Payday Loans in Florida

Payday loans are legal in Orlando, Florida City, Jacksonville, and everywhere else within Florida. The Deferred Presentment statutes govern payday lending, and all the lenders in our panel of providers are licensed to operate within the state.

Once you apply for a payday advance, you will be entered into the Deferred Presentment Transaction System. The law makes it mandatory for every licensed lender to check this database beforehand to see whether the applicant has an existing loan. If that's the case, they are required to deny their application until the outstanding loan amounts are fully repaid.

We are a licensed matching service whose role is to link borrowers looking for payday loans or other forms of short-term lending with a lender that can meet their financing needs. The Florida payday lenders on our panel of providers offer the most competitive rates and repayment terms in the state.

The payday lending laws in Florida cap the maximum amount you can borrow at $500. The amount you owe has to be repaid in a single payment within seven to 31 days. If you're taking out an installment cash advance, the maximum amount you can borrow is $1,000. Note that the law prohibits rollovers.

We do not charge any fees for our lender-matching platform. Our free service connects borrowers with lenders offering the most competitive rates and the best loan terms.

Based on the information you provide on your loan application form, our job is to find a lender that is best suited to meet your financial needs. If you agree with the terms and get a loan from them, we receive a small commission from the lender, which is how we keep our services running.

According to Florida state law, a lender's financial charges on a payday cash advance cannot exceed 10% of the loan value. There is also a verification fee charged over and above this amount, which should amount to no more than $5.

Here’s how to go about calculating the annual percentage rate (APR) of a payday loan in Florida. Suppose you take out a cash advance of $100 to be repaid within 14 days. Since Florida law prohibits lenders from charging fees amounting to more than 10% of the loan amount, the total financing cost (including the $5 verification fee) would be:

10% $100 = $10 + $5 = $15

To get the APR, calculate:

$15 $100 = 0.15 14 days = 0.0107 365 days = 3.91 100 = 391% APR

Keep in mind that payday loans, title loans, and other forms of short-term lending are designed to be just that—short-term. It explains why the APR is higher than longer-term loans, which are designed to be paid back over stretched out durations. Payday loans are for emergencies that crop up before your next paycheck. Thus, they are not supposed to be a long-term financing option.

To qualify for a payday cash advance, you need to meet the following eligibility criteria:

• You need to be a resident of Florida
• You need to be at least 18 years old
• Your monthly income after tax should be $1,500 or more
• You should not be going through any bankruptcy proceedings
• You need to provide valid contact information, such as a phone number and email address

Lending institutions generally carry out two main types of credit checks: a hard credit check and a soft credit check. A hard credit check applies to individuals seeking to borrow large sums of money. For instance, if you're applying for a mortgage, the lender will carry out this type of credit check as part of their due diligence when determining whether or not to approve your application. This hard inquiry affects your credit.

A soft credit check typically applies to borrowers seeking smaller sums of money. It has no effect on your credit rating since it leaves no visible footprint behind. Most lenders carry out a soft credit check at the point of your payday loan application.

While the lenders on our panel will run a soft credit check to get an overview of your credit history, it does not form the basis of their decision on whether or not to approve your payday loan application. They are more concerned with your ability to repay the cash advance in the stipulated period.

They assess this by looking at whether you have a steady monthly income rather than your bad credit history. If lenders have previously denied your loan requests based on your credit rating, you don’t have to worry about that with MoneyZap. As long as your net monthly income after-tax amounts to $1,500, we will match you with a lender that best suits your financial needs.

Once we’ve received your application, we will review the information provided and match you to a lender that can meet your financing needs. We typically do this within a couple of hours. If everything is in order and the lender we match you with requires no additional information, you can expect the money to be wired to your bank account by the next business day.

Suppose you are a Florida state resident who is at least 18 years old, earning a steady paycheck of $1,500 or more after-tax, and not going through any bankruptcy proceedings. In that case, there's no feasible reason why your loan application would be denied. All you have to do is complete the MoneyZap application form, and we'll connect you with the most suitable lender.

According to the state’s payday lending laws, the minimum loan term for a payday cash advance is seven days for single-payment advances and 60 days if you're taking out an installment loan. The maximum repayment term is set at 31 days and 90 days for single-payment and installment cash advances, respectively.

The maximum number of outstanding payday loans you can have at any given point is one. You're required to pay off the unsettled amount before applying for another one. There's a mandatory 24-hour cooling-off period that prevents you from applying for an additional loan until you repay the current loan you may have.

Payday lending laws in the state prohibit lenders from pursuing criminal action against borrowers who cannot pay back their loans. It essentially means that you cannot be jailed for failing to repay your debt.

That said, your failure to pay back an outstanding loan does not prohibit a lender from pursuing civil action against you to recover the amount owed. This option is generally the last resort after all other attempts to recover the sum have failed.

Lenders will often come up with a repayment plan to give the borrower time to pay off the outstanding balance. There's usually a 60-day grace period borrowers get if they are unable to repay the payday cash advance on the due date.

As mentioned before, a lender can only pursue civil action against a borrower who defaults on a loan if all other attempts at recovering the amount due fail. The statute of limitations as provided for in Florida payday lending laws sets this period at five years from the date the last payment was made. A lender can sue a borrower at any time during this period.

If you’re a resident of Florida City, Jacksonville, Tampa, Miami, or any other city in Florida, you can apply for a paycheck advance through MoneyZap. Our service will match you with trusted lenders in America, offering loans at the best interest rates and flexible repayment terms.

To determine whether or not you should apply for a payday loan, you need to think about what you intend to use the funds for. Payday cash advances are designed for sorting out unexpected cash emergencies that occur before you get your next paycheck. These could be anything from medical bills to urgent car repairs. This loan’s whole premise is to repay the amount by the time your next payday rolls around.

The online application process at MoneyZap is simple and takes a few minutes to complete. Simply fill out the form with the requested details, including your name, location, phone number, income source, etc. We will then review the information provided and connect you with the most suitable payday lender. The lender will respond to the status of your request by the next business day.

Once you get approved, you will need to sign a digital loan agreement before the funds are disbursed into your account.