Payday Loans in Florida

Payday Loans
Explore our list of payday loan providers in Florida. Whether you're looking for $255 payday loans online, same-day options, or no credit check loans in FL, we provide detailed information to assist your decision. Learn about the regulations, limits, and most reliable online payday loans in Florida.
Offers: 5
Updated:
11.06.2024
15:38
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Recommended FinScore™
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100.00 – 20000.00 $
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Interest rate

from 0.05 %
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Loan term for the financial product

5 days – 3 months
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3.09
(20 Ratings)
Recommended FinScore™
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Interest rate

from 4.00 %
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Loan term for the financial product

to 1 months
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4.06
(20 Ratings)
Recommended FinScore™
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50.00 – 1500.00 $
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Interest rate

208.04 – 782.14 %
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Loan term for the financial product

14 days – 31 days
Moneytree
Payday loan
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3.138
(13 Ratings)
Recommended FinScore™
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$100-$500
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Interest rate

up to 482.32%
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Loan term for the financial product

up to 14 days
Rating by Finanso®
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3.23
(41 Ratings)
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100.00 – 445.00 $
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Interest rate

to 0.92 %
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Loan term for the financial product

to 24 days

A payday loan in Florida is a short-term loan that is usually due on your next payday. Such loans are also known as cash advance loans, designed to help people bridge the gap between paychecks when facing unexpected expenses or emergencies.

For example, a payday loan can provide you with the emergency cash you need if you need to pay for car repairs or medical bills before your next paycheck arrives. However, it's important to understand that payday loans come with high-interest rates, so you should only take one out if you are confident you can pay it back on time.

Payday Loans in Florida

What is the Payday Loan Limit in Florida?

Florida has a limit on payday loans. The state government sets the limit to protect consumers from unaffordable loans. Currently, the maximum amount that a borrower can receive from a payday loan in Florida is $500.

If you're getting a payday loan in Florida, knowing the limit is important. This will help you avoid debt you can't pay back. Remember, payday loans provide you with emergency funds but usually have high-interest rates and fees, so exploring other options is best before taking one out.

How to Borrow Payday Loan in Florida?

Apply for a loan

  1. Find a licensed lender. Search for a payday loan lender in Florida and make sure they are licensed to operate in the state.

  2. Submit an application. Fill out the lender’s application form online or in person at their office. It will typically ask for your personal information, employment status, and banking details.

  3. Provide the required documents. The lender may ask for additional documents like your government-issued ID, recent pay stubs, or bank statements to verify your information.

  4. Get approved. After submitting your application, the lender will evaluate your application and inform you if you are approved or not. If approved, they will let you know the loan amount and any associated fees.

  5. Sign the loan agreement. Once you agree to the loan terms, you will need to sign the loan agreement.

  6. Receive funds. After you’ve signed the loan agreement, the lender will deposit the funds directly into your bank account. The timing of the deposit may vary depending on the lender.

Pros and Cons

Pros

Fast cash. Florida payday loans online can help you out when you're in a financial emergency, as your loan request can be satisfied within the same day

Easy loan application form. Most online payday loan companies in Florida have simple application forms that take just a few minutes to complete.

Lenient credit history requirements. Payday lenders typically don't require a hard credit check, so you can still qualify for a loan even if you have no or bad credit scores. However, they might also conduct soft credit checks and seek employment verification to evaluate eligibility.

Convenient repayment options. Repayment terms are usually flexible and can be extended over several weeks, making it easier to manage your finances.

Cons

High interest rates. Payday loans in Florida can come with an annual percentage rate (APR) of 300% or more, which can make repaying the loan on time difficult.

Risk of debt trap. Since payday loans are due on your next payday, it can be easy to fall into a cycle of borrowing and repaying that leaves you in a never-ending debt trap.

Fees and penalties. You might be charged additional fees and penalties if you're unable to repay your loan on time, which can make it even more difficult to pay off the debt.

Not a long-term solution. Payday loans are designed for short-term financial emergencies and should not be relied on as a long-term borrowing solution.

Requirements

  1. You must be at least 18 years old and have proof of your age.

  2. You must have a steady source of income that can be verified, such as a job or government benefits.

  3. Provide identification, like a driver's license or state ID. 

  4. You'll need to have an active checking account in your name, so the payday loan lender can deposit your funds and withdraw the repayment when it's due.

Interest Rates

Payday loans in Florida have high-interest rates. Lenders set interest rates that can be as high as 391% annually. This is due to the state's regulations on payday lending, which allow lenders to charge up to 10% of the loan amount as a fee, plus a verification fee of up to $5.

Florida lenders must provide borrowers with certain disclosures, including information about the loan fees and cost of credit. Borrowers need to be careful before taking out a payday loan, as they can end up paying much more than they borrowed. Read the terms and conditions before agreeing to a loan.

Offline Lenders

  • Cash America is a pawn shop chain with over 100 locations in Florida that also offers payday loans.

  • Fast Payday Loans. It has over 20 branches throughout Florida, where you can apply for a payday loan in person.

  • The Check Cashing Store. You can apply for Florida payday loans at 20 branches throughout Florida

In Florida, payday loans are legal but are subject to regulations to protect borrowers from excessive fees and interest rates.

The state imposes a maximum borrowing amount of $500 per loan and a maximum fee of 10% of the loan amount. The loan term must be between 7 and 31 days, and lenders are not allowed to offer rollovers or renewals.

While Florida law restricts the loan amount for payday lenders, it doesn't shield you from paying high-interest rates. 

Statute Section 560.404 of the Statutes of the State of Florida states that you can only have one loan at a time. There is a 24-hour waiting period before another payday loan can be obtained.

If a borrower cannot repay the loan on time, they may request an extended repayment plan without any extra fees or penalties. Lenders are also prohibited from taking any criminal action against borrowers who are unable to repay their loans.

Alternatives

  • Personal loans from banks or credit unions. These loans typically have lower interest rates and longer repayment terms than payday loans. You'll need to have a good credit score and a steady income to qualify, but it's worth exploring this option.
  • Credit card cash advances. If you have a credit card with available credit, you can take a cash advance. Although cash advance fees can be high, they're generally less expensive than payday loans.
  • Negotiating with creditors. If you're struggling to pay bills, try negotiating with your creditors to arrange a payment plan that works for you. Many creditors are willing to work with borrowers who are experiencing financial hardship.
  • Non-profit credit counseling agencies. These organizations offer free or low-cost financial counseling and can help you create a budget, negotiate with creditors, and find alternative sources of financing.
  • Government assistance programs. Your income and situation may make you eligible for government programs that provide financial assistance or low-interest loans.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.

  2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.

  3. Carefully review all the terms and conditions of your payday loan contract.

  4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

  5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

  6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

Other Loans

FAQ

Are online payday loans legal in Florida?

Yes, online payday loans are legal in Florida. Florida law allows payday loans of up to $500 with a term of up to 31 days. However, borrowers must meet certain requirements, and lenders must follow specific regulations to ensure consumer protection. It is important to read and understand the terms of any loan agreement before agreeing to it.

How many payday loans can I get in Florida?

In Florida, you can only have one outstanding payday loan at a time and a mandatory 24-hour cooling-off period between loans. This is according to Florida law.

What do you need for a payday loan in Florida?

To obtain a payday loan in Florida, you usually need to provide the following:

  • Proof of income. You need to show you have a steady source of income, such as a job or regular government benefits.
  • Valid government-issued ID. A driver's license or state ID is typically acceptable.
  • Bank account. You need to have a checking account in good standing to qualify for a payday loan.
  • Social Security number. Lenders use your SSN to verify your identity and check for any outstanding loans or debts.
  • Proof of residency. You need to show that you are a resident of Florida and have a valid mailing address.
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