Florida Payday Loan Law and Legislation

MaxLoan Amount:$500

State of Florida according to the Fl. Stat. Ann. § 560.401 et seq. and Rule 69V-560.901-912 considers payday lending legal.

In Florida it is forbidden to lend more than $500 at a time. The Florida Office of Financial Regulation urges not to exceed this limit as it is illegal. One more limitation stated by the Office is that a person is not allowed to get more than one payday loan at a time.

The loans are given for a period of 7-31 days and these terms should be adhered to.

Lenders are prohibited to charge more than 10% fee from the borrowers, however, they are allowed to charge verification fee depending on the size of a loan. Generally, finance charge for payday loans for amount of $100 given for a two-week period cannot exceed 15%. APR equates to 390%.

Rollovers are not allowed in Florida – so all the borrowed loans should be repaid in time. However, there are repayment plans offered on demand by the lenders.

Criminal charges are prohibited in the state of Florida and a lender cannot take any actions of the kind to the borrower who is unable to repay.

Payday lending is available both to the residents of Florida or to those who think of moving here. This service is legal here and very high in demand as there is always necessity in cash.

More information about Payday Loans in Florida: http://www.flofr.com/

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