Editor's choice: OppLoans Installment Loans
- Easy online application
- Quick approval
- Long repayment terms
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When you need money fast or can’t qualify for traditional loans, a payday loan might be your only option. In Miami, you can apply online or in stores for up to $500, though picking up your loan in person is usually your quickest option.
Yes, you can get a payday loan in Miami. But there are some limits to how much you can borrow, as well as the rates and terms your lender can offer. In Miami, payday loans must be $500 or less, with terms between seven and 31 days. Your lender also can’t charge more than $15 per $100 borrowed.
Typically, you can get a payday loan as fast as the same day if you pick up your funds in person. If you apply online, you can generally have the money deposited into your account as soon as the next day.
While it varies by lender, you might need to provide the following when applying for a payday loan in Miami:
Need more than $500 or more time to pay it off? Starting in July 2019, Miami residents can take out an installment loan of up to $1,000 with terms of 60 to 90 days.
Installment loans tend to come with lower APRs than payday loans, but that doesn’t mean they’re less expensive. Having more time to pay off your loan means there’s more time for interest to add up.
Currently, you can only get installment loans in Miami through tribal lenders. These lenders are allowed to get around the state’s payday loan laws because they’re governed by tribal law rather than the state or federal government.
This means you have different protections than you would if you borrowed from a licensed Florida payday loan provider. If you need more than $500, read our guide to tribal lending to weigh the benefits and drawbacks.
When you need money fast in Miami, a payday loan could be your only option — especially if you don’t have the credit or income to qualify for a traditional personal loan. But short-term loans come with lots of risks, and the high APRs make it easy to get caught in a cycle of debt.
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