If you’re considering a payday loan in Florida, make sure you understand what you’re getting into.
Florida is the third most populous US state, and the eighth most densely populated. In 2010, the Gross Domestic Product (GDP) of Florida was $748 billion, making it the fourth largest economy in the country. In 2011, the per capita income of Florida was $39,563, and its unemployment rate was 11.5%.
Florida residents often seek out payday loans, and if you’re thinking about applying for one learning about how they work is a good idea.
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 upon 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!
A selection of loans you can apply for
Are payday loans legal in Florida?
Yes, payday loans in Florida are legal. 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. The laws state that the maximum you can borrow is $500, while the loan term can vary in between 7 and 31 days.
If you wish to get more information about the legalities of such loans or if you wish to file a complaint you can get in touch with the Florida Office of Financial Regulation.
Why should you consider taking out a Florida payday loan?
Here’s why you might consider getting a payday loan (also often referred to as a cash advance):
- Bad credit is alright. Payday lenders tend to apply slightly less stringent lending criteria when compared to banks. In addition to looking at your credit score they take your existing financial situation and ability to pay into account. If you have a regular source of income you can apply for a payday loan even if you have poor or bad creditworthiness.
- Applying is easy. Some Florida payday lenders provide store-front loans, where you simply have to visit one to apply. Some lenders that provide online payday loans for Florida residents verify borrowers’ credentials online, doing away with the requirement of sending or faxing documents.
- Get money quickly. If you apply in-store and the lender approves your application you can get your hands on the money straightaway. With online loans, while some lenders provide access to funds on the same day or the following business day, some may have you waiting a little longer.
- 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, to throw a party, to pay bills, to repair your car, or to get by during a rough patch.
What fees and charges do Florida payday loans come with?
. Here’s how much your cash advance in Florida can attract in fees:
- Finance rate and fees. A payday lender in Florida cannot charge more than 10% of the loan amount as fees. The lender can also charge a verification fee which must not exceed $5. The maximum APR for a 14-day $100 loan is 429%, and the finance charge for a 14-day $100 loan cannot exceed $16.11.
- Collection fees. You’ll have to pay all charges that any financial institution may impose on your lender.
- Rollover fees. Florida payday loans laws don’t permit rollovers, so the issue of paying rollover fees does not arise.
Need to apply for a payday loan in Florida? Here’s how
You can apply for a Florida payday loan by visiting a store-front or online, and in both cases you’ll have to meet some eligibility criteria, as listed below:
- You are over 18 years of age
- You have a regular source of income
- You are an American citizen or a permanent resident of the US
You’ll have to provide some information to complete your application successfully:
- Your name, date of birth, and social security number
- A valid form of photo ID such as your driver’s license or passport
- Your residential address, email address, and phone number
- Details about your income and employment
Important information about payday loans
While payday loans can be beneficial for many people, they aren’t always the best option for everyone. Follow the link for more information.
Have any more questions about Florida payday loans?
How many payday loans in Florida can I hold concurrently?
You can have only have one outstanding payday loan at any time.
Is there a cooling off period between payday loans in this state?
Yes, there is, but it is only 24 hours.
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.