Florida Payday Loans (FL)

FloridaFlagFlorida is one of the states that understand the need for payday loans. In order to protect citizens however, the government has put laws into action that will help regulate the borrowing and payment process. This affects not just the size of the loan but also the rates and length of coverage. These same rules are applied to protect all parties involved and create a fair system of short-term borrowings. Today, Florida citizens can apply for payday loans through the internet or by stopping by office-based lending institutions.

Payday Loan Process in Florida

In order to borrow short-term loans in Florida, individuals must first qualify under state law. Borrowers must meet all the requirements below to be entertained:

  • 18 years old and above
  • Proof of US and Florida citizenship
  • Proof of employment
  • Holds a checking or savings account

Many payday lenders have a monthly salary requirement before agreeing to a loan. Specific amounts may vary ranging from $800 to $1000 per month. The application process is easy enough and can be accomplished online. Note that FL laws require the agreement in writing and should contain the following information:

  • Name and address of lender
  • Lender’s representative
  • Clear description of the loan

Florida Payday Loan Laws and Regulations

Following are the laws governing payday loans in Florida:

  • Payday loan limit: Maximum of $500
  • Number of loans at time: One with 24-hour cool off period between loans
  • Loan term: No less than 7 days but no more than 31 days
  • Rollover: Prohibited
  • Fees and cost: 10% of the loan amount
  • APR for $100 loan in 14 days: 419%

To further regulate the system, all payday loans in usa are tracked using a central database. Since not everyone can pay off a loan in time and rollovers aren’t allowed, Florida practices the Grace Period covering 60 days. During this time, borrowers must go through a credit counseling process that can help them set up a repayment plan.

Florida Consumer Protection

Florida is one of the states still to impose a rate cap on payday loan borrowings. Still, there are some short-term laws that help protect borrowers from further losses. For example, lenders cannot prosecute borrowers if they submit a bad check. A demand for payment is possible, but only in so far as the 10% fee and the cost of the bad check. All complaints and inquiries associated with FL payday loans should be directed to the Florida Office of Financial Regulation. The institution may be reached through phone, fax or email.

Florida Office of Financial Regulation
Phone: (850) 410-9701
Fax: (850) 410-9768
Web: http://www.flofr.com

Florida Payday Loan Alternatives

There are currently several payday loan alternatives available to residents of Florida. They have the option of seeking out pawnshops or selling items through the internet. For some, asking a salary advance directly from the employer is simpler and dispenses with the problem of interest rates. Banks are also open to the possibility of loans, especially if one is in need of bigger amounts. Credit cards offer cash advance options that can be paid for within several months. Credit unions offer repayment plans through debt consolidation.

Map of Florida

mapofFlorida

Payday Loans cities in Florida:
Altamonte Springs Apopka Bartow
Boca Raton Boynton Beach Bradenton
Brandon Brooksville Cape Coral
Clearwater Clermont Cocoa
Coral Gables Crestview Dade City
Davie Daytona Beach Deerfield Beach
Defuniak Springs Deland Delray Beach
Englewood Fort Lauderdale Fort Myers
Fort Pierce Fort Walton Beach Frostproof
Ft Lauderdale Gainesville Haines City
Hallandale Beach Hialeah Hollywood
Inverness Islamorada Jacksonville
Jacksonville Beach Jensen Beach Jupiter
Key Largo Key West Kissimmee
Lake City Lake Placid Lake Wales
Lake Worth Lakeland Land O Lakes
Largo Lauderdale By The Sea Lauderdale Lakes
Lauderhill Leesburg Lehigh Acres
Lighthouse Point Longboat Key Lutz
Maitland Marco Island Marianna
Melbourne Merritt Island Miami
Milton Miramar Mount Dora
Naples Neptune Beach New Port Richey
New Smyrna Beach Newberry Niceville
Nokomis North Fort Myers North Miami
North Miami Beach North Palm Beach Oakland Park
Ocala Okeechobee Orange Park
Orlando Ormond Beach Oviedo
Palatka Palm Bay Palm Beach
Palm Beach Gardens Palm City Palm Coast
Palmetto Panama City Pembroke Pines
Pensacola Pinellas Park Plant City
Plantation Port Charlotte Port Orange
Port Richey Port Saint Lucie Punta Gorda
Quincy Riviera Beach Rockledge
Royal Palm Beach Saint Augustine Saint Petersburg
Sanford Sarasota Sebring
St Augustine St Pete Beach St Petersburg
Stuart Sun City Center Sunrise
Tallahassee Tampa Tarpon Springs
Tequesta Titusville Umatilla
Valrico Venice Vero Beach
Wellington West Melbourne West Palm Beach
Weston Winter Haven Winter Park
Zephyrhills    

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