Payday Loans in Florida

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. Reasons to Choose Us
12. FAQ
13. References
14. All States
15. Disclaimer

Legal Status of Payday Loans in Florida

According to Fl. Stat. Ann. §§ 560.402 et seq., payday loans are legal in Florida. People with all types of credit scores are eligible to take payday loans of up to $500. Residents can borrow on the minimum term is 7 days, and the maximum is 31 days. The minimum APR varies by the lender, but the maximum APR doesn’t exceed 419%. Besides, there are no collection fees for this kind of loan, but the lenders may charge 10% of every $100 borrowed and a $5 verification fee. The number of simultaneous loans is not set. According to the FL Law, you aren’t allowed to get rollovers, extensions, and repayment plans.

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.

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.

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.

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.