Payday loans are legal in Florida. They are officially called “deferred presentment transactions“.
In Florida, you cannot get more than $500 at a time.
APR is 304%.
The loan terms are 7-31 days.
You cannot get rollovers in Florida – so you should repay loans in time. However, the lender can offer you a repayment plan.
In Florida, a person cannot get more than one payday loan at a time.
The maximum finance charge is 10% for every $100. There is a cooling-off period of 24 hours between 2 consecutive Florida payday loans. Rollovers are not allowed. Criminal actions against borrowers are prohibited.
Payday lending in Florida is regulated by the Fl. Stat. Ann. § 560.402 et seq. and Rule 69V-560.901-912.
All payday lenders in Florida must get a license in order to provide cash advance.
A verification fee is not more than $5.
Payday loans are available both to the residents of Florida and to those who are going to move here.
The Florida law provides consumers with a 60-day grace period in case they are unable to pay off their payday loans in time.
Florida Payday Loan Regulations:
| Legal Status | Legal |
| Maximum Loan Amount |
$500 exclusive of the fees
|
| Minimum Loan Term |
7 days
|
| Maximum Loan Term |
31 days
|
| Finance Charges | 10% |
| Number of Rollovers Allowed | 0 |
| Interest Rate (APR) |
304%
|