Payday Loans Florida (Online or in Store Near You)

If you are an employed adult residing in Florida, then you can also use our tool to request a loan and we’ll attempt to connect you with one of these lenders in a matter of minutes.

What are the laws for payday loans in Florida?

Payday loans in Florida are regulated by the state under the Fl. Stat. Ann. § 560.402 et seq. and Rule 69V-560.901-912. Lenders also need to be licensed to issue payday loans as per Fl. Stat. Ann. § 560.402 et seq.

Payday loans provide a safe and secure mode of borrowing for those facing temporary financial hiccups.

This type of loan is intended to bridge the gap in your monthly budget until you next get paid, which is ideal if you are faced with an unforeseen bill, need to get something fixed or you want to make an upfront purchase but don’t have any savings.

For many people, particularly those with bad credit who don’t have access to credit cards or loan products from the banks, a payday loan is one of their only options if they want to borrow money.

Did you know? Florida often refers to payday loans as Differed Presentment Transactions.

How much can I borrow in Florida?

In Florida, the state limits the maximum amount that can be issued as a payday loan to $500, which means people only use it for the intended purpose. If you need a larger amount you should consider installment loans or personal loans, which are repaid over several months in installments.

Payday loans are intended to be repaid in one lump sum after your next paycheck arrives, which is why you should only borrow small amounts that you can easily cover with your wages.

The loan period can range between 7 and 31 days, depending on your payday and the individual policies of the lender.

How much does a payday loan cost?

The cost of a payday loan will vary based on the amount you borrow and the policies of the lender. However, Florida state law sets a 304% interest rate limit (APR).

Typically, borrowers will only see a single finance charge, since the loan is supposed to be repaid in one lump sum, but this is still based on the underlying interest rate. This charge cannot exceed 10% for every $100, plus a $5 verification fee.

For example, if you borrowed $400, this should cost you no more than $45 if you repay on the agreed date. If you fail to do this, you will then start to accrue further interest (as per the APR) for the time the loan is outstanding.

In Florida, lenders are not permitted to ‘extend’, ‘renew’, or ‘rollover’ loans. You must also wait 24 hours after repaying a payday loan to apply for a new one.