In Florida, payday loans are legal for people who need them quickly to cover their unexpected expenses. The minimum amount of loan you can get is $100, and the maximum amount of payday loans in Florida is $500. The state code is FL. If you are an FL State resident, you are welcome to get payday loans of up to 500 dollars.

Table Contents

  1. Legal Status of Payday Loans in Florida
  2. Payday Loans Restrictions in Florida
  3. Florida History
  4. State Cities
  5. Alternatives
  6. Payday Loans History
  7. How Do Online Payday Loans Work in Florida?
  8. Payday Loans Requirements in Florida
  9. Regulator: Complaints and Information
  10. Payday Loans in Florida for Unemployed People
  11. Payday Loans Near Me in Other States
  12. Reasons to Choose Us
  13. FAQ
  14. References
  15. All States
  16. Disclaimer

Get a Payday Loan in Florida!

Payday Loan Restrictions in Florida

To understand how do the APR and other fees work, see the example below:

Law Status legal
Citation
MIN amount $100
MAX amount $500
MIN term 7 days
MAX term 31 days
min APR Varies by lender
max APR 419%
Extra fees 10% of every $100 borrowed
Collection fees None
Guarantor
None, unsecured

Nr. of simultanous loans Not set
Cooling-off period 24 hours between 2 consecutive loans
Rollover None
Extension/repayment plan
None

Credit Score
A for Bad Credit

Criminal action
Prohibited

Law Status legal
Citation
MIN amount $1,000
MAX amount $5,000
MIN term 90 days
MAX term 36 month
min APR 6.63%
Guarantor
None, unsecured

Credit Score
A for Bad Credit

Criminal action
Prohibited

Law Status legal
Citation
MIN amount $1,000
MAX amount $35,000
MIN term 90 days
MAX term 60 month
min APR 4.99%
Guarantor
None, unsecured

Credit Score
A for Bad Credit

A 17 day Payday Loan of $300.00 has an APR of 250.49% and a finance charge of $35.00.

Florida Finance History

The state of Florida considers payday lending legal according to the § 560.402-§ 560.408 Statutes from 1990.

All payday lending companies in Florida need to be licensed under the Fl. Stat. Ann. § 560.402 et seq. to operate in the state.

Short-term cash advances in Florida are referred to as “deferred presentment transactions”. It means the act of writing a post-dated check for the money borrowed from the present.

Florida State Cities

Payday loans in FL cities are available for all kinds of borrowers. If you are looking for “Florida payday loans near me”, you can find it with the help of ZIP codes. All the cities have local direct lenders that may provide you payday cash advances.

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Alternatives for Short-Term Payday Loans in Florida

Before taking a payday loan, you should consider the following alternative solutions. There are:

  • Installment Loans and Personal Loans online (from $1,000, $1,500, $2,000, $2,500, $3,000, $5,000 installment loans with a maximum 36-months term and up to $35,000 personal loans with a maximum 60-months term)
  • Credit Cards, Debt Consolidation Loans, Credit Builder Loans
  • Local assistance programs & Social Services
  • Additional part-time jobs or some side gigs and freelance opportunities to earn extra cash
  • Recycling for money
  • Help from your family, friends, employer, or creditors
  • Credit unions or traditional banks

You have to be very careful and responsible when applying for payday cash advances. We recommend you avoid rollovers, renewals, or extensions as much as possible. So, you’ll be able to repay your loan fast and easy.

Florida Payday Loans History

1990s – The industry was badly regulated with lots of payday lenders “extending cash advances at rates well over the state’s 18 % usury limit“. (see the complete information at Center for Responsible Lending).

2001 – Florida’s payday loan law, the Deferred Presentment Act, was passed. It had all the current payday loan regulations and was meant to regulate. This law brought order into the financial industry. But, as time passed, its practices that were supposed to improve the sector failed.

June 2, 2016 – The Consumer Financial Protection Bureau (CFPB) proposed a Payday Loan Rule that has fully come into effect in November 2020.

2018 – Florida’s House and Senate set the Deferred Presentment Transactions Law (SB 920) to allow installment payday loans up to $1,000 repayable in 60 to 90 days. It took effect on July 1, 2019.

Other changes were caused by the fact that from July 2016 through June 2017, Florida residents borrowed $3.09 billion from payday lending companies and paid $306 million in fees. Thus, lawmakers decided to offer 3-month installment payday loans apart from the short-term loan product that already existed in the attempt to help consumers.

How Do Online Payday Loans Work in Florida?

Payday Loans both online and in-store, are available for Florida residents. But, nowadays, online payday lending is becoming more and more popular among borrowers as it has a lot of benefits:

  • An opportunity to compare a lot of different offers at once;
  • Avoid driving, doing paperwork, and waiting in infinite lines;
  • Free and simple application process;
  • High rates of approval even with a bad credit history;
  • A trusted network of lenders that perform no hard credit check;
  • 24/7 availability.

The online application process is fast and simple:

  • First Step: compare the lenders and choose the one with the suitable rates and fees;
  • Second Step: fill in the application form with the necessary information;
  • Third Step: get the money into your account on the next business day;
  • Fourth Step: repay the loan with your next paycheck.

Payday Loan Requirements in Florida

Alternative lending services, like direct lenders, may have special requirements that a borrower should meet, but typical minimum requirements include:

  • Florida (US) residence;
  • Regular income (minimum $1,000 per month);
  • Valid checking or savings bank account with direct deposit;
  • Active phone number and e-mail address;
  • If you’re a veteran or military, you should have served 90 consecutive days of active service during wartime, OR you have served 181 days of active service during peacetime, OR you have six years of service in the National Guard or Reserves;
  • If applying Online, you must provide a valid Social Security Number;
  • If using the Lending Store, you must bring a valid government-issued photo ID. A Social Security Number might not be required;
  • If applying in-store, you must bring proof of income and evidence of a bank checking account.

Regulator: Complaints & Information

Florida Office of Financial Regulation

Address: 200 E Gaines St, Tallahassee, FL 32399

Phone: 850-487-9687

URL: https://www.flofr.com/

File a Complaint: https://www.flofr.com/sitepages/FileAComplaint.htm

Payday Loans in Florida for Unemployed People

In Florida, payday loans are available for people on SSI (Supplemental Security Income), unemployed residents, those who have child alimony, single mothers, disabled borrowers, and other job-related minorities. But the main rule is that they must have a minimum (unofficial) income of $1,000. If you’re one of them, find out that you have the chance to get approval, too.

Be sure that anti-discrimination rules are applied for these types of borrowers. If you’re unemployed but have unofficial incomes, direct lenders may offer payday cash advances to cover your unexpected expenses.

There are some common requirements for people with disabilities or those who live from benefit payments. They should show the disability policy or benefits statement from the benefits payer (typically, it is an insurance company or former employer).

Some lenders may require an Award Letter from Social Security Administrators or proof of current receipt concerning people on SSI. It is a frequent requirement from lending companies that should meet borrowers with disabilities.

It is important to know that direct lenders make maximum efforts to provide payday loans for unemployed and/or disabled people.

Top Cities: Payday Loans Near Me in Other States

Reasons to Choose Us

Among many online cash advance lenders and platforms, our vision of lending is different. We work with a trusted network of direct payday lenders.

Find out other benefits when choosing us:

  • You get immediate access to competitive loan offers with no third party, with no hidden fees.
  • You can use payday loans in Florida as you wish. Lenders don’t set restrictions for spending your money.
  • Our lenders don’t perform hard credit checks for payday cash advances in FL. They just run a general review of your financial situation.
  • The online application process is quick and easy, especially for short-term loans in Florida.
  • No paperwork and faxing! Just an online application form available 24/7.

FAQ

Yes, consumers with all types of credit scores are welcome to apply for payday loans in Florida. There is a high rate of approval for people with poor credit history.

There are only soft credit checks. These kinds of assessments aren’t provided through those three traditional credit bureaus but only by alternative companies. Also, this check won’t influence your actual credit score.

No, you can get only an instant approval decision. You’ll receive it as a notification at your email address. Commonly, it takes 5 – 10 minutes to get a decision from your lender.

No, you can get a guaranteed approval decision from the direct lender for your payday loan in Florida. But there is a high rate of approvals, so don’t worry about getting the money you need.

Yes, you may get 1-hour payday cash advances in Florida. If qualified, 1-hour payday loan may be approved in less than 60 minutes. But you should know that by providing 1-hour payday loans, lenders give you access to funds on the next business day or even sooner. Pay attention to the cut-off times of lenders.

It depends on the cut-off times. If you apply for payday loans in FL before noon, your cash advances may be approved faster, and you’ll receive the money in your bank account the same day. But if applied in the afternoon, you’ll get them on the next business day.

The number of simultaneous loans is not set in Florida, but you can ask your lender to provide you information about this regulation.

The easiest way to get payday loans in Florida is to apply on online platforms that help you to connect with direct lenders. You fill in the single application form, and the partners will send it to dozens of direct lenders who will decide to get you a loan.

Payday loans in Florida have many advantages for borrowers with bad credit. Also, the fact that you can borrow the maximum amount of $500 won’t allow you to get into large debt. Besides, the online application process is fast and simple.

If you need more money for your emergencies, direct lenders also provide installment loans ($1,000 – $5,000) and personal loans ($5,000 – $35,000). The minimum term for these loans is 90 days, and the maximum is 36 months and 60 months.

To qualify for payday loans in Florida, you need to be a Florida (US) citizen, be at least 18 years old, have a steady income, and have a valid phone number, email address, and active bank account.

To apply for payday cash advances in Florida, you need to access the Internet from a PC, Laptop, or even smartphone. Also, you need to provide valid information about yourself while filling in the application form.

In Florida, you may borrow from $100 up to $500 as payday loans.

The minimum term for payday loans in Florida is 7 days, and the maximum term is 31 days.

The law states a $5 verification fee and 10% of every $100 borrowed. Also, there are no collection fees.

Once you receive your next paycheck, the lender will withdraw it from your bank account. You don’t need to go in-store to repay your payday loan in Florida.

If you cannot pay your payday cash advances in FL when it is due, lenders will apply legal penalties. The amount of penalty percentage depends on the lender and on the amount you borrowed. There are no extensions and repayment plans.

You’ll receive a notification about the application result at your email address. Make sure it is active and not full.

It depends on the cut-off times. If you apply before noon, you may get your payday loan in FL on the same day. But if used in the afternoon, you’ll get your money on the next business day on your bank account.

As a borrower, you’ll have to pay 10% of every $100 borrowed, plus a $5 verification fee.

Yes, you need to have a steady income to get a payday loan in Florida. But it doesn’t need to be official. Commonly, direct lenders don’t request income proof, but you should be ready to give exact answers about your regular incomes when borrowing money.

The maximum APR for payday loans in Florida doesn’t exceed 419%. Ask your lender for more information about the Annual Percentage Rate.

The law states %10 of every $100 borrowed of payday loans in Florida. But they depend on the lenders. So, make sure your lender provides you all the necessary information about the payday loan.

There are no rollovers for Florida loans, but you should ask your lender about them before signing the contract.

There are no extensions and repayment plans in Florida. So, make sure you can repay the loans in time.

References

Center for Responsible Lending: https://www.responsiblelending.org/

Consumer Financial Protection Bureau (CFPB): https://www.consumerfinance.gov/about-us/newsroom/cfpb-finalizes-rule-stop-payday-debt-traps

The Florida Senate: https://www.flsenate.gov/Session/Bill/2018/920

All States

You can get suitable payday loans in the US online with a quick and easy application form. Just fill it in and wait 5 – 10 minutes for a loan decision.

US residents can apply for online payday loans even with poor credit. Most direct lenders guarantee instant decision and Payday Loans with soft or no credit checks. Get the necessary emergencies as soon as the next business day if you borrow online or even the same day if you apply in-store.

Disclaimer

PaydayLoansM is an information service designed as a comparison platform providing you with the tools you need to make better decisions.

We make efforts to provide current and accurate information on this site, but it may differ from what you may find on other companies’ websites. So, ask for any details with the loan before you sign the contract.

ZIP Codes of the State

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32621

32618

32668

34432

34431

32131

32460

33890

34216

34788

34756

33537

33786

32640

32925

33851

33576

33574

32148

32149

33597

32332

32102

34449

32767

32066

32957

34797

33827

32577

32564

32410

32694

32723

32565

32346