Payday Advance Florida
Are you short on cash? Has some unexpected financial situation occurred for which you don't have the immediate funds to pay? Unfortunately, such incidents happen to good people just trying to make ends meet from payday to payday. Unexpected illness, a broken down vehicle, an overlooked due date on a bill, and other financial nuisances often occur at the worst possible times leaving you stressed and wondering where the money will come from.
Luckily, if you live in the state of Florida, you can obtain Florida payday advances that are easy to get and repayable on your next payday. This quick cash can get you through your emergency and help bridge the gap between the incident and your upcoming paycheck. These short-term loans are available from licensed Florida lenders or via online companies offering cash advances.
Payday Cash Advance Loans Explained
Payday advances are small, short-term cash loans that normally range in amounts of between $100 and $1,000 and use your next paycheck as collateral for repayment. Such loans are designed to be for emergency financial situations, are easily obtainable, rarely require credit checks, carry high interest rates and fees, and are usually repaid within one week to a month's time.
Some states prohibit payday loan companies from operating within them, but Florida allows such licensed companies to offer short-term cash loans. Online lenders are also an option for Floridians seeking fast cash as long as the online company abides by Florida cash advance guidelines.
What to Expect When Applying for a Florida Payday Loan
Florida payday advances are relatively easy to obtain. Basically, you should first decide how much cash you need. This amount should only be what is absolutely required to meet the need since Florida payday loans come with high interest rates and fees. You should also keep in mind that the money to repay these short-term loans comes from your next paycheck so you don't want to leave yourself short on payday.
Once you determine your required amount, you should research your options for the best rates since they can vary per lender. You have the option to go to a payday advance lender near you or conveniently apply from home with an online lender.
You will be required to fill out a simple application form and provide proof of employment via bank statements registering direct deposits from your employer or actual paycheck stubs. You will also be required to submit personal identification. A brick and mortar store may ask you to provide a personal post-dated check that can be cashed on the date of payment. Online and most Florida short-term loan companies will also ask you to submit your bank account information so that funds can be transferred once your loan is approved. Online companies use your bank account information to retrieve payment on the due date.
Legal Guidelines for Florida Payday Loans
There are certain guidelines associated with Florida payday advances which must be met and which you should be aware of as you research lenders. There is a maximum amount on Florida payday loans of $500 that must be repaid within 7 to 31 days. The finance rate and associated fees carry a maximum of 10 percent plus associated verification fees, which are not specified under Florida law. The finance charge on a typical 14-day payday loan of $100 is $15 or 390 percent APR.
You can only have one outstanding payday advance Florida loan at a time. Rollovers, or loan extensions, are not permitted beyond the agreed upon payday loan repayment term. There is also a 24-hour "cooling off" period before you can obtain another Florida cash advance after paying one in full.
More Information on Florida Payday Loans
To obtain more information on Florida payday advances or to get further assistance, contact this office:
Florida Office of Financial Regulation
Division of Securities and Finance
200 E. Gaines Street
Tallahassee, FL 32399