Florida Payday Loans

Fl. Stat. Ann. §§ 560.402 et seq.; Rules 69V-560.707, 69V-560.901-912
Status: Legal

Payday loans are legal in the state of Florida, pursuant to Fl. Stat. Ann. §§ 560.402 et seq.; Rules 69V-560.707, 69V-560.901-912. As of 2016, there are currently 1,181 cash advance lenders operating in the state. The initial loan term is typically between 7 and 30 days, with the term usually determined based on the borrower’s pay cycle. As in every state that allows payday loans, the application process is quick and simple, and there has been more research and action taken to educate potential borrowers since 2010.

State Regulations

The maximum amount of a payday loan a borrower can take out is $500 with a borrowing period of no longer than 31 days and no less than 7 days. A deferred presentment provider or its affiliate may not charge fees that exceed 10 percent of the currency or payment instrument provided. At the same time, a verification fee might be charged as provided in §560.309(7). The 10 percent fee may not be applied to the verification fee. A deferred presentment provider may charge only those fees specifically authorized in this section.

The state regulations also appear to work in favor of borrower protection. For example, a borrower must pay a previous loan in full and wait 24 hours before entering into another loan, which can help keep the borrower from falling into a debt cycle. This period is designed to prevent loans from being rolled over into new loans and to give consumers the opportunity to consider other financial alternatives. If the borrower is unable to pay the loan in full by the end of the term, the loan provider must provide a 60-day grace period without additional charge. However, this grace period is dependent upon the borrower making an appointment with a Consumer Credit Counseling Service within 7 days and completing the counseling within the 60-day grace period.

Lending Rules*

Lenders in the state of Florida are legally required to comply by the following limitations according to Fl. Stat. Ann. §§ 560.402 et seq.; Rules 69V-560.707, 69V-560.901-912:

Maximum Loan Amount:
$500
Minimum Length of Loan:
7 days
Maximum Length of Loan:
31 days
Maximum Finance Rate & Fees:
10% of check + verification fee not to exceed $5
Finance Charge for 14-day $100 Loan:
$16.11
APR for 14-day $100 Loan:
419%
Max # Outstanding Loans at One Time:
One
Rollovers Permitted:
None (cannot rollover)
Repayment Plan:
Yes
Collection Fees:
All charges imposed on the lender by any financial institution; lender not entitled to treble damages
Criminal Action:
Prohibited
*The information displayed may not be current. For the most recent information, please visit http://www.paydayloaninfo.org/state-information/17.

Regulatory Information

If you have a complaint against a Florida Cash Advance location you can contact your state regulator below:

Regulator:
Florida Office of Financial Regulation
Address:
Division of Securities and Finance, 200 E. Gaines Street Tallahassee FL 32399
Phone:
(850) 410-9805
Fax:
(850) 410-9748
Website:


Florida Lenders

Below you can find Florida payday loan lenders in the following cities:

Florida Statistics**

The following information is key demographic data for the state of Florida from the Census bureau.

Total Population:
20,612,439
Median Household Income:
$47,507
Poverty Rate:
15.7%
Median Gross Rent:
$1,002
High School Graduate or Higher:
86.9%
Bachelor's Degree or Higher:
27.3%
**The information displayed may not be current. For the most recent information, please visit http://www.census.gov/quickfacts.

Borrow Responsibly

The State of Florida encourages any potential borrower to consider all financial aid options when considering a payday loan and to research the lender to ensure consumer protection. Lender licenses can be verified by checking with the Florida Office of Financial Regulation. State regulators also encourage borrowers to be careful to check the license if the cash advance lender is doing business online, as dealing with unlicensed Internet companies makes it difficult to resolve potential problems and these companies may be located outside the United States. Borrowers can also get free budgeting information at www.mymoney.gov and find information about setting up a budget to avoid the future need to borrow.

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