Installment Loans Florida (Bad Credit Accepted)

Lending limits and terms in Florida

In Florida, the state regulations limit the amount that can be issued via an installment loan to between $1,000 and $5,000, while the duration can vary between just 3 months to 36 months, depending on what the borrower desires and the lender’s own assessment of the borrower’s financial situation.

If you use our hand only loan request tool and are matched with an online lender in Florida, they will aim to offer terms as close to those you desire as possible.

While payday loans are intended to tide you over until you next get paid, installment loans give you some breathing room to repay in installments over a longer period of time.

This allows you to fund more expensive projects like home or vehicle repairs, international travel, or anything else in between.

While lenders do not have to ask you what you’ll be spending the loan money on, we advise never to use it to pay off existing debts as this will only prolong the problem.

What are Florida installment loan interest rates?

Interest for installment loans in Florida is represented as an Annual Perchance Rate (APR) which is how much you would pay on the principal if the loan was outstanding for a year.

This can be confusing if you take out the loan for shorter or longer, but it’s still relatively easy to calculate what your rate might be.

Plus, before you sign for a loan, they must breakdown the repayment schedule and how much you will be paying interest each month anyway.

Regulations state that installment loan interest cannot be lower than 6.63%, though it will be typically much higher than this anyway. The maximum rate of interest that can be charged (excluding any one of the fees is 18%).

Are installments loans unsecured?

Yes, in Florida installment loans can only be issued unsecured, which means you do not have to sign over items of value such as your home or vehicle to be recovered if you fail to repay the debt.