Payday Loans In Florida
A number of Florida state legislators oppose payday cash advances. A Miami Herald article recently reported that Rep. Alan Grayson expressed concern that federal cash advance laws might be weaker. This may make borrowers suffer.
So what are the new laws everyone is so excited about? Below are some clues.
- You can get a cash advance in Florida up to $500, but fees are not included.
- The loan term may be up to 31 days but not less than seven days.
- The maximum fees and finance rate allow you to be charged up to 10 percent of the check’s value, plus a $5 verification fee.
This means that a $100 loan for 14 days would cost you $16.11 and an APR of 419 percent.
Additional information about Florida payday loans
Your easy approval payday loan is not permitted to be extended in Florida. This means that there are no rollovers.
The lender can charge you collection fees if you default on your loan. These fees are equal to any charges they have incurred by financial institutions. The lender cannot pursue criminal proceedings against you.
Florida Payday Loan Regulations
There is no difference between a cash advance and a payday loan. Both are the same financial product but have different names. They are also identically regulated.
How Payday loans work
This type of financing can allow you to borrow up to $500
Florida doesn’t allow you to extend repayment extensions.
The state of Florida’s economy
It’s a smart idea to do some research on the economy before you apply for a cash advance in Florida.
The state unemployment rate in Florida stood at 5.7 percent as of May 2015.
This is slightly lower than in nearby states like Georgia (6.3%) and Alabama (6.1%), and a lot lower than the state’s high of 11.2-percent back January 2010. The April 2006 all-time low was 3.1%.
Make sure you are familiar with the most recent rules and regulations before you apply for a Florida cash advance.
Florida Title Loans
Borrowers turn to title loans when getting a payday loan is not possible or difficult. Title loans require collateral, which is an asset that can be used to secure the loan. Title loans are a loan option that allows residents of Florida to pay off debts or urgent bills.
Why title loans are popular
Borrowers love title loans because they don’t have to be credit-worthy in order to be approved. Loans can be approved up to $1,000. The most popular type of title loan is the car title loan.
Borrowers can use their car as collateral to get a loan. If the car has equity, some lenders might offer car title loans. These loans can last from 15 to 30 days, and can have an annual percentage (APR) of over 100%. This is higher than many forms of credit.
Title Loans Laws Florida
Florida does not allow car title loans due to high interest rates and other charges. If your state doesn’t offer this option, you have other options.
A credit union, bank or small loan company can provide loans. Non-profit and government services may be able to help you with rent and utility bills. You may even negotiate with your creditor to find a payment plan that suits you both.
What if I default?
The creditor can take your vehicle away and sell it if you fail to pay the title loan in due time. Before you agree to accept such a large financial burden, make sure to carefully read loan agreements. Title loan borrowers often end up in a never ending cycle of debt because of the high interest rates associated with this type of loan.
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