Florida Payday Loans
If you are a resident of the Sunshine State then you have probably been wondering
about the specific details of Florida Payday Loans. These types
of loans are offered to individuals who are seeking to extend their money until
their next paycheck arrives. These loans are considered to be short term in that
they are expected to be paid back quickly. They are the perfect lending solutions
for those that are finding it difficult to borrow from traditional lenders. This
may be for a variety of reasons including a lack of credit history. These loans
make it simple to access the cash you would like in order to accomplish and purchase
what you need.
It is important to note that payday loan laws and regulations vary by state. Certain
states restrict the number of loans you can have within a certain amount of time,
the rate lenders can charge, the amount companies can lend and other terms of the
loans. Information for
Payday Loan Laws in Florida is provided for your convenience.
While these types of loans have many similarities within each state, there are some
differences. For instance, in Florida you are only allowed to engage in the borrowing
of one loan at a time. This means that you must payback the first loan before you
can borrow a second. In addition, the highest amount that you can borrow in this
state is $500. This regulation is in place in order to ensure that these loans are
payed back in a timely fashion while preventing the borrower from incurring more
Another rule that is specific to Florida Payday Loans is the length
of time you are given to pay back the loan. You will have from seven to thirty one
days to pay the loan off. The lender is limited to charging the borrower an interest
rate of 10%. This helps to prevent the predatory lending practices that go on in
other less regulated states. Lenders in Florida are not able to press criminal charges
against borrowers who fail to pay back the loans. This means that if you are unable
to pay back your loan in a timely manner you will not face jail time. Failing to
pay the amount that you owe on time will have a negative effect on your credit rating.
Perhaps you would like to visit a theme park and would not like to wait until that
next paycheck arrives. You may want to spend some time at one of the many incredible
beaches or resorts that are available in this great state. The best thing about
this type of borrowing is that it enables you to do all of this and more, on your
own schedule rather than on the schedule of your job or paycheck. Florida Payday
loans provide the perfect solution for any Florida residents that are looking to
stretch their dollars until the next paycheck arrives. They are both simple and
quick but you may have to pay an extra fee if you do not have proper identification.
Take a look at the benefits of applying for Online Payday Loans
if availble in your state.