Payday loans — along with installment and title loans — are legal in Florida and regulated by the Deferred Presentment Act. But while convenient, the short loan term means they’re one of the most expensive options when you need cash.
Compare short-term loans in Florida
These lenders offer loans in Florida — so compare interest rates to see which one offers the best terms for you.
Florida payday loans are capped at $500. But despite the high cost of short-term borrowing, Florida does regulate its lenders to keep you safe.
Max loan amount
10% of loan amount
7 to 31 days
Florida installment loan laws
Installment loans became legal in Florida in 2018. Like payday loans, the fees a lender can charge you are capped — and you can even defer one payment if needed.
Max loan amount
10% of loan amount
60 to 90 days
Florida title loan laws
Title loans allow you to use your vehicle’s title as collateral. But while they may have slightly lower interest rates than payday or installment loans, there’s an added risk: If you default, you could end up losing your car.
Max loan amount
$2,000 or less: 30%
$2,001 to $3,000: 24%
$3,001 or more: 18%
Up to 30 days
Not limited, but lenders may not capitalize unpaid interest into a new loan
How much do payday loans cost?
Florida doesn’t just regulate how much you can borrow and how long you can take to pay it back. It also has rules about how much your lender can charge you for a short-term loan.
Finance charge: 10% of the loan, or $10 for every $100 borrowed
Verification fee: $5
APR: The APR of a 14-day $100 loan is 419%
3 top payday loan options in Florida
These three lenders are some of our top picks for borrowers.
CashNetUSA is one of the better lenders out there. Not only is it upfront about costs, but it also has financial literacy courses and a savings program. CashNetUSA also offers same-day turnaround if you get your application in before 10:30 a.m. CT. But for residents of Florida, your interest rate can top 600% if you opt for a short loan term. You'll also only have access to payday loans, not installment loans, when you borrow.
Check Into Cash is a legit lender with plenty of options. It offers a wide variety of loans to residents of Florida, including payday loans, installment loans and title loans. But there are only two stores in the state — and you'll need to be at least 21 to apply.
Amscot is based in Florida and is one of the few lenders we review to have some storefronts open 24/7. And while interest rates can still be high, Amscot does offer slightly lower interest rates than other lenders. You'll also only pay a $2 verification fee — as opposed to the state maximum of $5. But you'll need to visit a store to finalize your application.
Ask yourself these questions when you’re looking at a lender:
Is it licensed in Florida? Florida requires all payday lenders to be licensed with the Florida Office of Financial Regulation (OFR), even if they lend online. Legitimate lenders display their licenses, but you can also verify that a lender is licensed in Florida.
Do its loan amounts, terms and fees meet regulations? It’s not legit if it offers loans over $500 with terms and fees outside of what Florida’s laws allow.
Does it allow multiple payday loans at once? Florida law only lets borrowers have one loan at a time.
Does it guarantee approval? No legit payday lender can absolutely guarantee approval. When it sounds too good to be true, it often is.
Is the website secure? Another tell-tale sign of a scam is a lender that doesn’t use SSL encryption to protect borrowers’ information when they apply online.
What do customers say? A few bad online reviews are normal for any lender. But if you notice several customers complaining about the same problem, it could be a red flag.
What if I can’t pay my loan?
Florida doesn’t allow a lender to press criminal charges against you if you aren’t able to pay back your loan. However, you may be on the hook for late fees and other charges if you can’t repay.
Installment loans. If you inform you lender in person or in writing by noon on the business day before your due date, you can defer one payment.
Title loans. You can extend your title loan in 30-day increments as needed. While this will add more interest, lenders are unable to “roll over” previous interest owed into a new loan.
How do I file a complaint against a lender in Florida?
You have a few options when it comes to filing a complaint against a lender: The Florida OFR and the Consumer Financial Protection Bureau (CFPB).
Filing a complaint with the OFR
Since the OFR directly regulates Florida short-term loans, you might want to make it your first stop. You can fill out a complaint form on its website in just a few minutes. To file a compliant, you need to first create an account with a username and password.
Filing a complaint with the CFPB
On top of complaining to the OFR, you might also want to file a complaint with the CFPB. It can help you try and resolve the complaint with the business and also helps influence national regulations on payday lenders. You can file a complaint by filling out an online form.
4 short-term loan alternatives
There are alternatives you should explore before you take out a payday loan, including:
Our answers to common questions about payday loans in Florida.
Can I get a no credit check payday loan in Florida?
It’s possible — but you might not get the best deal. No credit check loans can be more expensive than other short-term loan options. Instead, you might want to look for a lender that only runs a soft credit check that won’t hurt your credit score and accepts your credit range. Or, look into payday loan alternatives.
Does Florida have a payday loan database?
It does. Florida’s “deferred presentment transaction system” tracks all payday loan transactions in the state. You can’t access it on your own, however — you must be a payday lender to log on. Payday lenders use this to make sure that borrowers don’t already have a short-term loan in their name.
What’s Florida’s statute of limitations on payday loans?
Currently it’s five years. This means that if you can’t pay off your payday loan, your lender has five years to collect the funds — thorough a court order or other legitimate means — before it can no longer come after you.
Kellye Guinan is a writer and editor with Finder and has years of experience in academic writing and research. Between her passion for books and her love of language, she works on creating stories and volunteering her time on worthy causes. She lives in the woods and likes to find new bug friends in between reading just a little too much nonfiction.
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