Florida Payday Loans Law
There is one type of short-term loans that attracts the attention of almost every resident of Florida looking for a quick cash solution and these are Florida payday loans.
The state of Florida was first discovered by Ponce de Leon while searching for the so-called “Fountain of Youth. He gave Florida its name and claimed it for Spain. Through the years, Florida was ruled by England and Spain until 1819 when Spain sold it to the US.
The economy of Florida is based mainly on manufacturing, tourism and agriculture. Florida’s agriculture includes the production of grapefruits, oranges, melons, potatoes, peanuts, sugar cane, dairy products and others. The manufacturing sector is led by transportation equipment, electronics, food processing and others.
Florida has the 4th largest economy in the US with a GDP of $748 billion. It is the 22nd largest state in the United States and the third most populous with a population of more than 20,271,272.
First off, what is a payday loan?
Payday loans are advanced payments on a post-dated check that you have to provide to your lender. The lending company gives the loan which you have to repay (plus interest and fees) when you receive your next paycheck. The lender cannot deposit your check before the agreed time. It is important to pay attention to what the fees and charges are so you can manage the repayment easily.
Florida payday loans laws regulations
In Florida, payday loan lending is considered legal according to Rule 69V-560.901-912 and the Fl. Stat. Ann. § 560.401 et seq. All payday loan lending companies must operate under these laws. In Florida, lenders are not allowed to give out loans exceeding $500 each. Other limitation states that a borrower cannot have more than 1 outstanding loan at the same time. The duration of the loan can vary from 7 to 31 days.
Florida payday loan fees and charges
Before you make a decision on whether you should apply for a payday loan in Florida or not, here are some things you should know:
Charges, fees and APR
- Payday loan lending companies are allowed to charge a maximum of 10% fee. However, depending on the size of the loan, they may also charge a verification fee.
- The annual percentage rate for a 14-day $100 loan in Florida cannot exceed 390%
- Finance charge for a 14-day payday loan for the amount of $100 cannot be more than 15%.
You will need to pay any charges that the financial institutions may impose on your lender.
According to Florida payday loan laws, rollovers are not allowed.
Why consider a payday loan in Florida?
It’s easy to apply for one
In Florida, you can find payday loan lender stores both online and on the ground. It’s up to you to decide which option works best for you.
It’s a very quick service
If you decide to apply for a payday loan at a physical store, you will get your money within minutes once you are approved. If you choose to apply online, it may take up to one day for you to get your money.
Poor credit is ok
Compared to traditional lending institutions, Florida payday loans lenders have a lot less criteria for you to meet in order to give out a loan. Having a bad credit can really hurt your chances of getting a loan with most banks, with payday loans, it will have little to no effect on your chances of getting approved for one. What payday loan companies are interested in is your ability to repay the money by your next paycheck.
Use the loan amount for any purpose
With payday loans, once you get your money, you can basically do whatever you want with it. You can may use the payday loan to fix your car, settle home reno bills or medical bills.
Payday loans application and eligibility in Florida
You will still need to meet certain criteria for you to get your payday loan in Florida:
- The minimum eligibility age for a payday loan in Florida is 18 years old
- You need to be an American citizen or a permanent resident of the US
- You also should have a steady source of income
To complete your application, you will need to provide other information such as:
- Your social security number, name, and date of birth
- Phone number, home and email address
- Details regarding your employment and income
Cities in Florida where you can find payday loan lenders:
- Boca Raton
- Boynton Beach
- Cape Coral
- Coral Springs
- Daytona Beach
- Deerfield Beach
- Delray Beach
- Fort Lauderdale
- Fort Myers
- North Miami
- Miami Beach
- Palm Bay
- Palm Harbor
- Pembroke Pines
- Pompano Beach
- Spring Hill
- West Palm Beach