Florida payday loans

A Florida payday loan are a way for you to get out of financial trouble, but only if you are careful. This means that you have to consider the best options when it comes to these loans. It is very important for you to consider everything, including reading the fine print and choosing the best options.   MAIN OPTION

Are Florida payday loans legal?

Yes, Florida payday loans are legal and are formalized under State law which governs deferred payment transactions as they are legally known. What happens is that companies offer loans against a person's paycheck which is held until the debt is paid.  Maximum loan is $500 and repayments can be between 7 and 31 days.  

Florida payday loan choices

Here are some websites that offer Florida payday loans   LIST  

Florida payday loans: characteristics

Here are some basics about Florida payday loans that can help you make a decision  

• Bad credit ok What lenders are looking for here is if you have a job and not your credit rating. Therefore even if you have blemishes on your credit history you are likely to be approved.
• Application is easy It is easy to apply either at a storefront or with an online vendor. If you choose an online vendor your documents will be verified via the internet and there is no need to fax anything over.
• Quick money Money gets to you no later than the next day if you choose an online vendor. If you go to store, you are likely to get your hands on the money right away.
• Use money as you wish Of course you can use the money anyway you wish. We recommend you only use Florida payday loans for emergencies such as medical bills or fixing your car.

 

Cost of a Florida payday loan

Here is a guide so you understand the fees involved with a Florida payday loan  

• Interest and fees Florida payday loan companies cannot charge over 10% of the total loan in fees. Verification fee cannot go over $5. Maximum APR for $100 is 429% and for a 14 day $100 loan fees cannot go above $16.11.
• Collection fees You are responsible for all charges that a collection company is entitled to.
• Rollover fees Rollovers are not permitted with Florida payday loans so fees do not apply.

 

Florida payday loans: criteria

Regardless of whether you choose a storefront or an online vendor to get a Florida payday loan you will have have rules to follow:  

• 18 years old minimum
• American citizen or permanent resident
• A job or regular source of income
• Name, DOB, SS#, valid ID
• Employment and income details
• Checking account details