A payday loan is an advance payment on a post-dated check you provide to the lender. Yes, it is similar to a cash advance on your wages. It is a kind of short-term loan that can help you in an emergency if you are low on cash.

Applying for a payday loans Florida can help blow your unexpected troubles right away for a moment! But this loan has higher interest rates than any other types of loans. However, more people are looking forward to getting it because of its convenience and quick access. 

Florida residents can obtain a cash advance from legit financial companies. There is a wide range of financial companies offering payday loans to Florida people to deal with financial problems right away.

The Advantage

You must learn the advantages of a payday loan as it is truly helpful in many aspects. The first thing you need to know is that this kind of loan has an easy application process. 

As long as you have regular work along with a regular payday, then you are entitled to this loan.

The advantage of the payday loan is that you don’t have to worry about your information. All your banking information will be kept safe. This assures that there is no leaked information about your dealings with the payday loan. 

The duty of lending institutions is not to share your personal information with other companies whatsoever. The crucial aspect of a payday loan is its ease of access.

You can get the loan you have applied for within a day. The application takes only a few minutes. After that, the money will be transferred to your bank account without any trouble.

How many payday loans can you have at once?

You can only take out one payday loan at a time. No one can’t roll over or renew their payday loan if they can’t pay it off when their due date comes up. You can’t take out another payday loan until 24 hours after you pay off your previous loan.

What if you can’t hit it in time?

Here are the things if you can’t pay up when the due date comes up? Go to your lender before your payment is due and explain in person why you can’t afford it. 

If you do this ahead of time, it’s required to give you a 60-day grace period. You’ll have to make an appointment at a credit counselling agency within the next seven days, however.

Basic Regulations

  • Maximum loan amount: $500
  • Maximum loan term: 31 days
  • Minimum loan term: 7 days
  • Rollovers: None
  • The Cost of Florida Payday Loans
  • Finance charge: 10% of the loan
  • Verification fee: $5
  • APR: The APR of a 14-day $100 loan is 419%
  • Additional Requirements
  • the name and address of the lender and the lenders business office
  • the name of the lender’s representative who signed the agreement

a clear description of the agreement including the date of the loan, the amount, the loan term, and the transaction number.

The Needs to Apply for Payday Loans in Florida

Payday loans are available for people who live in Florida, or who are about to move in Florida. The service is in high demand and legal in Florida. 

The customer is required to be at least 18 years old or older. The customer has to be a US citizen or its permanent resident and to have a regular source of income to satisfy the minimum eligibility requirements set by most payday lenders. 

When you apply for a payday loan, you must provide SSN – social security number, ID data and checking account access. 

Before you take out a short-term loan

Payday loans come with high rates and fees which can trap you in a cycle of debt. You may find yourselves taking out a second or third loan if you couldn’t pay back the first one on time.

Consider other alternative solutions before opting for a payday loan:

Local resources. Government agencies, nonprofits and local charities often offer free financial services and help with food, utilities and rent for people in need.

Payment extensions. Ask about delaying or making payment arrangements on your non-interest bills such as telephone and utility bills.

Side jobs. Today’s digital marketplace offers the ability to more easily sell unwanted items, sign up for food delivery or drive for rideshare services and work freelance jobs. 

* Ask for help from a friend or family member.

* Ask your employer for an advance on your paycheck.

* Set aside savings each month for future emergencies.

I’ve learned in my life that there is always an untapped escape no matter how hard the deadly situation is. If there is a will, there is away. 

How do you know if a payday lender is legit?

Ask the following questions when you’re looking at a lender:

Is it licensed in Florida? All payday lenders must be licensed with the Florida Office of Financial Regulation (OFR), even if they lend online. Most of the legit lenders display their licenses on their state pages.

Do its loan amounts, terms and fees meet regulations? It’s not legit if it offers loans over $500 with terms and fees outside of what Florida’s laws allow. 

Does it allow multiple payday loans at once? Florida law only lets you have one loan at a time.

Does it guarantee approval? No legit payday lender can absolutely guarantee approval. 

Is the website secure? Another tell-tale sign of a scam is a lender that doesn’t use SSL encryption to protect your information when you apply online. Check this by looking at the URL. If there’s a green lock next to the web address, it’s secure.

What do customers say? A few bad online reviews are normal. But if you notice several customers complaining about the same problem, it could be a red flag.

How to make sure a lender is licensed

You can verify that a lender is licensed in Florida by filling out a quick form on the Florida OFR’s website or calling (850) 487-9687.

A Brief Warning

While payday loans can be a good way to get ahead of your bills, they can be extremely expensive for people without a budget. 

Borrowing wisely and responsibly is your best bet against going further into unsolicited debt.

After all, a payday loan can be very helpful if you use it wise and right.