traps.”

Alabama Payday Loans historical background

The history of Payday Loans in Florida
1990s No strict regulations led to a number of lenders providing loans at high rates.
2001 The Deferred Presentment Act regulating Payday Loans was passed.
June 2, 2016 The Consumer Financial Protection Bureau (CFPB) proposed a Payday Loan Rule that hasn’t yet fully come into effect (expected in November 2020).

Florida Payday Loan alternatives

If you're looking for instant cash advance in Florida but not a Payday Loan, consider other alternative ways to get the necessary funds:

  • Apply for a Florida Installment Loan - $1000 - $5000 cash advance repaid over several months or years in equal installments.
  • Take out a Car Title Loan if you own a vehicle to use as collateral.
  • Sell some of your valuable stuff online or at a pawn-shop.
  • Consider borrowing from a bank or credit union in Florida: VyStar Credit Union, First Florida Credit Union, etc.
  • Qualify for one of Federal or Florida government assistance programs such as Florida Food Assistance Program, for example. This program aids low-income households in Florida to afford nutritious food through financial assistance.

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