Payday Loans in Florida

Payday Loans in Florida

Anytime you encounter a crises in your finances, it can be hard to choose where to turn to. Luckily, that’s where Florida payday loans come in play. With Florida payday loans, you entitled to get an extra $500 to solve your emergency cash problems. The good news is that the history of your credit score is irrelevant. Whether or not your credit score is horrible, we have a package for you. You don’t have to leave the comfort of your Florida home. All you have to do is apply for your loan on our website and receive your money once your loan is approved. We boast of a speedy and straightforward application process for your loan that provides quick money as soon as you need it.

 

List of the Loan Packages Available in FL 

  1. Payday loans

Like the name, this refers to as momentary cash advances that act as a bridge between your paydays. They are intended to financially protect you until your next check. This loan supports your cash flow when you have to deal with emergencies that your immediate cash balance can not cover, like medical bills, vet appointments, and car troubles. 

In Florida, the loan sum typically ranges between $100 and $500, this is available to you not minding whether you have an awful credit score. This kinds of loan package alleviate money constraints but however, they are not an everlasting solution to your monetary issues.

 

Law Status authorized
Minimum Loan Amount $100
Maximum Loan Amount $500
Minimum Loan Term Seven days (1 week)
Maximum Loan Term 31 days
Maximum Annual Percentage Rates (APR)% 419%
Additional Fees 10% of every $100 borrowed 

Verification fee of $5

Collateral or guarantor  None
Non-Sufficient Fund (NSF) Fees None
Number of Simultaneous Loans Not set
Cooling-off Period 24 hours
Rollover  Not allowed
Extension, repayment plan Not permitted 
Default Penalties Not allowed. Criminal charges are prohibited. 
Credit Score Requirements Accessible for bad credit 

 

  1. Installment loans

Installment loans are flexible loans even though they are longer-lasting they are paid back in installments, usually every month. A predetermined repayment amount and the months it will take will be specified in your loan contract. This predictable payment option periodic-payment loans offer makes squeezing a periodic payment into your financial plan simpler. 

In Florida, you can get installment loans of up to $5k without having the need for collateral security. Periodic/Installment loans are the perfect option if you want to avoid paying back your loan after receiving your next paycheck.

 

Law status Authorized
Minimum Loan Amount $1, 000
Maximum Loan Amount $5, 000
Minimum Loan Term 90 days 
Maximum Loan Term 36 months (three years)
Annual Percentage Rates (APR%)(Minimum) 6.63%
Collateral or Guarantor None
Credit Score Requirements Unrestricted for low credit score.

 

  1. Private/Personal loans

This loan type is for private use. Unlike installment loans and payday loans, it isn’t targeted at a specific purpose like financial emergencies, a house, or a car. This cash can be used for whatever you please.

However, do not take out more money than you need, as you might struggle to repay it at the due date. You can get as much as $35,000 in personal loans in Florida. Nonetheless, if you have a current debt, the amount of debt and the history of your payment might be considered before a new loan can be approved.

 

Law status Approved
Loan Amount (Minimum) $1,000
Loan Amount (Maximum) $35,000
Minimum Loan term  90 days
Maximum Loan term  60 months/5 years
Minimum Annual Percentage Rates (APR%) 4.99%
Collateral or Guarantor None
Credit Score Requirements Your credit score doesn’t matter

 

Is it Legal to Operate Payday Loans in Florida?

 In Florida, payday loans are both legal and regulated by Florida’s Office of Financial Regulations Division of Consumer Finance. However, lenders in Florida are only allowed 10% charges on every $100 borrowed, plus another $5 fee, this is the verification fee. In addition, rollovers and payday loan installment payment are not allowed, and a lender is also obligated to make available to you a copy of the loan agreement signed.

Aside from Payday Loans, what other options do you have in Florida 

There are alternate ways of resolving financial issues without falling back on payday loans. They include: 

  • Credit unions

These unions are like commercial banks but nonprofit. Here, you get the kind of services that conventional banks offer. Credit unions are generally great spots to search for little cash advances. Becoming part of a credit union is now impressively simpler. You might be required to pay a small one-time membership fee, and being a member gives room for more leniency during application for loans. This essentially means you will get your loan at a lower percentage, especially if you are a business owner. 

  • Lending circles

Lending circles are great for getting loans with no interest. A lending circle comprises people (usually six to twelve people) who loan cash to one another for no or exceptionally minimal price. 

The working principle of a lending circle is simple, and it requires commitment. It would help if you also had a steady stream of cash because every month, money is raised to support a member financially. You get a loan as long as you are willing to donate to another person. 

  • Help from friends

If you have a friend that you trust, you can ask for a small loan from that person. To be on the safer side and not destroy your friendship, draw out a payment plan with your friend and let them pick a repayment date or how the process of repayment will work. 

Getting help from friends is great because your credit score is irrelevant. However, this can put your friendship at risk so ensure your friend is genuinely comfortable with the loan amount and the repayment strategy. Your own obligation is to ensure compliance with the stated agreement. 

  • Funds from charity and nonprofits

Rather than taking out a payday loan with a high-interest rate, you can seek assistance from charities close to you. Charities are excellent financial support if you are having difficulty purchasing basic amenities like food because you are faced with an emergency crisis. But how rapidly you can get approval relies on what you need assistance with, and the charity may require confirmation that you truly need assistance.

  • Credit counseling 

many nonprofit organizations will provide credit counsel to you for zero or a minimal fee. You can find good credit counseling services all over the web. These counseling agencies offer guidance on the most proficient method to set up a reasonable month-to-month spending plan and avoid drowning in debt.

  • Personal loans

Personal loans, as we mentioned earlier, are obtained for private use. It can also be used to consolidate your debts. Although with a low credit score you can obtain a personal loan, it will, however, affect the amount you will receive. The best thing about unsecured personal loans is that you can get them without submitting any collateral. However, beware of callous lenders that charge outrageously high fees. If the lender’s Annual Percentage Rate (APR%) exceeds 36%, look for another lender. 

 

In Florida, How do Payday Loans Work? 

Securing a payday loan in FL is super easy as long as you follow these steps: 

  1. Be sure you are using a secure website, as there are a lot of scammers looking to steal sensitive information. Confirm that the website has “https” in its URL. To be on the safer side, use our website. Your details are safe with us. 
  2. Once you are on a protected website like ours, confirm you meet all the prerequisites. 
  3. If all the requirements are met by you, proceed to fill out the application form because your provided details will be thoroughly evaluated, you must submit the correct information. 
  4.  Go through the form and confirm that you have input the correct details. If you did, hit submit and wait for a message announcing the outcome of the application.
  5. If your application is approved, the lender will send you a loan agreement to sign as part of the approval process. Once done, the creditor will deliver the loan to your provided account. 
  6. Most lenders online take back payment of the loan on the agreed date directly from your checking account. However, If you must repay the loan though, endeavor to do so on the due date. Your loan agreement usually includes penalties for defaulting. Some lenders might involve a collection agency and once these agencies are involved, it can harm your credit score. 

Nonetheless, no lender is allowed to threaten you with an arrest, file charges, or frighten you with empty threats to provoke you to pay. Payday loan debt isn’t a crime. 

 

It should take you no more than five minutes to complete your application form. The nicest thing is that you’ll get your loan the same day (if you apply early) or the next working day at the latest.

Because we value your time, Once your payday loan is accepted, all you have to do is follow these simple steps. 

What You’ll Need to Get a Florida Payday Loan 

Before you can take out a payday loan in FL, you must: 

  1. Be at least 18 years during the loan application process.
  2. Have a valid ID card. 
  3. Submit an authorized Social Security Number (SSN)
  4. Have a verified email and telephone number. 
  5. Possess an income that gives you a constant stream of cash. 
  6. Own a verifiable checking account that has been in use for over a month. 
  7. Not be an active military member.

An example of Florida’s Payday Loan Fee

If you take out a $400 payday loan with a minimum of 7 days You will have an interest rate in Florida stated below;

Annual Percentage Rate (APR%): 419%

Loan procured: $400

Since creditors in Florida are only allowed to collect 10% of every $100 you borrow,

Maximum Finance charge (for 7 days):$10 * 4= $40 + $5 (verification fee)= $45

To return: $445

APR% Calculation= $45/$400 = 0.1125 * 365 days = 41.0625 ÷ 7 days (loan term)= 5.866

= 586.6% 

 

FAQS

Can you get a payday loan in Florida?

Yes, you can take out a payday loan in FL. 

How many payday loans can you have in Florida?

In Florida, you can only take out one payday loan at a time. The lender will verify that you do not have an outstanding debt from Florida’s Deferred Presentment Transaction System before granting you a loan.

Can you take out two payday loans in Florida?

In Florida, you cannot take out two payday loans at the same time. You have a 24-hour cooling-off period after repaying your previous payday loan before applying for another. Payday loans are the greatest option if you’re dealing with a financial problem and require cash quickly. Here’s where you can get a payday loan in Florida.

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