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Payday Loan Laws in Florida
Payday loans are small, short-term cash loans. Generally, consumers write a post-dated check for
the desired amount, in addition to an interest fee. The lender will hold onto the check until the
next payday (usually 14 days) and then deposits it. Consumers also have the option to return with
cash to reclaim the check. Or, in some cases, consumers can repay the loan with a signed agreement
which allows the lender to electronically withdraw the funds from their bank account on a
pre-determined date. Payday loans are regulated by state; therefore, it's important to
understand your state laws.
Payday loan laws in Florida include the following:
The maximum amount of money you're allowed to borrow may not exceed $500.
The maximum interest fee is 10% of the loan amount plus a verification fee. However, 10% fee may not be applied to the verification fee.
The minimum loan term is 7 days and the maximum is 31 days.
Example:
A loan for $500 + $50 interest fee + $5 verification = $555 total.
'Roll-overs' are prohibited. In other words, a payday lender cannot offer you a new loan to repay an existing loan.
There is a mandatory 'cooling- off' period of 24 hours.
Currently, there is no limit on the number of payday loans that you're allowed to withdraw annually.
The Florida Office of Financial Regulation licenses payday lenders and the payday loan industry for Florida. Online payday lenders that lend to Florida residents must be licensed and comply with their loan terms. You can verify the license of a payday lender in Florida by calling 850-410-9805 or online.
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