The Maximum Loan Amount in Florida
- The maximum loan amount for single-payment payday loans and installment loans are $500 and $1,000 respectively. Any amount exceeding is prohibited.
- Additionally, a borrower is not allowed to get more than one payday loan at a time.
Rates, Fees, and Other Charges in Florida
- 10% of an amount and a $5.00 verification fee.
- APR equals 304%.
In Florida, any finance charges and fees that exceed 10% are not permitted. And the verification fee should be no more than $5.
How Much Would a $100 Payday Loan Cost?
With a 14 days term:
Loan cost: $100*391.1%* (14/365)=$15.0
To return: Principal+Loan cost=$100+$15.0=$115
10% fee charge of $100 = $10
$5 verification fee
$15 / $100 / 14 days = 0.10714 * 365 days * 100 = 391.1%
The Maximum Term for a Payday Loan in Florida
- The maximum term for a single-payment payday loan is 31 days, while an installment loan is 90 days.
- Rollovers are not allowed in Florida, you are required to pay back the amount plus interest on time.
In the state of Florida, a single-payment loan is given a period of 14-31 days, while an installment loan is generally with a tenure of 60-90 days. Please keep in mind that no rollover is allowed in Florida, you need to repay in full and on time.
From July 2020, lenders are not required to check a borrower’s ability to repay a loan.
Be careful, evaluate your financial situation, and don’t get into a debt trap.
Florida Department strongly recommends checking the license of deferred deposit originators (payday lenders) by this link.
- In Florida, payday lending is available both to the residents here and people who have a plan of moving to the state.
- Criminal charge is not allowed according to state law and your lender has no right to take any action of this kind if you fail to repay.
- Borrowers are given a grace period of 60 days in case one is unable to repay in time. However, to use this feature, certain steps should be taken in advance.
For more information about the laws and regulations in Florida, please kindly visit the official website of the Florida Office of Financial Regulation, consumers can also file a complaint regarding illegal payday lender actions via this site.