Compare short-term loans in Florida

Payday loans — along with installment and title loans — are legal in Florida, and regulated by the Deferred Presentment Act. But, while convenient, the short loan term means they’re one of the most expensive options when you need cash.

Florida payday loan laws

Florida payday loans are capped at $500. But despite the high cost of short-term borrowing, Florida does regulate its lenders to keep you safe.

u003cstrongu003eMax loan amountu003c/strongu003e	$500
Max loan amount	$500
Finance charges	10% of loan amount
Loan term	7 to 31 days
Rollovers allowed	0
Cooling-off period	24 hours
Verification fee	$5

Florida installment loan laws

Installment loans became legal in Florida in 2018. Like payday loans, the fees a lender can charge you are capped — and you can even defer one payment if needed.

u003cstrongu003eMax loan amountu003c/strongu003e	$1,000
Max loan amount	$1,000
Finance charges	10% of loan amount
Loan term	60 to 90 days
Rollovers allowed	0
Cooling-off period	24 hours
Verification fee	$5

Florida title loan laws

Title loans allow you to use your vehicle’s title as collateral. But while they may have slightly lower interest rates than payday or installment loans, there’s an added risk: If you default, you could end up losing your car.

u003cstrongu003eMax loan amountu003c/strongu003e	Not stated
Max loan amount	Not stated
Finance charges	$2,000 or less: 30% $2,001 to $3,000: 24% $3,001 or more: 18%
Loan term	Up to 30 days
Rollovers allowed	Not limited, but lenders may not capitalize unpaid interest into a new loan
Cooling-off period	None
Other fees	Not stated

How much do payday loans cost?

Florida doesn’t just regulate how much you can borrow and how long you can take to pay it back. It also has rules about how much your lender can charge you for a short-term loan.

• Finance charge: 10% of the loan, or $10 for every $100 borrowed
• Verification fee: $5
• APR: The APR of a 14-day $100 loan is 419%

3 top payday loan options in Florida

These three lenders are some of our top picks for borrowers.

How can I tell if a payday lender is legit?

Ask yourself these questions when you’re looking at a lender:

• Is it licensed in Florida? Florida requires all payday lenders to be licensed with the Florida Office of Financial Regulation (OFR), even if they lend online. Legitimate lenders display their licenses, but you can also verify that a lender is licensed in Florida.

• Do its loan amounts, terms and fees meet regulations? It’s not legit if it offers loans over $500 with terms and fees outside of what Florida’s laws allow.
• Does it allow multiple payday loans at once? Florida law only lets borrowers have one loan at a time.
• Does it guarantee approval? No legit payday lender can absolutely guarantee approval. When it sounds too good to be true, it often is.
• Is the website secure? Another telltale sign of a scam is a lender that doesn’t use SSL encryption to protect borrowers’ information when they apply online.
• What do customers say? A few bad online reviews are normal for any lender. But if you notice several customers complaining about the same problem, it could be a red flag.

What if I can’t pay my loan?

Florida doesn’t allow a lender to press criminal charges against you if you aren’t able to pay back your loan. However, you may be on the hook for late fees and other charges if you can’t repay.

• Payday loans. Florida requires lenders to provide a 60-day grace period free of charge. To qualify, you must make an appointment with a credit counselor within seven days of your due date.
• Installment loans. If you inform your lender in person or in writing by noon on the business day before your due date, you can defer one payment.
• Title loans. You can extend your title loan in 30-day increments as needed. While this will add more interest, lenders are unable to “roll over” previous interest owed into a new loan.

How do I file a complaint against a lender in Florida?

You have a few options when it comes to filing a complaint against a lender: The Florida OFR and the Consumer Financial Protection Bureau (CFPB).

Filing a complaint with the OFR

Since the OFR directly regulates Florida short-term loans, you might want to make it your first stop. You can fill out a complaint form on its website in just a few minutes. To file a compliant, you need to first create an account with a username and password.

Filing a complaint with the CFPB

On top of complaining to the OFR, you might also want to file a complaint with the CFPB. It can help you try and resolve the complaint with the business and also helps influence national regulations on payday lenders. You can file a complaint by filling out an online form.

4 short-term loan alternatives

There are alternatives you should explore before you take out a payday loan, including:

1. Florida Food Assistance Program
2. Credit counseling
3. Bad credit personal loans
4. Cash advance apps

Bottom line

Florida has strict requirements for its lenders. Before you borrow, compare your payday loan options to find the right choice and learn more about the risks.

Frequently asked questions

Our answers to common questions about payday loans in Florida.

How many payday loans can I have at one time?

Florida only allows borrowers to have one outstanding payday loan. You must repay your current loan — and wait until the end of the cool-off period — to borrow a new loan.

Can I get a no credit check payday loan in Florida?

It’s possible — but you might not get the best deal. No credit check loans can be more expensive than other short-term loan options. Instead, you might want to look for a lender that only runs a soft credit check that won’t hurt your credit score and accepts your credit range. Or, look into payday loan alternatives.

Does Florida have a payday loan database?

It does. Florida’s “deferred presentment transaction system” tracks all payday loan transactions in the state. You can’t access it on your own, however — you must be a payday lender to log on. Payday lenders use this to make sure that borrowers don’t already have a short-term loan in their name.

What’s Florida’s statute of limitations on payday loans?

Currently it’s five years. This means that if you can’t pay off your payday loan, your lender has five years to collect the funds — thorough a court order or other legitimate means — before it can no longer come after you.

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