October 30th 2012 By Shawn Martin
The Florida State Payday Loan Laws are very lender friendly and not very beneficial to the borrower.
The current allowable time frame for a payday loan in Florida is 7 to 31 days.
Interest rate charges are 10% maximum plus a $5.00 free. This can lead to incredibly large interest rates. The APR for a 14 day, $100 loan is 390%
The maximum loan amount is $500.00 exclusive of fees,
Legislation has passed laws that authorize payday loan companies to do business in Florida.
The state of Florida had to classify payday loans the same as check cashing laws to avoid requiring them to follow the rules under the usury law, which prevents lenders from charging high interest rates.
By calling the interest charged a “Fee” and as long s a borrower does not roll their loan over, it is a legal transaction. Thus are the payday loan laws in Florida.
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