If you’re considering a short term loan in Florida, make sure you understand what you’re getting into.
Short term loans, also known as payday loans, can help you in an emergency if you’re low on cash.
Read on to get a better picture about what Florida short term lending is like.
Check into Cash Loans
Check into Cash allows you to directly apply for a payday loan and have your cash when you need it.
Min. Loan Amount: $50
Loan Term: Varies by state
Turnaround Time: 1–2 business days
Total Costs: Varies depending on the amount and your state of residency.
Must be 18+
No security needed
Confidential and secure!
Are payday loans legal in Florida?
Yes, payday loans are legal in Florida. Florida Statutes Chapters 560.402 to 560.408 govern the functioning of payday lenders. The law refers to these loans as deferred payment transactions, where lenders provide funds in exchange for checks from borrowers, which they agree to hold for predetermined deferment periods.
You can borrow up to $500. Like all payday loans, you must repay the principal, interest and fees quickly, between 7 and 31 days depending on the terms of your loan contract.
If you wish to get more information about the legalities of such loans or if you wish to file a complaint, you can contact the Florida Office of Financial Regulation.
Financing a flight homeMarco moved to Florida a year ago, but now that the holidays are coming, he’d like to go back home to visit his family. Unfortunately, he is only paid once a month and doesn’t have the budget to purchase a plane ticket after also buying gifts. His credit isn’t the best, and driving would put too much wear-and-tear on his car.
He decides to take out a payday loan. Since his next check comes after the holidays, Marco knows he’ll be able to repay on time.
While reading up on payday loans, Marco learns that a payday lender can’t charge more than 10% of the loan amount in fees. That limits how much he’ll have to pay back, so he finds a reputable online lender and takes out a loan for $100, the amount he needs in order to get his ticket home. Because of Florida’s limit, he’ll only have to pay $16.11 in fees for his 14-day loan–that means he’ll be able to sleep easy at night knowing it won’t cost him too much to visit family.
A selection of loans you can apply for
Check the websites of any providers you’re interested in to confirm they operate in your state of residence.
Are you considering a short term loan?
Here are some features to keep in mind when you’re making your decision.
- Bad credit is OK. Short term lenders tend to apply slightly less stringent lending criteria when compared to banks. Instead of looking only at your credit score, they take your existing financial situation and ability to repay into account.
- Applying is easy. Some Florida payday loan lenders have storefront loans, and others work entirely online, meaning you can apply from anywhere.
- Get money quickly. In-store applications can be processed the same day so you can see your money within hours. Online applications take 24 hours to process, but the money will be directly deposited into your bank account.
- Use the money for any purpose. What you choose to do with the money you get is basically up to you. You can use this money to travel, pay bills, repair your car or just to get by during a rough patch.
Need to apply for a short term loan in Florida? Here’s how
If you want to be approved for a payday loan, you must
- Be at least 18 years of age
- Be a US citizen or a permanent resident
- Have a regular source of income
In addition, payday lenders require information to make sure you can repay.
- Your name, date of birth, Social Security number and a valid form of ID
- Your residential address, email address and phone number
- Details about your employment and income
- If you’re applying online, details of your existing checking account
Where else are payday loans legal?
Compare short term loans in your state
Do you have any more questions about Florida short term loans?
Is there anything I should know before taking out a cash advance?
There are a few things you should know about cash advances in order to make the right decision for you and your family.
First, you should generally only take out a cash advance in emergency situations because this type of loan is typically a short-term, one-time solution. If you have structural financial problems that cause you to have difficulty repaying debts, you should consider credit counseling.
Second, you’ll want to make sure you can repay your cash advance in a timely manner. Missing the due date on your repayment will result in additional charges. Avoid digging yourself into a deeper financial hole by taking on debt you can’t afford.
Third, before accepting a cash advance, be sure to read the lender’s terms and conditions carefully. It’s important to read the fine print so you know exactly what you are paying and when it is due.
How many short term loans can I hold concurrently?
You can have only have one outstanding loan at any time.
Is there a cooling off period between payday loans in this state?
Yes. You must wait 24 hours before applying for a new loan.
Is having a checking account necessary?
Most lenders require applicants to have operational checking or savings accounts where they can transfer funds electronically.
What if I cannot repay my Florida cash advance in time?
Inform your lender in person and you can get 60 more days to repay the loan without paying any additional fees or charges.
Will a late payment on a loan affect my credit?
While not all lenders report to the big three credit agencies that handle credit, some might choose to report late or missing payments. This is at the discretion of the lender.