Florida residents often need quick financial help from Miami to Orlando to cover urgent expenses. A short-term loan could provide the solution, offering flexibility when required.
Short-Term Personal Loans Rates and Fees
In Florida, short-term loans are regulated by state laws that protect consumers from unfair lending practices. These regulations ensure that lenders remain transparent in their terms and that you know exactly what to expect from your loan.
APRs
In Florida, the APR for a payday loan is typically up to 391%, depending on the loan amount and repayment terms.
Loan Amounts
Florida lenders typically offer payday loans up to $500, designed to cover immediate financial needs such as car repairs or medical emergencies. Larger loans may be available through other deferred presentment transactions, though the total amount cannot exceed $1,000.
Terms
A payday loan in Florida may not have a term longer than 31 days or shorter than seven days. Loans are typically due by the borrower’s next payday, but some lenders offer installment options for larger loans.
Fees
The maximum finance fee for payday loans in Florida is 10% of the loan amount, with an additional $5 verification fee. For short-term money loans that are repayable in installments, the fee cannot exceed 8% of the outstanding transaction balance on a biweekly basis. Other expenses, such as cost collection charges, may apply for returned checks, but no rollover fees are permitted.
Short-Term Loan Example
While many payday lenders have specific terms based on Florida regulations, licensed providers continue to offer short-term loans. Here’s a simple example:
- Loan Amount: $300
- APR: 391%
- Repayment Terms: 14 days
- Total Repayment: Around $345, including applicable fees
This example shows how a short-term payday loan might look with the APR and fees calculated. The loan costs will depend on the specific lender and the terms offered.
Lending Regulations in Florida
In Florida, the Office of Financial Regulation supervises all payday lending activities. Lenders must comply with state laws and provide clear information about all charges and fees. To learn more, visit the Florida Office of Financial Regulation.
| Regulation | Details |
|---|---|
| Interest Rate Cap | Payday loans typically come with an APR as high as 391% for a 14-day loan |
| Maximum Loan Amount | Typically $500 |
| Term Length | 7 to 31 days/td> |
| Fees | Up to 10% of the loan amount plus a $5 verification fee |
| Oversight | Florida Office of Financial Regulation |
Our Benefits
Simple Request Process
Whether you’re in Miami, Orlando, or a smaller Florida town, our online form makes it easy to apply for a short-term cash advance. Skip the hustle and consider your potential loan offer from the comfort of your home.Your Choice
BuddyLoans tries to connect you with a lender that adheres to Florida’s lending requirements. If you receive a loan offer, carefully review the terms, including rates and fees, to ensure the loan meets your financial needs.Data Security
We take your privacy seriously. You safeguard your personal information with advanced encryption technology, ensuring your details remain secure throughout the loan request process.What Our Clients Say
Read what some of our customers had to say about finding a short-term loan:
How to Apply for a Short Term Loan in Florida
BuddyLoans may connect you with some of Florida's most trustworthy lenders. If approved, you may receive your funds within one business day.
Provide Your Information
Fill out our easy online form with your loan amount, income information, and basic personal details.We Search Lender Offers
Using your information, we will search through our network of lenders to find a possible lender in Florida that can meet your request.Accept and Get Funded
If a lender accepts your request, you will complete a more extended application and sign the agreement online. Funds may arrive in your account shortly after.Loan Alternatives in Florida
Emergency Loans
Emergency loans provide quick access to emergency funds, such as medical bills or car repairs. They are designed to be fast and have minimal qualification requirements.
Personal Loans
Personal loans typically offer larger amounts and more flexible repayment terms. They can be used for various purposes and often have longer repayment schedules.
Installment Loans
Installment loans allow you to repay your loan in smaller chunks over an extended period, helping you manage your debts without straining your wallet.
Bad Credit Loans
Bad credit loans are designed for individuals with lower credit scores. Although at higher interest rates, these loans usually come with terms that can help you improve your credit score.
FAQ
Are Short-Term Loans Legal in Florida?
Yes, short-term loans of $500 or less are legal in Florida. State laws heavily regulate them to ensure lenders comply with specific requirements, including APR caps and loan terms.
What Are the Requirements to Apply for a Short-Term Loan?
To apply for a small short-term loan in Florida, you need to meet the following criteria:
- Be at least 18 years old
- Be a U.S. citizen or a permanent Florida resident
- Have a valid Social Security number
- Have a steady income stream
- Maintain an active checking account
What Are the Top 5 Cities for Short-Term Loans in Florida?
Short-term loans are available across the state, but the most popular cities for borrowing include Miami, Orlando, Tampa, Jacksonville, and St. Petersburg.
Can I Get a Payday Loan in Florida if I Have Bad Credit?
It is possible to get short-term personal loans even if your credit score isn’t perfect. However, these loans typically have the highest interest rates, and you should always compare terms and ensure that you can comfortably manage the repayment.
Are Guaranteed Short-Term Loans Available in Florida?
No legitimate payday lender in Florida will give you a guaranteed loan before assessing your financial eligibility. Any offer claiming “guaranteed” funding may not comply with state regulations.