Florida state Payday Loan Laws

October 30th 2012 By Shawn Martin

Florida State Flag
Florida State Flag

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.

We can help!

Are you dealing with payday loan debt in Florida or any other state?  We can help you consolidate your loans and make one low monthly payment.

Check out our Payday Loan Repayment Plan and get your free quote on how we can help.

It is so easy in this day and age to get caught up in the payday loan trap.

All of a sudden you take a look at your finances and you are short and need instant money, but when the time comes to settle up the funds just are not there and bang, you are stuck.

Let us help you today and get some of that peace of mind back in your finances!

3 thoughts on “Florida state Payday Loan Laws”

  1. I know payday loan debt consolidators can legally operate in the U.S. and the services they offer are legal but so were credit default swaps and we know how all that turned out. I wonder if there’s anyway their services can be limited on a federal level?

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