Payday Loans in Florida

By: George Paunov

Payday Loans in Florida | Paydaynow

Florida is a state that has an limit of $500 for payday loans ( not repayable in installments) that are available within the state. Payday loans in Florida  can be accessed between seven to thirty-one days with a maximum cost of 10% for each $100 (plus fees for verification that are not higher than 5 dollars) and 304 percent* APR.

For delayed current installment transactions: a maximum limit is $1,000 with a loan duration of 30 to 60 days and a verification fee of up to $5; and charge fees of up to 8% of the remaining loan amount.

A single loan is permitted. There is a cooling-off time of 24 hours in between 2 consecutive loans. Rollovers are not permitted. Illegal actions are not allowed.

The payday loans available in Florida are often referred to in the context of “deferred transaction with a presentment“. The expression “deferred presentment” refers to the procedure to write a postdated cheque for the cash you have borrowed.

Payday Loans in Florida Statutes

In the state of Florida is adamant that payday lending is legal under the Statutes of the State of Florida. 560.402-SS 560.408 Statutes.

Every payday lender in Florida must be licensed in accordance with the Fl. Stat. Ann. SS 560.402 and the following. to allow for operation within the state.

the loan amount for Florida

In Florida there is a prohibition to extend over 500 dollars for payday loans that are single-paying and greater than $1000 to payday installments at the same time. It is recommended that you do not exceed this limit. The Florida Office of Financial Regulation recommends against exceeding these amounts as it’s illegal.

Another restriction imposed in an Office is that the individual is not permitted to take out several payday advances at the same time. Payday loan applicants in Florida must enter in the DPT system when they apply. As per the state law, every licensed lender has to examine this system prior to making loans to applicants and deny if it is already available in the system.

Prices, fees and other Charges in Florida

  • Florida does not permit financing charges or fees in excess of 10%. exceed 10 percent plus a verification charge (not greater than 5 dollars).).

“A deferred presentment provider , or its affiliate is not permitted to charge fees that are greater than 10 percent of the amount in the currency of the payment instrument offered. However, a verification charge could be charged according to the guidelines by SS560.309(7).

 A fee equal to 10 percent could not be used to pay the fee for verification. A deferred presentment service provider can charge only the fees specifically permitted by the section.” (Fl. Stat. Ann. SS 560.402 et seq.)

  • APR is 304%. (*According to the Center for Responsible Lending 2019: ” Typical APR is based on the average rates for a $300 loan, as advertised by the largest payday chain and as developed by the state regulators, if appropriate.“).

The maximum term for payday loans in Florida

  • Single-payment loans are one-pay loans offered for  7 to 31 days the state, and these conditions must be observed.
  • Installment loans are offered for a time between 30 to 90 days.
  • The rollovers are not permitted in Florida, and therefore all loans borrowed should be paid within the timeframe. There are, however, payment plans that are available by lenders.

Consumer Information


Beginning in Juli 2020 onwards, loan lenders will not be required to verify the ability of a borrower to pay back a loan.
Be aware, analyze your financial situation, and don’t fall into debt.

  • Crimes are banned within the State of Florida, and lenders cannot do anything related to a borrower who is incapable of repaying.
  • Payday loans are available to residents of Florida and those who are thinking of moving to Florida.
  • The law gives the residents of Florida the benefit of a 90-day grace-time period if they are not able to pay the loan on time. However, to take advantage of this option, specific steps must be taken before the state.


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