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Last Updated 27.06.2022
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Max Loan Amount
98
Approval Rate, %
37.5
APR, %

Money tends to run out. And this often happens just when you least expect it. It may not be very comfortable to ask family or friends for financial help, especially if you need a large sum of money. But you can always contact Loan Solution, and they will find the most suitable Florida payday loans for you. Today, we will discuss the main aspects of payday lending in Florida that you need to know before applying for a loan. This will help you save money and get approved. So, let’s get started!

Florida Payday Loans Laws & Regulations

Payday loans in Florida are legal and regulated by statutes § 560.402-§ 560.408. All lenders licensed under the Fl. stat. Ann. § 560.402 et seq. have the right to provide their services in the state. Let’s consider the main legal regulations for Florida payday loans.

  • Maximum loan amount. You can take a traditional or installment payday loan in Florida. The maximum amount allowed by law for a short-term loan is $500. If you are going to pay off the debt in installments, you are allowed to borrow up to $1 000.
  • Interest rates and fees. According to Florida law, lenders can charge you up to 10% of the total loan amount and a $5 verification fee for a traditional payday loan. In the case of an installment loan, the interest rate reaches 8% and is charged twice a month as long as you repay the loan. There’s also a $5 verification fee. Depending on the loan amount and repayment term, APR ranges from 130% to 782% (on average, 304%).
  • Repayment terms. You have 7 to 31 days to repay a traditional loan in one payment. The payment period for installment loans is 60-90 days.
  • Rollovers. Many US states allow borrowers to extend the loan repayment period, but such a rollover comes with even higher fees and interest rates. Florida is not one of those states, and rollovers are prohibited here. Therefore, all payments must be made on time.
  • Availability. It is not necessary to be a Florida resident to borrow money. Payday loans in Florida are available for both locals and out-of-towners who are going to move to the state.
  • Number of outstanding loans. You can take out only one payday loan at a time. After paying it back, you have to wait at least 24 hours to apply for another one.
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What May I Need Florida Payday Loans For?

Payday loans can cover all your financial needs. There are no restrictions on the use of this type of cash advance. The most popular reasons why Florida residents apply for a payday loan are:

  • Home improvements
  • Car repair and upgrade
  • Emergency medical treatment
  • Veterinary bills
  • Debt repayment
  • Tuition fees
  • Large purchases
  • Unexpected move to another apartment
  • Small business financing
  • Birth of a child
  • Vacation and travel
  • Wedding organization or wedding gifts
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How Much Will a Payday Loan In Florida Cost Me?

The total cost of a cash advance in Florida includes the amount of your loan plus the finance charge and verification fee. And so, if you take a loan for $100, you will pay a 10% charge fee and a $5 verification fee (considering maximum charges allowed by Florida law). Thus, the total amount of your cash advance will be $100 + $10 + $5 = $115. If the repayment term is 14 days, the APR is equal to 391.07%.

If you borrow $500, you may pay a $50 charge fee and a $5 verification fee. So, you will have to return $555. In this case, the APR is 286.79%. Use the online calculator to find out how much you will need to pay for a particular loan in Florida.

What to Consider Before Getting a Payday Loan in Florida?

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You always need to be responsible for money matters, and it does not matter if you live high or low. Why is it so important? The careful choice of a loan offer will help you achieve your financial goals in a convenient term and with minimal commission costs. Otherwise, you risk losing a lot of money and ending up in a circle of debt. So here’s what you should consider before applying for a payday loan:

Check lender reliability

The first thing to do before applying for a loan is to check if the lander works in your state. Although many lending companies claim to provide services throughout the US, this does not mean they are all licensed to operate in Florida. Therefore, check if the lender has a license. Otherwise, you may face a violation of state laws and unfair interest rates.

Know your financial needs

It’s always important to plan your budget, even in emergencies. You should have a clear idea of why you need the money, what you will spend it on, and how to pay off the debt. In addition, think about what would be better for you – in-store or online payday loans in Florida. Also, decide on the cash advance amount so as not to be short of funds when paying off the debt.

Define your boundaries

Unfortunately, there are many unscrupulous lenders trying to cash in on their clients. Therefore, you need to define the limits on interest rates and other fees that you are able to pay off and never accept offers that do not fit within this framework. Lenders with exorbitant APRs should be considered scammers who want to rob you. So, it is better to deal with reliable and proven companies, and LoanSolution can help you find trustworthy lenders and get the most favorable payday loans online in Florida.

What Are the Eligibility Criteria For a Payday Loan in Florida?

While lending in Florida is subject to fairly strict legal regulations, it will not be difficult for you to get approved for a loan. Typical eligibility criteria include:

  • Age. You must be of legal age to apply for a cash advance. Some companies also do not grant payday loans to people under 21.
  • Place of residence. You can be either a permanent or temporary Florida resident to be approved for a loan. But US citizenship is a mandatory criterion.
  • Income. You must provide proof of stable income to be eligible for payday loans in Florida.
  • Credit score. Rare landers work only with clients with a high FICO score. Most do not perform credit checks and allow even those with a low FICO score to take out a loan.

What Lenders Offer Payday Loans with Bad Credit in Florida?

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There are many lenders in Florida that grant cash advances without credit checks. So you do not have to worry about your FICO score while seeking online payday loans for bad credit in Florida. LoanSolution partners with over 100 000 direct lenders all over the US, so you are sure to find what you need in any state. We have selected the top 5 online lenders for you to consider their bad credit loan offers.

Check Cashing Store

This is one of the most popular lenders in Florida. Its services are available online or at any of the 69 stores in the state. No minimum credit score is required. Also, you can get a loan even with a zero credit history. The lender offers Payday and Payday PLUS loans ranging from $500 to $1 000.

  • APR: 203% – 390% (depending on the loan amount)
  • Fees: 10% of the total amount + $5 verification fee
  • Approval time: almost instant
  • How soon you will get the money: 1-48 hours

Advance America

This is one of the leaders in the American lending market, which allows you to get online payday loans in Florida with no credit check. Advance America was created in 1997 and has already granted 148 million loans. The service has more than 1 400 stores across the US, 180 of which are located in Florida. Also, you can apply for a loan online and get approved within minutes. The maximum payday loan amount is $1000.

  • APR: 133% – 391%
  • Fees: 10% of the total amount + $5 verification fee
  • Approval time: almost instant
  • How soon you will get the money: 1-48 hours

Lending Bear

The lender has provided short-term loans to residents of Florida, Louisiana, Georgia, Alabama, and Tennessee since 1990. Lending Bear has a total of 22 stores, 11 of which are in Florida. But still, most clients prefer to use the service online, as this is the best way to get a quick cash advance up to $1 000 even if you have a very low credit score.

  • APR: 286% – 391%
  • Fees: 10% of the total amount + $5 verification fee
  • Approval time: almost instant
  • How soon you will get the money: 1-48 hours
  • Check into Cash

This is one of the best lenders in the USA. Check into Cash was launched in 1993 and has already opened over 1 100 stores in 30 states, including 2 in Florida. You can easily get a cash advance up to $1 000 even if you have bad credit. Applying for a loan takes only a few minutes, and the money is credited to your account quickly, often within one day.

  • APR: 286% – 400%
  • Fees: 10% of the total amount + $5 verification fee
  • Approval time: almost instant
  • How soon you will get the money: 1-24 hours

Amscot Cash Advance

This is a reliable and high-quality lender for those who want to get fast payday loans in Florida. There are over 170 stores in the Sunshine State, many of which are open 24/7. You can borrow up to $1 000 without credit checks. Clients love Amscot Cash Advance for low fees and high approval rates. Moreover, the lander has been operating since 1989 and has a good record.

  • APR: 211% – 338%
  • Fees: 10% of the total amount + $3 verification fee
  • Approval time: almost instant
  • How soon you will get the money: 1-48 hours

Conclusion

The lending industry in Florida is highly regulated. This is why local lenders cannot cheat naive clients and charge sky-high interest rates for their services. Borrowers, in turn, receive affordable loans with favorable terms and conditions. Moreover, many lenders provide payday cash advances without credit checks. However, you must meet other eligibility criteria to qualify for the loan. Want to increase your chances of getting approved? Feel free to contact LoanSolution as the approval rate is 98%! In addition, they will always help you find the best payday loan offer in Florida!

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FAQ

Does Florida Allow Payday Loans?

Yes. Payday loans are legal in Florida, and the state imposes a five-hundred-dollar limit. Repayment gets done in full and not in installments. Borrowers have to be residents of the state and be above eighteen years. People can borrow even with low credit scores.


How Many Payday Loans Can You Have in Florida?

You can only request one payday loan in Florida. After that, if you need more money, you must clear your previous debt and wait 24 hours to get another loan. However, if you attain the eligibility requirements, you can get two payday loans but not from the same lender. So, if you prove that you can repay both loans, the lender will approve your request.


Can You Have More than 1 Payday Loan in Florida?

Payday loans are legal in Florida, but people can have only one per time. You can still ask for a second one, but there is no guarantee to get it. The only time it can be possible to get two payday loans in Florida is when you go to different lenders. The lender will serve you as long as you meet the eligibility requirements. The main thing lenders consider is credit rating and debt-to-income ratio.


Can You Go to Jail for Not Paying Back a Payday Loan in Florida?

No. Florida residents do not get jailed for defaulting payday loans. What lenders do is end debt collectors. In the end, you will not only owe the amount borrowed but also fees, overdraft charges, collection costs, bounced check fees, and even court costs. Court costs come in when the lender or collection agency sues you. It is possible to get arrested if you get sued, and the judge rules against you and you ignore the court order.


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