Florida Payday Loan Online | Best Payday Loan in Florida

Over 36 States in the US allow payday loans for their citizens. Most of these states have adapted laws to help protect consumers from excessively high payback amounts or increasing interest rates or fees. That can make the loans impossible to repay.  Many people have been trapped by payday loans that could not be paid off on time and found themselves facing horrendous fees and interest rates that topped well over 600% APR.

Payday loans are loans that people get to tide them over or pay a specific bill, until payday. To get the loans, the consumer writes a check to the loan company with the amount borrowed, any fees attached and the agreed upon interest and the check is then deposited into the consumer’s bank account for payment on the consumer’s payday.

Florida State Payday Loan Law Overview

Consumers can obtain a Florida payday loan online, only borrow up to a maximum amount and the fees and terms are set by law. Finance charges and interest are also capped by Florida State law, the State also allows only one payday loan to a single consumer at any given time, and it is not legal to rollover the loan; which means paying just the current interest and charges and then refinancing the original loan, again. This protects the consumer from paying successive exorbitant fees. The payday loan company cannot pursue criminal action against the consumer if the loan is not paid.

  • Maximum loan– consumers can borrow a maximum of $500
  • Loan Terms– a period of 7-31 days
  • Extensions– an arrangement to pay the loan in installments can be made between the consumer and the lender, but the original loan cannot be refinanced.
  • Fees and APR– Finance charges on the loan cannot exceed 10% of the check, plus another $5 for processing. Interest cannot be over $16.11 per each $100 borrowed. Unfortunately this can, in reality, be crunched to be 419% APR.

Conclusion

Florida State, like many other states, does not outlaw payday loans, but it has set strict limits on their fees, rates, and late payment options.  This allows people the freedom to choose payday loans if they decide this is the option that is best suited to their situation. The Annual Percentage Rate (APR) of these loans continues to be extremely high, even with the legal cap set. Florida, along with 35 other states, has done all it can to allow its citizens the option of obtaining payday loans while still protecting them from fraud and unreasonable or unobtainable payback amounts.

Best Florida Payday Loan

Top payday lenders in FL. You can apply them online now.

No
Provider
Review
APR
Visit Site
1
AmeriAdvance
Varied
Go to AmeriAdvance
2
Paydaymax
431.79%-616.85%
Paydaymax
3
Plain Green Loans
59.84% �?378.95%
Go to Plain Green Loans
4
MyCashNow
401.13%-573.05%
MyCashNow
5
Discount Advances
401.13%-573.05%
Discount Advances
6
100 Day Loans
36%�?51.79%
100 Day Loans
7
Cashnet USA
243.25%�?83.04%
Cashnet USA
8
Check City
Varied
Check City
9
Cash Central
Varied
Cash Central
10
CashAdvance
Varied
Go to CashAdvance.com
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