- Amount allowed to borrow: $500
- Term of loan: 7 days – 31 days max
- Max finance rate and fees: 10%, plus fees for verification
- APR: approx 390%
- Fee per $100 borrowed: $15
- Extensions or rollovers permitted: NONE
- Repayment Plan available: Yes
- Cannot be prosecuted criminally
As you can see, you can get a payday loan in Florida, but you won’t be able to borrow more than $500. In addition, there is a state system the lender is supposed to check to verify that a consumer does not already have a current payday loan, as consumers are not allowed to have more than 1 such loan at a time. After the loan is taken out, if a consumer cannot pay it back on time, the lender is required by Florida law to allow a 60 day grace period, subject to the consumer making an appointment with a credit counseling service with 7 days and then finishing the counseling within 60 days.
Overall, these are not the most stringent rules and regulations, and at least these loans do exist. However, if you need a payday loan, then make sure that your lender is following the above laws – remember, these are not guidelines, they are laws that are designed to protect you as a consumer (if they really protect you is an argument for another day).
If you have any concerns, issues, or questions regarding the payday loan you took out in the state of Florida you should contact:
Florida Office of Financial Regulation – http://www.flofr.com/default.aspx
Phone: (850) 410-9805
Fax: (850) 410-9748