Make sure you understand the costs of a payday loan in Florida.
Payday loans, a type of short-term loan, can help you in an emergency if you’re low on cash. Read on to get a better picture about what short-term lending is like in Florida.
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 collateral or down payment needed
- Confidential and secure
Are payday loans legal in Florida?
Yes, payday loans are legal in Florida. Florida Statutes Chapter 560.402 et seq. govern payday lenders, called deferred presentment providers. All lenders are required to be licensed by the state and follow all the regulations outlined in the state statutes.
These providers work the same way as other payday lenders and are required to be licensed in order to service loans. You’ll need to provide either a check or access to a checking account, and the lender will cash either the check or debit the account on the date the loan is due.
A selection of payday loans you can apply for
Check the websites of any providers you’re interested in to confirm they operate in your state.
Regulations and costs of payday loans in Florida
Florida has a few laws regarding the conduct of lenders, how much you can borrow and other important regulations you should keep in mind while borrowing.
- Maximum loan amount: $500
- Maximum loan term: 31 days
- Minimum loan term: 7 days
- Rollovers: None
Every form of credit comes with a cost, but keep in mind that payday loans can be more costly than other types of loans.
- 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%
Planning for payday loan expenses keeps you out of permanent debtAs the federal government determines how to regulate the payday loan industry nationally because of the high cost to consumers, it’s important to remember that a payday loan can be helpful–if you use it right. Because Florida already has helpful regulations in place, the rate of default is lower than the national average. This is due to Florida’s 60-day repayment plan and the credit counseling that comes with it.
Creating a budget for yourself or your family is one of the best ways to combat debt. Until banks and credit unions offer similar services to people with bad credit who need payday loans, government officials in Florida intend on keeping the laws in place. Many consider this the only way out of an emergency, even if it costs more in the long run.
A brief warning about payday loans
While payday loans can be a good way to get ahead of your bills, they can be extremely expensive for people without a budget. You loan will always come with a contract that states the total cost–the principal, interest and other charges–that come with borrowing. Because Florida law has a maximum loan term of 31 days, you may struggle to meet the payment deadline.
Borrowing responsibly is your best bet against going further into debt. In addition, applying for assistance programs can also help you avoid further debt. The Florida Food Assistance Program is one of the ways you can get help paying for your everyday expenses while still saving money to also pay for your debt.
What do you need to apply?
You’ll need to be at least 18 years old, a US citizen or permanent resident and have a regular source of income in order to meet the minimum eligibility requirements set by most payday lenders.
During your application, you’ll need to be prepared to submit personal details, such as you Social Security number, details from your ID and access to your checking account.