Florida And Payday Loans


Florida And Payday LoansThis post will be all about Florida and payday loans.

This state has changed the way they deal with these companies and it is not to the borrowers’ advantage.

First, we will take a look at what is going on with the payday loan laws in this state and then we can look at how this will affect the borrowers.

[Click here to get help with payday loan debt in Florida or any other state!]

Florida Payday Loan Laws


During a time when federal authorities are cracking down on payday lending across the country Florida has gone in the opposite direction and eased their regulations.

Through heavy lobbying by the payday loan industry, they have gained bipartisan support to pass this new rollback that would counter the proposed Obama era regulations that are now pending but on hold.

The previous Florida laws allowed loans to $500.00 and allowed these loans to be must be paid in full lump sum payments at the end of the 31-day periods.

These loans often carried over 300% interest but new tougher laws passed by the federal government clamp down on these types of loans, making them unprofitable, so the industry claims.

Florida has found a way around these new regulations by redefining what short-term loans are, calling these new loans 60 to 90-day loans and raising the amount of the loans to $1000.00

The federal government does not regulate any loans over 45 days in length taking these loans out of their watch.

At the present time, the federal regulations are on hold but this industry does not want to take any chances they are put into full effect so they have passed this new law.

What This Means To Borrowers


Borrowers can expect even higher interest rates on longer loans, thus making these loans incredibly profitable for the loan companies.

Because they will fall out of the federal regulations, the sky could be the limit for counter fees and interest rates so one should be very careful in dealing with these companies in Florida.

Many other states, at last count up to 10 so far, have pushed to pass this type of bypass from the federal regulations and it looks like these companies will be around for quite some time to come.

The best way to deal with any payday loan is to follow We want to make sure everyone is informed when dealing with payday loans so we recommend reading our post How To Use Payday Loans

Summary


We have covered the changes in the payday loan laws in the state of Florida and we have also gone through how the changes can affect borrowers.

We hope this information helps you in dealing with payday loans and payday loan companies in Florida!

We want to hear from you!

If you have any questions or comment please leave them in the comments section below and we will address them promptly or just give us a call toll-free at 1-877-280-5100

[Click here to get help with payday loan debt in Florida or any other state!] 

6 thoughts on “Florida And Payday Loans”

  1. Fantastic article. I was searching the web for a friend who is caught up in these payday loans and it’s breaking her. I see with her, is it’s almost as if she’s addicted to it and doesn’t stop. The interest rates are killing her alone. Florida has definitely found a way around it and it’s going to leave people broke who use them. It’s good to know we have good people like you to help people with this and I will be sending my friend this link and hope she gives you guy’s a call. After reading your article I’m confidant you can help her.
    Thank you,
    David

    1. Thanks David for the kind words!

      Yes, we can help with herdebt and yes, it does become like an addiction!

      We can help her understand what to watch out for in the future and make sure she does not fall into this kind of money trap ever again!

      Shawn>>

  2. Florida and others love the tax dollars from these high dollar loans but they have a severe drawback on the communities because you can’t break the cycle easily once you get under the thumb of these modern loan sharks. Arizona made it unlawful to offer unsecured Pay-Day loans. You can have a title loan here but no short-term pay-day loan because of the addiction and cost. Thanks for bringing the fight to light and options to the communities.

    1. Hi, Andy and thanks for stopping by!

      Glad to be of service and happy to share any information we can to help people with out of control payday loan debt!

      Shawn>>

  3. I have never been a fan of payday loans because I just knew that the interest rates were going to be high. And now, knowing that the rates are going to be even higher is just mind boggling.

    But I also know that there are a lot of people who can use the help of these places. But like you mentioned, they need to be well-informed and have a plan to reply these loans as soon as possible.

    1. Hi Reyhana!

      Thanks for stopping by and yes, we agree a good plan is the best way to deal with these kinds of loans!

      Armed with the knowledge of how they work really helps to avoid the payday loan trap!

      Shawn>>

Leave a Reply

Your email address will not be published. Required fields are marked *

*