Florida State - Payday Loans Information

Payday loans are made by payday loan stores, check cashers, and pawn shops. Some rent-to-own companies also make payday loans. Loans are also marketed via toll-free telephone numbers and over the Internet. All a consumer needs to get a payday loan is an open bank account in relatively good standing, a steady source of income, and identification. Lenders do not conduct a full credit check or ask questions to determine if a borrower can afford to repay the loan.

Legal Status: Legal

Loan Terms:

Maximum Loan Amount: $500

Loan Term: 7-31 days

Maximum Finance Rate and Fees: 10% of check + verification fee not to exceed $5

Finance Charge for 14-day $100 loan: $16.11

APR for 14-day $100 loan: 419%

Debt Limits:

Maximum Number of Outstanding Loans at One Time: One

Rollovers Permitted: None (cannot rollover)

Cooling-off Period: 24 hours

Repayment Plan: Yes. Grace period extends term 60 days, no additional charge. Credit counselling required.

Collection Limits:

Collection Fees: All charges imposed on the lender by any financial institution; lender not entitled to treble damages

Criminal Action: Prohibited

Call for Cash: +1 (855) 462-5019

State Rate & Fee Regulations

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