Florida Cash Advance Consumer information

Payday Loan usage info:

7% (seven percents)

Short term loan permit:

Mixed

Legislation:

560.401 et seq.

Maximum loan amount:

500$ excluding the charges

Cash loan period:

Minimal term is seven days, maximum term is thirty-one day.

Fees:

Lender or it’s affiliate partner can not charge more than 10% of the payment instrument provided. Verification fees are described in Sec.560.309(7). Lender or it’s provider can charge only fees as described here and in Sec.560.309(7) article.

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Florida is one of the states that understand the need for payday loans. In order to protect citizens however, the government has put laws into action that will help regulate the borrowing and payment process. This affects not just the size of the loan but also the rates and length of coverage. These same rules are applied to protect all parties involved and create a fair system of short-term borrowings. Today, Florida citizens can apply for payday loans through the internet or by stopping by office-based lending institutions.

Payday Loan Process in Florida

In order to borrow short-term loans in Florida, individuals must first qualify under state law. Borrowers must meet all the requirements below to be entertained:

• 18 years old and above
• Proof of US and Florida citizenship
• Proof of employment
• Holds a checking or savings account

Many payday lenders have a monthly salary requirement before agreeing to a loan. Specific amounts may vary ranging from $800 to $1000 per month. The application process is easy enough and can be accomplished online. Note that FL laws require the agreement in writing and should contain the following information:

• Name and address of lender
• Lender’s representative
• Clear description of the loan

Florida Payday Loan Laws and Regulations

Following are the laws governing payday loans in Florida:

• Payday loan limit: Maximum of $500
• Number of loans at time: One with 24-hour cool off period between loans
• Loan term: No less than 7 days but no more than 31 days
• Rollover: Prohibited
• Fees and cost: 10% of the loan amount
• APR for $100 loan in 14 days: 419%

To further regulate the system, all skytrailcash online are tracked using a central database. Since not everyone can pay off a loan in time and rollovers aren’t allowed, Florida practices the Grace Period covering 60 days. During this time, borrowers must go through a credit counseling process that can help them set up a repayment plan.

Florida Consumer Protection

Florida is one of the states still to impose a rate cap on payday loan borrowings. Still, there are some short-term laws that help protect borrowers from further losses. For example, lenders cannot prosecute borrowers if they submit a bad check. A demand for payment is possible, but only in so far as the 10% fee and the cost of the bad check. All complaints and inquiries associated with FL payday loans should be directed to the Florida Office of Financial Regulation. The institution may be reached through phone, fax or email.

Florida Office of Financial Regulation
Phone: (850) 410-9701
Fax: (850) 410-9768
Web: http://www.flofr.com

Florida Payday Loan Alternatives

There are currently several payday loan alternatives available to residents of Florida. They have the option of seeking out pawnshops or selling items through the internet. For some, asking a salary advance directly from the employer is simpler and dispenses with the problem of interest rates. Banks are also open to the possibility of loans, especially if one is in need of bigger amounts. Credit cards offer cash advance options that can be paid for within several months. Credit unions offer repayment plans through debt consolidation.