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Flordia Cash Advance & Payday Loans

Have you ever found yourself in a situation where you needed cash fast? Financial emergencies can happen to even the most prudent individuals, and when you're in a bind, your options can be very limited. Sometimes, you have to borrow that cash to tie you over until the next payday.

That's why many people turn to payday lending. Payday loans are fast cash loans in which the lender advances cash to the borrower in exchange for a post - dated check for the amount of the loan plus all interest charges and fees. In other words, if a consumer needs to borrow $500, he or she would write the payday lender a post - dated check for $500 plus any interest fees and other charges set forth by the lender. The check is typically post - dated to the borrower's next payday. The lender then gives the borrower the cash on the spot or deposits it directly into their bank account, and when the next payday rolls around, the check gets cashed to pay the lender back.

For those who find themselves in a tough financial situation that demands access to instant cash, payday loans meet a very big need. It's fast and easy to get a payday loan, so it really can help you get out of a jam pretty quickly.

But there are risks to taking out payday loans, and as a borrower, you're responsible for assessing these risks. The most important thing you have to be aware of is that payday loans often have exorbitant interest rates. For example, the APR on a two - week payday loan for $100 in Florida could be up to about 420%.

With such high interest rates and finance charges, one thing is clear - while payday loans can be useful, they should only be taken out when absolutely necessary. You have to take care to not end up in a cycle where you're regularly taking out these short - term, high - interest loans because that can make it nearly impossible for you to regain your financial footing.

Make sure you explore all of your options before deciding on taking out a payday loan.

Florida Payday Loan Laws

With about 23,000 payday loan stores across the nation, the industry is clearly thriving. In Florida alone, the payday loan industry adds about $690,690,000 to the state's economy. That means lots of people are taking out fast cash Florida loans across the state.

Florida, like other states, has its own set of laws and regulations for payday lending. These laws are designed to protect borrowers and to prevent predatory lending practices. It's important that you educate yourself on these laws so you can protect your rights.

Some of the key things you should know about Florida payday loan laws are as follows:

  • In Florida, payday lenders are known as "deferred presentment providers."
  • The minimum loan tenure for a payday loan in Florida is 7 days.
  • The maximum loan tenure for a payday loan in Florida is 31 days.
  • The maximum loan amount is $500, exclusive of fees.
  • The maximum interest charged on a payday loan is 10% of the amount loaned plus a $5 fee.
  • Lenders must give borrowers a 60 - day grace period at the end of the loan term if they are unable to pay it off completely.
  • Lenders are not able to prosecute borrowers for bounced checks.
  • Borrowers are only allowed to take out one payday loan at a time. Until the loan is paid off and 24 hours has passed, another payday loan cannot be taken out.

Understanding the law and knowing your rights is so important when taking out a Florida fast cash loan. If you ever feel your rights are being violated or a lender isn't acting according to the law, make a report with the Florida Office of Financial Regulation's Division of Consumer Finance.