Common Capital is a Help Organization dedicated to providing the public with comprehensive, accurate, and accessible online information about payday loans in Florida.
This loan calculator is provided as an estimator only. The details of your loan will depend on several factors including, but not limited to: loan amount, term, annual percentage rate (APR), fees, the state you live in, and the lender’s conditions. These details vary lender to lender and are subject to change at any time. The details of your loan will be provided to you by your lender.
| Year | No. of Stores | No. of Clients | No. of Loans | Value of Fees | Value of Loans |
|---|---|---|---|---|---|
| 2020 | 862 | 891K | 5,700K | $258M | $2,400M |
| 2019 | 971 | 888K | 7,100K | $289M | $2,900M |
| 2018 | 945 | 897K | 7,000K | $280M | $2,800M |
| 2017 | 923 | 975K | 7,700K | $306M | $3,100M |
| 2016 | 1,094 | 988K | 7,900K | $313M | $3,200M |
| 2015 | 762 | 975K | 7,900K | $311M | $3,100M |
| 2014 | 886 | 928K | 7,700K | $306M | $3,000M |
| 2013 | 1,206 | 872K | 7,500K | $297M | $3,000M |
Discover our curated list of the top licensed payday loan lenders in Florida, offering trusted, quick financial solutions to meet your immediate needs responsibly.
Florida regulates payday loans to balance consumer protection with the availability of short-term credit options. The state's legislation, as outlined in the Florida Statutes under Chapter 560, specifically governs payday lending practices, ensuring they are both fair and transparent.
In Florida, payday loans, also known as deferred presentment transactions, are subject to specific rules. The Florida Office of Financial Regulation oversees the operation of payday lenders. Key regulations include a maximum loan amount of $500 and a single charge per loan, which should not exceed 10% of the loan amount. Additionally, the state mandates a 24-hour cooling-off period between loans, designed to prevent consumers from falling into a debt cycle. The loan term must be between 7 and 31 days, with the full balance due on the borrower's next payday.
To understand how these regulations align with federal laws, you can explore the Truth in Lending Act (TILA) and and the Fair Debt Collection Practices Act (FDCPA)
These regulations in Florida are crafted to ensure that payday loans are a viable option for short-term financial needs, while also providing necessary safeguards to protect consumers from potential debt traps and unfair lending practices.
Alternatives to payday loans in Florida include personal installment loans, credit union advances, emergency fund assistance programs, and borrowing from friends or family for more manageable and less costly solutions.
Guaranteed Installment Loans offer a more structured borrowing approach with set repayment schedules, unlike payday loans. Applicants typically need to demonstrate steady income, undergo a credit check, and sometimes provide collateral. These loans are beneficial for larger financial needs due to their larger loan amounts and extended repayment periods.
Fast Title Loans in Florida are secured loans that use your vehicle as collateral. Requirements include owning a vehicle, showing proof of income, and having a valid ID. Differing from payday loans, these loans are based on the vehicle's value, potentially allowing for larger loan amounts but with the risk of vehicle repossession on default.
Emergency Loans without a Bank Account are designed for Florida residents who lack traditional banking facilities. To qualify, one usually needs to provide identification, proof of income, and occasionally collateral. These loans offer an alternative to payday loans for those with limited access to banking, though they may carry higher interest rates and fees.
Debt Consolidation Loans help consolidate multiple debts into one loan. This process involves a credit check and proof of income. Contrary to payday loans, these loans aim to reduce the overall interest rate and extend the repayment term, offering a strategic solution for debt management.
Instant Personal Loans in Florida provide rapid financial assistance, often processed within a day. Applicants are required to show proof of income and undergo a credit check. Offering greater flexibility in loan amounts and repayment terms than payday loans, they are a suitable option for various urgent financial scenarios.
Cash Loans with No Credit cater to Florida Residents with no or low credit history. These loans typically require proof of income and sometimes collateral. While they are similar to payday loans in terms of accessibility, they might offer more favorable conditions, such as lower interest rates or longer repayment periods.
Bad Credit Loans in Florida are specifically for individuals with poor credit scores. They generally require proof of income and a thorough assessment of the borrower's financial situation. Unlike payday loans, they tend to have stricter approval criteria but offer more manageable repayment terms and lower interest rates.
Quick P2P (Peer-to-Peer) Loans in Florida connect borrowers with individual lenders through online platforms. These loans require a credit check and personal financial details. Offering an alternative to traditional and payday loans, P2P loans often come with competitive interest rates and varied repayment terms, based on individual lender-borrower agreements.
Securing a payday loan or cash advance, even with bad credit, involves a few simple steps. Start by identifying local lenders that offer payday lending services to individuals with poor credit. Gather essential documents, including proof of income, Florida ID, and bank account information. Fill out the application, available online or in-person, ensuring you understand the terms, especially the interest rates and repayment plan. Once approved, typically, the loan amount is swiftly deposited into your account, often on the same day.
For Floridians with a low credit score, meeting the requirements for a paycheck loan or a quick personal loan is straightforward. Applicants must be at least 18 years old, have a consistent source of income, and maintain a valid bank account. Identification is also necessary. Florida payday lenders prioritize your current ability to repay the loan over your credit history, making these loans more accessible. This focus on present financial stability rather than past credit issues allows more Floridians to utilize payday loans, installment loans, or emergency cash advances as viable options for immediate financial needs.
If you have a complaint against a payday lender in Florida, the Florida Office of Financial Regulation is the designated regulatory authority. This office is responsible for overseeing and enforcing the state's payday lending laws. For assistance or to lodge a complaint, you can reach out to them at:
Yes, payday loans are legal in Florida. The state regulates these loans, setting guidelines for lenders to ensure consumer protection in payday lending practices.
Payday loan debt forgiveness is not commonly practiced in Florida. However, borrowers facing financial difficulties can sometimes negotiate with lenders for more manageable repayment options or settlements.
Obtaining a payday loan in Florida typically requires a bank account. Lenders use it for depositing the loan amount and for automatic loan repayments.
In Florida, payday loans usually come with fixed interest rates. This means the interest rate remains the same throughout the loan term, providing consistency in repayment amounts.
Payday loans in Florida are unsecured loans. Borrowers do not need to provide collateral, such as property or vehicles, to secure these loans.
Payday loan transactions in Florida may remain in the credit system for several years. The exact duration depends on the lender's policies and the borrower's credit report.