How To Get Payday Loans in Florida?

Payday loans in Florida can seem like a good financial solution when you’re out of cash before your next payday. However, it’s important to know how these loans work and how much you’ll pay per $100 borrowed to make an informed decision.

Before you borrow a payday loan, you should also check the protections offered by the state government against predatory lending. Read on for our top five loan recommendations, state laws you should know about, and the pros and cons of borrowing a payday loan.

Top 5 Payday Loans in Florida

Finding a reliable Florida payday loan can be difficult, so we compared the top 15 lenders in the state based on factors like customer reviews, industry reputation, fees and annual percentage rates (APRs), and loan amounts to pick our top five recommendations.

1. Ace Cash Express- Best for Online and In-Store

• Loan Amounts: $100 to $500
• APR: Up to 390.8% (estimated)

Ace Cash Express is a good choice for a payday loan if you’re looking for both online and in-store availability. While the lender offers up to $1,500 in some states, the borrowing limit in Florida is $500.  

2. Low Credit Finance: Best For Same-Day Loans

• Loan Amounts: $100 to $500
• APR: Up to 390.8%

Low Credit Finance is a top choice for same-day payday loans for bad credit in Florida. The website also offers larger installment loans of up to $50,000 if you qualify. For installment loans, the APR range is quite competitive at 5.99% to 35.99%.

3. GreendayOnline- Best for Streamlined Online Application

• Loan Amounts: $100 to $500
• APR: 286.7% to 390.8% (estimated)

Greenday Online is not a direct lender but a lending website that connects you to the right lender. The website offers a number of loan options for borrowers with bad credit. You can fill out a loan application within minutes and can get the funds in your checking account within one business day if approved.

4. Money Mart- Best for Transparent Rates

• Loan Amounts: $50 to $500
• APR: 286.7% to 520.9%

Money Mart offers loans as small as $50 in Florida. It also offers other services, such as check cashing, money orders, and prepaid cards. Money Mart is also a good choice because it clearly specifies the fees and finance charges you can expect to pay in each state based on the amount you borrow.

5. Paydaychampion- Best for Quick Funding

• Loan Amounts: $100 to $500
• APR: 286.7% to 390.8% (estimated)

Paydaychampion offers a streamlined online application process as well as quick funding, usually on the same day. Other than payday loans in Florida, it also offers title loans and installment loans for borrowers with poor credit.

Pros and Cons of Borrowing a Payday Loan in Florida

While you’ll get quick cash with a Florida payday loan, there are risks associated with these loans that you should know about.

Pros

• You don’t need collateral since these are unsecured loans.
• Payday loans can help you deal with unexpected expenses quickly.
• You can qualify without a credit check.
• You can get fast cash since most lenders approve and fund loans on the next business day.

Cons

• Payday loans come with very high borrowing costs.
• It can be difficult to get out of debt, especially if you roll over a loan.
• You’ll need to repay the loan in a very short time, usually two weeks.
• Payday loans are a form of predatory lending.
• Your credit score can be damaged, and you may face legal action if you don’t repay the loan.

Payday Loan Requirements in Florida

You’ll need to meet a few basic requirements to qualify for a payday loan in Florida:

• Be a resident of the state
• Be at least 18 years of age
• Have a Social Security number
• Have a government-issued ID
• Have an active checking account
• Have a regular source of income

Payday lenders don’t check your credit history to approve your loan application. However, you’ll need to provide a post-dated check or an ACH authorization as a part of the application process to get the loan.

How to Apply for Payday Loans in Florida

Applying for a payday loan in Florida is usually easy and quick. Here are the steps you’ll typically need to follow:

1. Decide how much you need to borrow. Only borrow what you need so you’ll be able to repay on the due date.
2. Compare online lenders and local payday loan stores based on their service, terms, fees, and rates.
3. Decide whether you want to borrow an online payday loan or from a physical store near you.
4. Check the eligibility requirements to see if you qualify.
5. Pick a lender and fill out the application form in person or online. You’ll also need to provide documents like your ID, bank account information, and pay stubs.
6. Review your loan agreement carefully and sign it.
7. You’ll usually get the loan funds within one business day if approved.

Interest Rates and Terms for Payday Loans in Florida

The Division of Consumer Finance in Florida regulates short-term loans and payday loans. Here are the protections borrowers get under Florida law:

• Maximum loan limit of $500 per payday loan.
• The maximum fee a lender can charge is 10% of the loan amount and a $5 verification fee.
• You can only have one outstanding payday loan at a time.
• The loan term should be seven to 31 days.
• You must pay your existing loan in full and wait 24 hours before you apply for a new loan.
• Lenders must provide a 60-day grace period without additional charges if the borrower can’t repay the loan in full at the end of the term.
• The borrower must make an appointment within seven days and complete credit counseling within this grace period.

How to Compare Payday Loans in Florida

With so many payday lenders in Florida, it’s important to compare your loan offers carefully before you borrow. Here are some tips to help you:

• Check to make sure the lender you want to work with is licensed with the Florida Office of Financial Regulation.
• Compare lenders based on loan amounts, repayment terms, finance charges, and fees.
• Learn more about Florida’s payday loan laws to ensure the lender is complying with the regulations.
• Read the company’s reviews on multiple sites, such as Trustpilot and the Better Business Bureau (BBB).
• Check to see if there are any lawsuits or complaints against the lender.

Compare the Costs Before Borrowing a Payday Loan Online in Florida

Borrowing a payday loan in Florida is easy, whether you’re applying in person or online. However, these loans come with high interest and fees. Be sure to check if you qualify for other alternatives that may be better suited for your financial needs, such as personal loans and cash advances since they’re often cheaper.

Always borrow a payday loan from a licensed lender. Compare the fees and only borrow if you’re sure you’ll be able to repay the loan before the due date.

Exploring Financial Resources Beyond Payday Loans

Before turning to a payday loan, it’s worth considering other options that can offer more long-term solutions to your financial struggles. These alternatives can provide the relief you need without the high costs and risks associated with payday loans.

Debt Relief Plans

Enrolling in a Florida debt relief program can provide customized solutions to help you get out of debt faster. These programs can also reduce unsecured debt like medical bills and credit card balances more effectively than relying on payday loans.

Government Financial Assistance Programs

Florida offers various financial assistance programs, including cash aid, medical services, food support, and housing options for residents who are going through hard times.

Stimulus Checks in Florida

While there’s no Florida state stimulus check coming in 2024, you may be eligible for tax credits that can reduce your tax burden and increase your savings.