If you find yourself short of cash and your credit isn’t the best, it can be tempting to consider a payday loan. However, these loans are risky and expensive and tend to target financially vulnerable people. It’s best to consider local resources or less risky and more affordable loan options instead.
Yes, payday loans are legal in Florida, even though they’re not in most other states. Still, just because they’re legal doesn’t mean they’re a good idea. They typically come with APRs up to 400% or more, and terms are short, which can lead to a cycle of debt that may be hard to break.
Instead of taking out an expensive and risky payday loan, consider lower-cost alternatives such as cash advance apps, online personal loans or payday alternative loans (PALs). You can also seek credit counseling or look into state and local resources for those in financial need.
When you need fast cash, these options are less risky and expensive than payday loans.
The best cash advance apps typically offer up to $500 or more but with no interest charges or late fees. You usually receive funding within a few days or instantly for a fee. Advances are generally easy to qualify for, although you’ll usually need a checking account and a certain number of eligible deposits to qualify. Some apps also require a monthly subscription fee of up to $20, although some apps don’t require memberships to qualify.
If you need to borrow a larger amount, consider an online personal loan. There are options for borrowers with a range of credit scores and far better rates than payday loans. For example, most legit personal loan lenders cap rates at 36%, even for those with poor credit. However, you’ll still need a credit check to apply and meet minimum income and other requirements.
Some federal credit unions offer PALs from $200 to $1,000 with rates capped at 28%. Loan terms are up to six months, giving you more time to repay the loan. But you need to be a member for at least one month to qualify, so you can’t access fast funding if you don’t already have an account.
If you already have an account with a bank or credit union, see if it has a loan option that works for you. Many banks and credit unions offer small loans or personal lines of credit to existing customers in good standing.
You could ask your employer for an advance on your paycheck and avoid taking out a loan altogether. Your employer just deducts the money from your next paycheck, and you probably won’t pay interest.
The Finder Score crunches 3+ types of short-term loans across 65+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best short-term loans for all credit types, you can see how each short-term loan stacks up against other short-term loans with the same borrower type, rate type and repayment type.
In general, Florida interest rates for consumer loans are capped at 18% a year for loans under $500,000 and 25% for loans over $500,000. But, these caps only apply to licensed lenders. Different rules may apply to out-of-state lenders and national banks as well as certain loan types, like payday, pawn shop and title loans.
Lenders may also charge other fees, such as origination fees, which are not considered interest but add to the loan’s cost. For the true picture of the cost, look at the APR, which includes both interest and fees.
Getting a loan isn’t always the best move, so you may want to consider some of these options for financial assistance in Florida.
Although payday loans are legal in Florida, that doesn’t mean they are the best choice. Consider less risky and more affordable loan options such as cash advance apps, personal loans, PALs or paycheck advances. You may also want to look into credit counseling or local assistance programs for individuals and families in need.
Green Dollar Loans connects borrowers with lenders offering payday and installment loans up to $5,000.
Small loans, fast approvals and massive interest rates — find out if it’s worth the risk.
A review of Xact, a direct lender that offers installment loans up to $5,000 with high APRs.
A fast-cash lender with flexible approval, but are the high interest rates worth it?
Review of Chime Instant Loans, installment loans up to $500 at a flat rate.
Is Blue Mountain Loans a lifeline or a trap? Find out before you borrow.
A review of Lendly personal loans, a lender offering fast cash to all credit types, but with steep APRs.
Find loans similar to CreditCube but with better rates, longer repayment terms and more flexibility.
Sunshine Loans offers fast funding to borrowers with lower credit, but rates and fees run high.
From pay advance apps to payday loans, you have a few options to choose from.
I am currently unemployed but receiving unemployment benefits. Can I still get a loan to be placed on my Green Dot Prepaid debit card ?
Hi Louis,
Thanks for getting in touch with finder. I hope all is well with you. :)
Generally, unemployment benefits are considered to be a source of income. For this reason, you have a chance to get approved for a loan. While you can check our table above to check your options, you can also check other debit card loans to specifically find loans that may release money on your Green Dot Prepaid debit card.
I hope this helps. Should you have further questions, please don’t hesitate to reach out again.
Have a wonderful day!
Cheers,
Joshua
Is there a loan option on a debit card that I already have in a few hours?
Hi Kara,
Thanks for leaving a question on finder.
You can get a prepaid debit card loan since it is legal to have one in Florida. Turn around time would usually be 1-2 days and it will depend on your eligibility.
If you need anything else, please send me a message.
Cheers,
Joel
I need $4500 – 5000 cash today. What will it take to make this possible?
Hi Lorraine,
Thank you for your comment.
Getting a loan and be approved today is actually possible. Consider getting a payday loan if you need one today. You may refer to our guide in getting a loan in Florida. Compare the list of lenders listed on the page and if you think you’d want to apply and would fit the criteria, you may click the Go to Site button to be redirected to the financial institution’s page.
Hope this helps.
Regards,
Jhezelyn
Need cash for rent and medical. Expenses in Florida. Do they do a hard or soft credit check. Is it safe do online? How fast can I get the loan?
Hi Jackie,
Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.
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. 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.
I hope this helps.
Cheers,
Danielle