Payday loans in Florida

Every State considers the issues relating to payday lending industry differently. In some states payday loans are regulated by laws, in others there are tough limitations set on payday lending operations. Certain states have eliminated payday loans at all. The legislation of South California forbids taking two or more payday loans at one time, while the state law of Wisconsin limits the loan’s amount to $600. Payday lending business in Florida is also regulated by particular rules.

In accordance with the Rule 69V-560.901-912 and the Fl. Stat. Ann. § 560.401 et seq. payday lending industry is legal in Florida.

The Office of Financial Regulation allows a lender to offer a loan which doesn’t exceed $500. Higher loans are illegal in the State. Another restriction established by the State legislation is that one customer is prohibited to borrow more than 1 payday loan at a time.

The lending period makes up 7 – 31 days in Florida. All payday loan borrowers should correspond to these terms and repay a loan on time.

Payday lenders are not allowed to apply a fee which is more than 10%. But they can ask borrowers for paying a verification fee which sum depends on the loan’s amount. Usually, for $100 loans provided for 14 days a financial fee not exceeding 15% is applied. So the annual interest rate on a payday loan in Florida equals 390%.

Loan rollovers are strictly prohibited in the State of Florida. All payday loans should be paid back on the deadline. But, if a borrower asks for a repayment plan, a lender should provide it to him.

Criminal actions against a borrower who is unable to repay a loan on time are illegal in the State as well.

Both the citizens of Florida and residents of other States can apply for a payday loan here. The demand for this service is high, because many people are short of cash and need it as fast as possible. The problem of paying off unexpected bills or expensive medical services is one of the most vital in American families today. The number of emergencies is great, so that it can be tough to find money for satisfying all the necessities. Most people can only rely on their paychecks and payday loans come to assistance in difficult situations.

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