Payday Loans in Florida (FL), USA
Payday loans are short-term loans created to help distressed borrowers pay for urgent expenses. These may include utility bills, car repairs, and other emergencies. Unlike installment loans, the balance of a payday advance must get settled in full by your next payday. Hence, if you have a steady income source and need fast cash, opt for payday borrowing.
The application process is quick, and the money gets transferred within hours. Still, bear in mind that payday advances can only relieve financial stress and not fix your long-standing financial problems. To get acquainted with the key features of our payday loans, read the overview below.
How To Apply For A Payday Loan Online In Florida?
Payday loans online applications are easy to fill out and submit. The paperless process is convenient, secure, and straightforward. You need to fill out the required information. Our process won’t take you more than five minutes.
The simplified application process also allows you to sign the application documents on your computer. There is no need to fax unnecessary documentation, too. If approved, you’ll receive the cash in your bank account the same day or the next business day.
What Will You Need?
The essential documents include a valid ID, income proof, a recent bank statement, and a personal check. Also, you must be of legal age and provide a valid email address. We may ask you to provide a valid Social Security Number or an ITIN in some instances.
When it comes to your checking or savings account, it must be active for at least a month. Florida residents applying for payday loans must have a checking account in their name. It’s advisable to provide your phone number, too, if we need to verify your data.
How Much Can You Borrow?
Payday loans in Florida are available online and in-store throughout the states. The minimum and maximum amounts vary by state, but in Florida, they cap at $1,000. The following are the most frequent amounts requested:
- 100 dollar loan
- 200 dollar loan
- 300 dollar loan
- 500 dollar loan
- 1000 dollar loan
The amount you receive gets determined after you apply. The sum depends on your income, your ability to repay, and the standard underwriting criteria.
When Will You Receive Your Funds?
When applying online, expect to receive a decision right after the completion of your application. If approved by 6:00 PM on a weekday, quick cash will generally reach your account the next business day. Sometimes, applications received during weekends or holidays get verified the next business day due to bank closures.
In case you apply in-store, you will receive the final decision after you hand over the application. When approved, you will sign an agreement on the spot and accept the approved lending amount as instant cash.
APR And Fees
Fees for a payday loan are $10 per $100 plus a $5 verification fee. The term of payday loans in Florida ranges from seven to 31 days. The system usually sets the due date to coincide with your next payday unless it is less than seven days away. You will not get charged when applying for a loan, whether or not approval follows.
On average, a 17-day payday loan transaction of $300.00 may involve an APR of 250.49% and a charge of $35.00. A 28-day payday advance of $500.00 typically has an APR of 143.39% and a fee of $55.00.
Regulations Surrounding Payday Loans In Florida
Under Florida law, any resident may borrow up to $500 per non-installment advance. For installment products, the amount caps at $1,000, excluding the fees. Also, borrowers may only have one outstanding loan at a time.
The maximum fee reaches 10% of the amount taken out, plus a $5.00 verification fee. No payday loan term can exceed 31 days or be less than seven days.
Borrowers must settle any previous advance in full and wait 24 hours before taking out another one. If the borrower cannot repay the loan in due time, the lender must provide a 60-day protection grace period without additional charge.
These rules apply statewide, so it doesn’t matter if you apply for payday loans in Jacksonville or Lakeland.
Advance payday loans may help resolve most financial hardships and come in various types. To help you explore all the options available, we cover the most common alternatives below.
Bad Credit Loans
Consider low credit loans when your credit score is below 690 FICO. Many online lenders, including us, tailor their products to fit the needs of bad-credit customers. Hence, we may approve applicants with bad to fair credit scores and high debt-to-income ratios.
Moreover, it’s best to pre-qualify for a bad credit loan if you’re unsure of your eligibility. Pre-qualifying with multiple lenders allows you to compare services and see what options you have. Even better, the process won’t harm your credit score.
A title loan or a title pawn is a viable short-term solution to get the funds you need quickly. All you need is to provide your vehicle title. Note that up to $10,000 can get approved on car, truck, SUV, or motorcycle titles in minutes. The process is quick and convenient, and all customers are welcome.
To get the process going, you should fill out a short loan application. Ensure you provide your ID, proof of income, and a spare key to the vehicle that serves as collateral. Repayment typically becomes due 30 days after credit deposit and doesn’t entail a prepayment penalty.
Emergency Car Repair Loans
Auto repair advances or better known as pink slip financing, serve to cover sudden expenses. Urgent repairs may include replacing broken parts or fixing accident damage.
Car repair borrowing is often personal, or cash advance and may be secured or unsecured, depending on the lender. Unsecured loans typically require a credit check. With secured financing, the car’s title can serve as collateral. Here, the credit amount corresponds to a portion of the vehicle’s current market or blue book value.
No Credit Check Loans
Products that require no hard credit checks may take the form of personal, installment, or other advances. These may save the day if poor or lousy credit prevents you from getting a traditional bank loan. Yet, no credit check cash comes in the form of small loans with specific risks.
With a no-credit-check advance, we factor in various data to gauge your creditworthiness. These may include your credit score, income, employment, and bank account standing. To obtain credit scores, lenders usually run a “soft” credit check that won’t hurt your rating.
Payday Loans For Unemployed
AdvanceSOS considers revenue from places other than a full-time job when approving applications. Meaning, even unemployed applicants can enjoy the benefits of short-term financing solutions under specific conditions. To qualify for a loan, customers must prove their regular income from other sources and have good credit.
If you are unemployed, your borrowing options include a range of products, such as secured or personal loans. You can also apply for credit cards, overdrafts, or a remortgaging service.
Legit Payday Loans
Legit sources of cash are ideal if you’re looking for a small sum up to $1,000 urgently. Besides being legit, payday loans in Florida are a quick, convenient, and reliable solution for any emergency need.
On the upside, Florida borrowers can receive approval with no credit check. Also, those with a bad history can still borrow but typically face stricter lending terms. Thus, personal advances are beneficial if repaid when due. Otherwise, fees will multiply, and you may end up in a never-ending debt cycle.
Amanda is a senior writer at AdvanceSOS. She has more than six years of journalism experience, mostly in the finance sector. She graduated with a Bachelor’s Degree from Drew University.