Payday loans in Florida are short term loans specifically designed to cater to short term needs. According to Florida laws, all the lenders offering payday loans in the state must be licensed.
The maximum loan amount allowed by the state should not exceed $500. Additionally, consumers are only required to apply for up to 2 payday loans at any given time. There is also a cooling-off period of one day if you apply for 2 consecutive payday loans.
In Florida, payday loans have a term ranging from 7 days to 31 days. When it comes to fees, lenders charge a maximum of 10% for every $100 borrowed.
However, this fee is not inclusive of the verification fees. Also, the fee should not exceed 5% of the principal loan amount. Payday loans in Florida attract an APR of 304%.
It is the responsibility of the payday loan lender to disclose all the information before offering a loan agreement for signing. This is especially in terms of the loan term, interest rate, and fees, not forgetting the repayment process.
OakParkFinancial offers payday loans Florida in different locations. These include Tallahassee. Ocala, Orlando, Gainesville, and Quincy. We also offer our loans in Pensacola, Jacksonville, Monticello, Holiday among other cities in Florida.
It is easy to fill our loan application form. The process takes as little as 3 minutes. Once approved, we can offer a maximum amount of $500.
This money is usually sent directly to your bank account. Another advantage of our payday loans is that they feature same day approval.
At OakParkFinancial, we have made it easier for anyone to qualify for payday loans in Florida. Our application form is available online and it can only take a few minutes to fill the form.
You no longer need to travel to a physical location when looking for a payday loan. With our payday loans, you also say goodbye to long queues and lengthy paperwork forever.
The online process is fast, straightforward, and secure
We will forward your loan application to one of our reputable lenders. It can only take up to 90 seconds to get the application decision
Once approved, you will receive the money on the same business day
The lender deducts the loan amount together with the fee and interest directly from your bank account.
There are laws controlling payday lending in Florida. Aside from the limitations explained about, here are other requirements that you have to meet before qualifying for OakParkFinancial payday loans:
There are also other requirements which vary depending on the lender.
Florida laws allow for up to 2 payday loan application at a time. The loans must be fully paid before you take out another loan.
Payday loans in Florida last between 7 to 31 days. The loan term should not be more than 31 days. Rollovers are illegal in the state of Florida.
It is therefore important to ensure that you only borrow what you are comfortable paying back. Failure to pay up on time can lead to lawsuits.
It is quite tricky to answer this question. As we said, rollovers are not permitted in Florida. There are however some legal extensions offered by lenders.
Note that some lenders may not have these extensions. It is therefore important to ask this question before committing to the loan agreement.
No. This is against the payday loan regulations in Florida. The law allows for a 60-days grace period if you don’t repay the loan according to the agreement.