Last Updated 27.01.2022
A payday loan is a cash advance facility which you should pay with your next paycheck. Usually, borrowers get payday loans in a store after issuing the lender a postdated check. The lender will give you money, and the due repayment date corresponds to the date you will receive your next paycheck. The amount you repay will include interest and any other costs.
If you are a resident of the state of Florida, you can access payday loan lenders physically or online. Therefore, if you ever find yourself in a tight corner and need quick cash, consider applying for Florida payday loans.
But, before applying for payday loans in Florida, take your time to understand how they operate, especially if it is your first time. In this payday loans in Florida review, you will get all the information you need before you can access the payday loans. Please read the guide in its entirety to get the complete picture.
Florida Payday Loan Laws
As mentioned before, the state of Florida does not prohibit payday loans. The companies involved in issuing Florida payday loans are subject to set rules and regulations. The Division of Consumer Finance department under the Florida Office of Financial Regulation regulates the payday loan lenders.
If you take Florida payday loans, you are protected by the following laws:
- The state allows borrowers to borrow a maximum of 500 USD for each of the payday loans.
- How many payday loans can you have in Florida? A borrower cannot have more than one outstanding Florida payday loan at a time. The regulatory body uses the statewide database to track all the payday loans allocated.
- The payday loans lenders can charge a fee of up to 10% of the amount borrowed and an additional 5 USD as a verification fee.
- The lender cannot issue payday loans for a term exceeding 31 days or below seven days.
- The state of Florida prohibits any payday loan terms that infringe on the rights of the borrower.
- Once a borrower has cleared their outstanding payday loan, they must wait for 24 hours before the state allows them to apply for another loan. This period is intentionally put there to avoid loans from being rolled over into new payday loans. The grace period also gives the borrowers ample time to consider other cash advance Florida options. The state also prohibits rollovers on Florida payday loans.
- In the event the borrower cannot pay the full amount of the loan, the payday loan provider must give the borrower an extra 60-day grace period. The state also prohibits the lender from charging the borrower any additional fees for the grace period.
- The Florida payday loans borrower has the responsibility of reaching out to the Consumer Credit Counseling Service within seven days. The borrower should also go through counseling during the 60-day grace period.
Online Payday Loans in Florida
Thanks to technology, there are online payday loans for Florida residents. If you have a busy schedule that cannot allow you to drive to a payday loan store, don’t panic. You can apply for Florida payday loans online from anywhere.
Many borrowers prefer the online application process as it is swift and saves a lot of time. However, with many online platforms issuing online payday loans in Florida, borrowers must exercise extra caution. The online space is full of scammers and fraudsters masquerading as lenders. You might fall into their hands and lose your hard-earned cash.
To avoid such a predicament, consider the following factors before deciding to work with Florida payday loans online lenders:
- Verify the payday loan lender license. If you work with a lender that does not hold a valid license, it might be challenging to resolve issues in case they arise.
- Compare the offers by several genuine Florida payday loan operators and go for the one that offers the best deal.
- Read reviews by users who have used the service before finding out whether that particular payday loan lender is genuine.
- Make sure that the Florida online payday loans provider uses a secure connection. The website should have an SSL certificate.
- Check the employment requirements of the payday loans company and whether you can meet them.
- Make sure the lender’s website is friendly and easy to navigate.
When applying for payday loans online in Florida, the process is flawless. Once you find the right lender for your needs, this is the general procedure:
- Fill in the application form and submit all the required documents.
- The Florida payday loans lending company will review your application.
- They will assign you an agent who will let you in on the payday loans’ terms and conditions.
- If they are satisfied with your Florida payday loan application details, the lender will send you the amount you borrowed within 24 hours.
- Borrowers will pay off their payday loans with their next paycheck. Suppose you agreed during your loan application to let the lender withdraw the money from your account automatically. In that case, the law permits you to stop the automatic withdrawal before it takes place.
How to Get a Payday Loan in Florida: Main Requirements
Even though the Florida payday loan providers do not consider your credit score when issuing the loans, they consider other factors. They are:
- Borrowers must be 18 years or above. The US government prohibits payday loan lenders from issuing loans to persons under 18 years.
- You must also provide a valid picture ID like a government-issued ID or Driver’s License.
- The second requirement is that you must reside in Florida legally. Before the Florida payday loan operator can process your loan application, you must provide your contact address to prove that you are a legal resident of the state. If you pass these two tests, your success in getting the payday loan is almost inevitable.
- Your low credit score is a non-issue, but you must convince the Florida payday loans lender that you have a stable income source, and your monthly income is 1000 USD or more. This information will assure the lender of your ability to repay the loan. You might also be required to provide a recent bank statement and a personal check.
- Other details you must provide in the payday loans application include your phone number and a valid email address.
- If you are a debtor in bankruptcy, then you will not qualify for the Florida payday loans.
What Are Other Options to Get Cash Advance in Florida?
It is an open secret that payday loans are usually expensive. Therefore, borrowers should explore other available options before applying for online payday loans in Florida. If you have run out of ideas, here are a few you can consider:
- If you are looking for Florida payday loans to clear utility bills, you can inquire about delaying or make a payment plan with the suppliers. The bills do not attract any interest like the payday loans would.
- You can talk to family members and friends about borrowing money from them. This method has its own risks, as if you fail to repay the loan, it might destroy your relationship with a loved one. Nevertheless, this would be preferable to Florida payday loans
- You can also reach out to your employer to give you an advance on your paycheck.
- You can apply for other loans like personal loans and installment loans.
- Borrowers can also look into debt consolidation loans, credit builders’ loans, or Credit Cards.
- Find out about any local social services and assistance schemes.
- You can look for an extra part-time job or freelancing job to boost your income.
- Talk to credit unions in your locality to find out if you qualify for any loans.
Regulations of Payday loan Companies in Florida
There are regulations that govern payday loan lenders in Florida. It doesn’t matter whether they offer online payday loans in Florida or from their physical store; there are Florida payday loans laws they must adhere to. Examples include:
- The payday loan companies must operate under a registered company.
- They should also hold a valid license issued by the State of Florida, allowing them to offer payday loans FL.
- The lending company is required by law to provide the borrower with all the information concerning the Florida payday loans. Before issuing the loan, they should ensure that the borrower understands the repayment terms, additional charges, and interest rates.
- Florida Payday loans’ lender should also educate the borrower on default penalties, potential risks, and other penalties. They should even know their options in case they default.
- The state also prohibits the lender from infringing on the rights of the payday loan borrowers in the event they fail to pay the full amount of the loan.
- The state also expects the lender to issue the payday loans borrower with a 60-day grace period if they cannot pay the whole amount when the loan is due.
- The payday loan companies are prohibited from issuing loans to borrowers with outstanding payday loans.
As you search for online payday FL loans, ensure the company you choose to work with adheres to all the regulations. If you work with a company that does not follow the rules, you are required by law to report them to the regulatory authority for further action. This will help protect other Florida payday loan borrowers from suffering the same predicament.
Poor Credit Payday Loans in Florida
If you have low credit, you can still access the poor credit payday loans. You can get many online cash advance Florida operators that don’t look at your credit score. If you search online, you will encounter multiple lenders that are willing to offer Florida payday loans to borrowers with a low credit score.
Some lenders might advise you to look for a co-signer to improve your credit score. Usually, with an improved credit score, you will get more options of lenders willing to give you their Florida payday loans. Moreover, a better credit score might allow you to negotiate better interest rates.
If you cannot improve your credit score, you will still get payday loan lenders willing to work with you. Even though the options are limited, you can use that opportunity to improve your credit score once you get a loan. How? Ensure that the Florida payday loans you get are repaid on time. When you submit your loans in time, the lender conveys this information to the credit bureau, improving your credit score.
As you work towards a better credit score, learn to adopt proper financial management practices. This will put you in a better financial position in the future. Do you have a low credit score? Don’t panic, you can get your money matters in order. Begin with the Florida payday loans you can access and improve with time.