Florida Payday Loans Law

Florida Payday Loans Law

Florida State Information

Legal Status: Legal

Loan Terms:

    - Maximum Loan Amount: $500
    - Loan Term: 7-31 days
    - Maximum Finance Rate and Fees: 10% of check + verification fee not to exceed $5
    - Finance Charge for 14-day $100 loan: $16.11
    - APR for 14-day $100 loan: 419%

Debt Limits:

    - Maximum Number of Outstanding Loans at One Time: One
    - Rollovers Permitted: None (cannot rollover)
    - Cooling-off Period: 24 hours
    - Repayment Plan: Yes. Grace period extends term 60 days, no additional charge. Credit counselling required.

Collection Limits:

    - Collection Fees: All charges imposed on the lender by any financial institution; lender not entitled to treble damages
    - Criminal Action: Prohibited

Where to Complain, Get Information:

    - Regulator: Florida Office of Financial Regulation
    - Address: Florida Office of Financial Regulation, 200 E. Gaines Street Tallahassee FL 32399
    - Phone: (850) 410-9805
    - Fax: (850) 410-9748

These Florida payday loans law are basic information to assist your decision to borrow money. This information may be added or modified or canceled by Florida government without prior notice.