Florida Payday Loan Laws and Legislation

As per Fl. Stat. Ann. § 560.402 et seq. and Rule 69V-560.901-912, payday lending is perfectly legal in Florida and is governed at the state level.

Before a lender can issue a loan with payday terms it must be licensed to do so under the Fl. Stat. Ann. § 560.402 et seq.

Before being included in our directory we check to make sure this is the case.

Payday loan eligibility requirements in Florida

Before you can take out payday loans in Florida, you must first meet some simple eligibility requirements, else your application will be automatically rejected.

You must:

  • Be at least 18 years old to legally borrow money anywhere in the United States.
  • Be a legal resident of the state of Florida with a fixed address in the state where you can be contacted.
  • Be employed, self-employed, or otherwise be able to verify a monthly income of at least $1,000, so you can demonstrate your ability to make the repayment.
  • Have a bank account with basic checking functionality so the loan can be deposited quickly by the lender and the repayment taken on the specified date.
  • Not already be in possession of a payday loan in Florida.
  • Be willing to share your personal information with lenders, including digital copies of financial statements and documents if requested.

If you can meet these terms you can apply for a payday loan right away. And, if you apply during the working week lenders are permitted to deposit the money in as fast as one business day.

How much can I borrow in Florida?

To ensure you don’t borrow too much and the loan is used as intended (to tide you over until you get paid), Florida law limits the payday loan amount to $500 (not including fees and interest).

This should cover the most temporary financial problems. If you wish to borrow more over a longer period of time you should opt for an installment loan or personal loan.

Most lenders will set the minimum to $100, though there is no legal limit from borrowing less than this.

How long do I get to repay?

Payday loans in Florida can be taken out for a minimum of 7 days and a maximum of 31 days.

This allows most people to choose a duration that coincides with their next paycheck. The loan has to be repaid in full in one lump sum on the agreed date.

How many payday loans can you have in Florida?

Only one. Lenders are not permitted to extend, renew, or otherwise roll over the loan for a longer period of time.

What is the payday loan cool-off period for Florida?

You must wait 24 hours after paying off a payday loan before you can apply for another one.

How much does a payday loan cost in Florida?

Florida has stringent legislation to prevent lenders from overcharging or setting extremely high interest rates for payday loans.

They cannot charge you fees higher than 10% of what you borrow, though an added $5 can be charged for verification/credit checks. As an annual percentage rate (APR), lenders cannot charge more than 304%.

As long as you repay on the agreed date you should not be charged more than $55 for a $500 loan.

Are online payday loans legal in Florida?

Yes, Florida law allows payday lending from storefronts as well as online, with the same rules and limits.

The only difference is that online lenders must provide a full digital copy of the terms and conditions before the lender digitally signs the agreement.

Borrowing online can be riskier but we ensure all the lenders listed in our directory are fully licensed in Florida with good reviews.

This means they will never make misleading promises like instant or guaranteed approval, or that no credit checks will be carried out.

The good news is that even if a credit check finds you have bad credit, you will not be automatically rejected like banks often do.

Your employment status and income level, as well as the other info you provide during the application, will be fairly assessed as a whole.

Borrowers with poor credit are routinely approved for payday loans in Florida and it’s one of the few options for those that don’t have access to other forms of credit.

Our loan request tool makes the online process even easier as we can pass your request through the network of lenders and attempt to match you with one of these in a matter of minutes.

This saves you from applying one-by-one and reduces the risk of getting multiple searches recorded on your credit report.

What are the other common terms and conditions?

  • Under Florida’s legislation payday lenders cannot accept collateral or guarantors for payday loans, meaning you don’t have to pledge items of value in case you fail to repay and you don’t have to get a second person to co-sign the agreement if your own credit rating is low.
  • It is uncommon to repay a payday loan early but whether this is permitted or not is down to the individual lender.
  • You do not have to disclose why you require a payday loan though some lenders may ask.

What happens if I fail to repay a payday loan in Florida?

Florida rules stipulate that failing to repay a payday loan is a civil rather than a criminal matter, which means you cannot face criminal charges or be legally compelled to repay.

However, as with any form of a loan, failing to repay will still negatively harm your credit score, you could face added interest, bank charges (if you go overdrawn), and the lender will still carry out collection actions like phoning or visiting your address to request what is owed or negotiate a repayment plan.

How can I complain about a Florida payday lender?

If you believe a payday lender in Florida has broken legislation or you have some other form of complaint, you can file with the Florida Office of Financial Regulation at:

Address: 200 E Gaines St, Tallahassee, FL 32399
Phone: 850-487-9687