Looking for a payday loan in Florida? Make sure you understand all the costs!
Have financial difficulties in-between salary days? Perhaps because of an upcoming medical emergency, a car accident or having to get something repaired at home, then a short-term cash based loan might be a handy solution for you. This is called a Payday Loan.
As there is no medical insurance provided by the state, there are thousands of people who need to turn to pawn shops or other smaller lender companies who in return will give the people cash on their terms.
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What are the payday loan laws and regulations in Florida?
In the Sunshine State, payday loans are considered legal, and the local law governs these according to Florida Statuses Chapter 560.402 et seq. According to this law payday provider companies are called deferred presentment providers. All lenders have to hold a license that allows them to lend money to others. As a condition of payout, the borrower needs to provide lender access to their bank account or need to give them a check that serves as a guarantee of payback due in time.
In Florida, the maximum interest rates set by the lenders are also governed by the state, and it has some of the lowest interest rates in place for this reason. The state also requires borrowers to have a 60-day repayment plan and additional counseling when needed.
Let’s see the rest of the regulations which are in place for payday loans in Florida
- Maximum term of payday loan: 31 days
- Minimum duration of payday loan: 7 days
- Rollovers allowed: no rollovers are permitted
- Maximum amount of payday loan: USD 500
How much can you be charged by a payday lender in Florida?
- Extra charges: 10% of the total sum of the loan
- Verification fee: USD 5
- APR: can be as high as 419%
Your rights as a borrower in FL
All applicants for a payday loan need to be over 18 years of age, need to be a citizen or hold a permanent residency and need to prove that they are legally employed in the country. Lenders will ask for your Social Security Number, ID, and your bank account details too. The state only allows one person to obtain one Payday loan at a time. After paying back one loan, the borrower needs to wait at least 24 hours before they can get another payday loan.
In case of inability to pay the loan back on time, you need to inform your lender in the timely manner which can buy you 60 days to repay without additional fees to apply. For this to happen, you as the borrower need to sign up for the Consumer Credit Counseling Service which has been set up exactly for this reason.
More information on complaints is available at the Florida Office of Financial Regulation. As no rollovers are allowed you need to be extremely careful with what you need to pay back and of your eligibility to pay the total amount back in time