A payday loan, also known as a cash advance or payday advance, is a suitable short-term borrowing option for individuals facing unexpected expenses, such as medical bills, overdue rent, or auto repairs. However, before you borrow this income-based loan, you must understand all the rules for Florida borrowers.
In this guide from Fast Payday Loans, Inc. in Florida, we will explain the payday loan laws in Florida, including requirements, loan amounts, and the approval process. Learn more about how to get a cash advance in Florida below!
5 Payday Loan Laws In Florida
Before you get any loan, you must understand all of the facets that can affect approval and repayment. The same can be said for a payday loan. Although it is a simple loan to get approved for, there are rules you must be aware of, as these rules can dictate whether you can get approved and whether it is the right borrowing option for your emergency situation.
Here are five of the payday loan laws in Florida:
1. Florida Payday Loan Age Requirement
To get approved for any type of loan in Florida, you must be at least 18 years old; payday loans are not an exception. You must be a legal adult to enter into one of these contracts because lenders cannot legally enforce a loan agreement for someone younger than 18.
It’s also inadvisable for someone younger than 18 to take out a cash advance. While it is a short-term, low-value loan, there are risks, such as late fees. When you are first getting a job around 16 years old, you may not have the experience to handle such a responsibility.
2. Florida Payday Loan Requirements
In order to get verified for a payday advance in Florida, you must prove that you have a steady income. We will look to see that you have a job that pays you on a weekly, bi-weekly, or monthly basis. Your income level is used to determine how much you can borrow.
You will also have to verify your identity and checking account. Thankfully, we only have a few required items necessary to meet our requirements.
Here are the Florida payday loan requirements:
- A state-issued photo ID that displays your full name and age
- Your most recent pay stub
- A blank check from the active checking account in your name
While salaried employees can get approved for a cash advance, what about freelancers and gig workers? Those without traditional income may struggle to get approved, as each of our stores has its own policies regarding nontraditional income. You will need to call us ahead of applying to verify whether that specific store accepts alternative sources of income.
3. Cash Advance Amount
The maximum amount you can borrow for a payday loan in Florida is $1,000. However, that doesn’t mean that everyone will be approved for that much money. Your cash advance value will depend on your income level and ability to repay the loan.
The more money you make, the more you can potentially borrow. That said, you shouldn’t always borrow the maximum amount you qualify for. You should only borrow what you need to make repayment simpler.
For example, if you need $250 to afford rent because you missed work due to an illness, you should only borrow between $250-$300. Borrowing up to $1,000 when you only need $250 can increase temptation to spend the money on nonessentials. A payday advance is an emergency loan that should only be used as a last resort.
4. Payday Loan Repayment
After borrowing your payday loan, you will have to repay it using your next paycheck. This loan essentially allows you to borrow money from a future paycheck. Only borrow it if you feel you can repay the loan fully using your next paycheck.
Remember, you will have to pay interest on top of the principal. If you feel you cannot afford it, you should either borrow less money or seek a different emergency financing option that doesn’t require quick repayment.
5. One Payday Loan At A Time
Borrowing less than $1,000 with one cash advance may not give you the money you need to fully afford a large financial emergency, such as medical bills or home repairs. However, you can only get one payday loan at a time.
You cannot borrow multiple payday loans at the same time, or a payday loan from one lender and a title loan from another. Florida law dictates you must fully repay your first loan before getting another, and there may even be a grace period before you can borrow again.
A cash advance should be used for smaller emergencies. If a payday loan cannot help you fully afford your costs, consider other, higher-value loan options.
A Step-By-Step Guide For Payday Loans In Florida
Now that you understand the Florida laws affecting payday loans, you can start the process of getting approved. Thankfully, you will only have to complete a few steps, all of which you can complete in less than one day. You can begin online and get approved in person in 30 minutes.
Here is how to get approved for a cash advance in Florida:
- Submit our online inquiry form with your basic information
- Answer our phone call to discuss payday loan terms
- Visit our nearest Florida store location with your required items for verification
- If approved, complete the process by signing our loan agreement
- Receive your cash advance later that day or by the next business day
FAQs About Payday Loans
Do you need collateral for payday loans?
One of the things that makes payday loans so attractive is the fact that you wouldn’t have to put any valuable asset at risk. It is an unsecured loan, which means that you wouldn’t have to provide collateral.
Is good credit required for payday loans?
You can apply for a payday loan even if your credit score is bad or non-existent. The primary factor that lenders consider when making a loan decision is your income, not your credit score. Even if your score is lower than you would want it to be, you can still give a payday loan a go.
How long does it take to get approved?
You can get same-day approval for a cash advance in Florida. Filling out our online form takes less than five minutes. After a short phone conversation, you can visit us and get verified within 30 minutes. You will receive your funds in less than 24 hours.
Get A Payday Loan In Florida – Borrow Up To $1,000 Today!
Need emergency cash fast before a due date? As long as you meet Florida payday loan requirements, you can get approved today with the help of Fast Payday Loans, Inc. in Florida. You can get approved as long as you have current income, and you can even get approved for bad credit payday loans.
Ready to get started? All you have to do to jumpstart the process is submit our online payday loan form. We will call you shortly after to discuss the process and explain what comes next. Bring your required items to one of our stores, and we can get you approved in 30 minutes. Apply for payday loans in Florida today!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
