Florida State Regulations for Payday Loans

It is legal for residents of Florida (FL) to request and use payday cash advances of up to $500. The minimum loan term is seven days, and the maximum is 31 days. Florida only allows borrowers to have one loan at a time and forbids rollovers. A cooling-off period of 24 hours is mandatory.

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Payday lending is legal in Florida under the § 560.402-§ 560.408 statutes. All lenders must own a license according to Fl. Stat. Ann. § 560.402 et seq. for them to legally provide cash advances to customers.

The state of Florida caps all payday loans at $500. Local regulations also mention that cash advances must be paid within 31 days without any rollovers. The maximum allowed charge is a 10% fee for every $100 borrowed, at a maximum APR of 304%. On top of that, lenders may charge a verification fee of up to $5. One borrower may have one loan at a time only. A 24-hours cooling period is mandatory between loans.

Payday Loans Restrictions in Florida

Terms Payday Loans Installment Loans Personal Loans
Law Status legal legal legal
Citation FINANCE CODE    
MIN amount $100 $1,000 $1,000
MAX amount $500 $5,000 $35,000
MIN term 7 days 90 days 90 days
MAX term 31 days 36 month 60 month
min APR Varies by lender 6.63% 4.99%
max APR 419%    
Extra fees 10% of every $100 borrowed    
Collection fees none    
Guarantor None, unsecured None, unsecured None, unsecured
Nr. of simultanous loans Not set    
cooling-off period 24 hours between 2 consecutive loans    
Rollover None    
Extension/repayment plan None    
Credit Score A for Bad Credit A for Bad Credit A for Bad Credit
Criminal action Prohibited Prohibited Prohibited

Florida History

Florida used to have one of the top US economies. The most profitable industries are tourism and agriculture. Together, they used to bring the state a stable revenue of $1 trillion. Just like the global economy, Florida is currently undergoing a financial recovery process.


The maximum payday loan amount in Florida is $500. It must be fully paid off in 31 days max. For amounts up to $1,000, applicants may opt for a payday installment loan. The main difference is that you repay an installment loan in several payments instead of all at once. Most borrowers prefer amounts of $500, $550, $600, $650, $700, $750, $800, $900, and $1,000. The terms for installment loans range from 60 to 90 days. The application process and charges are the same for both loan types, with an average APR of around 304%. None of the options allow for rollovers. State authorities recommend applicants check whether their lenders are authorized to operate within the state.

Payday loans History

The first cash advance records date back to 1930. In 1998, the overly permissive laws empowered lenders to charge as much as they wanted on a payday loan. Consequently, interest rates went up, to the borrowers’ disadvantage. It wasn’t until 1998 that state authorities looked into the issue. However, their first attempts to redress the situation made it worse. In 2006, the state of Missouri adopted the Military Lending Act, which capped the annual interest rate for active-duty military and their families at 36%. In 2016, the Consumer Financial Protection Bureau suggested adopting new regulations under the Payday Loan Rule. The suggestions are still expecting to be implemented.

How Do Online Payday Loans Work in Florida?

Applying for Florida payday loans is straightforward. People in urgent need of money know that a cash advance will save the day. Compared to other loans, payday quick cash advances have few requirements and an application process that takes minutes. Borrowers use payday loans to pay the bills, finance repairing a broken car, and pay for unexpected expenses. Anything that catches a person off-guard from a financial standpoint can be solved with a quick loan. Moreover, direct lenders disregard bad credit scores and don’t typically do hard credit checks. Thus, applying for a loan will not affect your score.

Consumers can apply to payday cash advances of up to $500 or short-term installment loans of up to $1,000. Both online and in-store options are available. The process is similar, with the only difference being that in-store clerks may ask you to bring documents or paper scans when applying. Those opting for an online loan request may submit their papers after having scanned them with their smartphone.

Borrowers are only allowed one outstanding loan at a time. State regulations also constrain the terms from 7 to 31 days for payday loans and from 60 to 90 days for installment loans. A cooling-off period of 24 hours is mandatory in-between consecutive loans.

Payday Loans Requirements in Florida

All Florida residents may qualify to receive a payday loan as long as they meet the main requirements. An applicant must be at least 18 to make a loan request, US citizen, or permanent resident. The person applying should have a regular source of income. In a perfect case scenario, that would be the wage from a steady job you have had for more than three months in a row. However, some lenders may also count alternative sources as valid income. For that reason, even residents that don’t currently have a steady job, but receive regular payments, may apply. Veterans and retirees, single mothers, or people on benefits may all get approval. The specifics of payday loans don’t allow active-duty military or their families to access a payday loan or any other loan product that does not follow the Military Lending Act rules.

Florida Payday Loans Rates and Terms

Most applicants in Florida receive their payday advance directly into their checking accounts. To simplify the repayment process, lenders arrange for automatic funds withdrawal on the due date. Clients approve of the procedure when they receive the loan. The practice prevents borrowers from forgetting to pay off their loans on time. If there are insufficient funds in your account on the due date, you will be charged an additional fee of up to $40, depending on the loan amount. All loan agreements between direct lenders and Florida residents follow state regulations.

APR Example and Fee Schedule for Payday Loans Florida

If a borrower takes a loan of $100 for a term of 14 days and at an APR of 521.4%, they will have to pay back a total of $120.

Loan principal Fee Amount to repay Term APR
$150 $20 $180 14 days 521.4%
$250 $20 $300 14 days 521.4%
$300 $20 $360 14 days 521.4%
$450 $20 $540 14 days 521.4%
$500 $20 $600 14 days 521.4%

Regulator: Complaints & Information

Should you experience any unpleasant experiences with a payday loan in Florida, don’t hesitate to contact the Florida Office of Financial Regulation.

Address: 200 E Gaines St, Tallahassee, FL 32399

Phone: 850-487-9687

Website: https://www.flofr.gov/

File a Complaint: https://flofr.gov/sitepages/FileAComplaint.htm

Payday Loans in Florida for Unemployed People

Applicants that do not hold a job when applying for a loan may also get approval from direct lenders. The group includes but is not restricted to people on SSI, single parents who receive alimony, people who are disabled, or on social benefits. The key is having at least one steady source of income. If one lender doesn’t approve you because you are not employed, you may try your luck with other companies. Chances are you will find at least one payday loan provider willing to offer you a cash advance, even though you are unemployed. Of course, that implies qualifying based on all their other criteria.

Some lenders may have a specific requirement in terms of income. For instance, they may require applicants to have a specific minimum amount in regular payments. The average sum is around $1,000 a month, but it depends on how much you intend to borrow. The reason is that they want to make sure you can afford the loan and will pay them back on time.

An applicant’s income is one of the most important factors determining their eligibility. A direct lender will primarily be concerned with how much money you receive and how much you owe during the application process. You will need the numbers to be in your favor to qualify.

Reasons to Choose Us

Florida residents have the opportunity to get their payday loans online with almost instant approval. Direct lenders will have a loan decision within minutes. By applying with us, you benefit from fair treatment, transparent transactions, and top-quality service. While submitting your request for our trusted network of lenders, we will ensure a secure connection at no extra charge.


Payday loans, or short-term cash advances, are amounts of money that you may borrow from a direct lender, then repay the debt on your next payday.

If you want a payday loan, the maximum amount you can get in Florida is $500. Direct lenders also provide payday installment loans of up to $1,000. The latter option has more flexible repayment options.

Once you sign the loan agreement, your lender will make a deposit into your checking account.

Bad credit is not usually an issue when you apply for payday loans. Direct lenders are more concerned with your ability to pay them back than your credit history.

It doesn’t really matter how exactly you apply for a loan. The process is almost the same. The only difference is that you communicate with the store manager face-to-face and get your instant answers. Direct lenders cannot guarantee a loan without first examining the application. The process takes a few minutes on business days.

No, Florida state regulations forbid having more than one loan at a time. There is a cooling-off period of 24 hours between consecutive loans.

By submitting your loan application on our website, your request reaches dozens of direct lenders authorized to operate in Florida. Only the one who considers your application will get back in contact with an offer. You thus maximize the effectiveness of your application while also avoiding spam.

Apply for a payday loan on our website. Direct lenders don’t typically do a hard credit check. Having bad credit will not influence their lending decision.

None. Florida forbids rollovers. All borrowers have to repay their debts on time.

If you apply through our website, we guarantee the security of your data at no extra cost.

We only cooperate with licensed direct lenders.

Cash advances and payday loans mean the same thing. You may also hear the following terms, which have the same meaning: payday advances, short-term cash loans.

All States

Short-term cash advances from direct lenders are almost instant approval loans, with minimal requirements and flexible terms. A payday loan may be the fastest way to solve your financial emergency speedily in times of financial difficulties. Online applications bring payday loans at your fingertips.

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