Cash Loans in Florida, USA
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The reasons why you should choose us:
- The problem of money absence at the right moment is quite familiar to us, so we want to protect you from this trouble.
- All that we offer is a free help.
- Now you have an opportunity to get a cash advance loan much faster and easier than before – just fill out Apply Now form and wait for a couple of minutes.
- You can use the service directly from your apartments! No need to leave your office or home to apply instantly for a cash loan up to $1.000
- After filling out the application, it takes no longer than a few minutes to us to find a reputable lender that can give you a loan on pre-agreed terms and conditions.
- Once proposal will be approved, you’ll be redirected to the lender's page to coordinate the loan terms and rates with the lender.
- Also you can receive more information how to get a bad credit loan.
Everything y You Need to Know about Payday Loans in Florida
Florida is a real heaven on earth. The sun is shining round the clock 24/7. The state attracts millions of visitors by its great climate, posh hotels, sandy beaches, lavish lifestyle, and luxury all around. But once you have dived deeper into the real life of Florida residents, you will be amazed at how hard they need to work on order not to live form hand to mouth.
The latest stats reveal the awful truth depicting over 3 million people in Florida living at poverty. Moreover, the poverty rate here is higher if compared to the average rate across the country. A citizen earns about $48.000 per year, which is $7.000 lower if compared to other states on average. Payday loans in Florida seem to be a good solution to make the ends meet.
The main problem with credit cards it that local residents are sitting on the $5.000 credit in accordance with the stats, while their average monthly income is about $4.000. In other words, they do not have enough cash to keep up with their credit card obligations and pay off on time. Once again, payday loans in Florida may be a good and fast way out.
For some people it is the only way to survive. However, borrowers should learn more details about these financial services as well as keep in touch with relations and rules when accessing payday loans in Florida. Here you will find a detailed guide with ell key aspects of this financial service including current rates payday loan cost, history, and other fundamental issues.
History of Payday Loans in Florida
The service has been pretty popular with the borrowers over the years although it had to overcome some critical obstacles established by the government. Numerous amendments and legislation updates were made in terms of payday loans in Florida.
It all started with the launch of the system that automatically included every borrower applying for cash. It made it possible for applicants to monitor the particular lender. However, state authorities could keep an eye on the number of loans a borrower accessed.
The system included several crucial steps:
- The applicant claims for cash.
- He or she gets into the Transaction System.
- Another lender access the system.
- If the lender finds the applicant in the system, he or she is free to refuse from lending to prevent the law violation.
A good thing about such monitoring was the fact that lenders good evaluate borrower's credit worthiness and do not provide the sum they will never be able to pay off.
The New Era of Cash Lending
The development of new financial tools and digital technologies has changed the situation. Borrowers could go online to apply for a payday loan with ease. However, baseline regulations are still the same. They are not allowed accessing more than one loan. We will have a detailed review of this particular issue a bit later.
By the way, the regulations can be beneficiary not only for lenders who can evaluate customers' creditworthiness but also for borrowers. If you already have a loan and get an offer from another lender, it is a sign you should never cooperate with the company, as it is very likely to have no license.
Brief Facts about Payday Loans in Florida
Before you access payday loans in Florida, you need to have a basic vision of the situation in terms of rules and regulations, Here are some quick facts and numbers about the financial service. So, here is what you need to know:
- The loan should not exceed $500.
- The term may vary from 7 to 21 days.
- No rollovers are allowed.
- The verification fee must not exceed $5.
- The charge is up to 10%.
- The period to pay off the debt up to 60 days.
- The time for approval is 24 hours.
Now, let's have a closer look at some of the baseline points.
How many payday loans can you have in Florida
As we have already mentioned before, the state regulations prescribed only one loan per borrower. In other words, you are not allowed to apply for two and more payday loans in Florida at a time. Another band news is that applicants are not able to renew or rollover the loan in case they fail to repay it. The only legal way to apply for another loan is to repay the existing one and wait for 24 hours.
Once you have faced budget emergencies to pay off the debt, you can claim a 60-day repayment period extension. A lender most provide you more time to handle your payments. However, you need to be very clear and precise when describing why you actually are unable to pay off the debt.
How to Find a Trusted Payday Loan Company in Florida?
According to the Florida statute chapter 560, each and every lender must obtain an official license to deliver financial services. In other words, borrowers can always check whether they deal with a reliable company or lender that has no license. You can use several ways to check the company's reliability rate.
The OFR Regulations
The organization comes as a listing of all companies that are licensed to provide payday loans and other financial services. All you need is to visit its official webpage and find the lender you are going to work with. However, we should warn you that having a license does not guarantee a lender's reliability.
Additional Ways to Define a Reliable Payday Loan Lender
Apart from The Florida Office of Financial Regulation webpage, you can use some simpler methods to evaluate the company. Simply go to its website and check any of the following:
- Contact Info - Are there enough ways to get in touch with the lender? It should have a valid address and telephone number. Live Chat feature and email are not enough for a reputable company.
- Loan Terms - Does it offer loan amounts fees and terms as prescribed by the state law? If a company offers more than $500 to borrowers who already have a payday loan in Florida, you should avoid using their services.
- Guaranteed Approval - Does it promise instant approval? If so, the company is very likely to be unreliable.
- Website Security - Is the platform secured enough? Does it have SSL encryption or other digital means?
- Testimonials and Reviews - Read customers' reviews on the company's website or other platforms that never publish fake testimonials.
Once we have chosen a trustworthy payday loan provider, we can apply for a loan But first, we need to learn the requirements, costs, rates, etc.
What Is the Cost of Payday Loans in Florida?
Florida state laws regulate the amount of loan s a borrower can apply. At the same time, they define the repayment period as well as fees, charges, APR rates, and other crucial financial details that define the future sum a customer will have to pay off.
Have a look at the following:
- Financial charges are 10 percent of the loan cost.
- The charges should be not less than $10 for every $100 borrowed.
- The verification fee is $5.
- If you borrow $100, the APR is 419%.
Can I Have Two Payday Loans in Florida?
No, you can't. Moreover, applying for a second look will hardly look wise of you considering huge APR and interest rates. If you borrow $100, you will need to repay $419 + verification fees and extra charges. Do you really need another loan to get stuck in the financial hole once and for all? We really doubt it.
Application Requirements for Florida Applicants
To access cash service, a person should a set of requirements that hardly differ from any other state. The age must be over 18. A person should be a US resident or prove your right for legal residence.
The application process consists of several simple steps. However, you need to be prepared and provide the copies of your documents upon lender's request. They may ask to show your ID, driving license, etc.
Filing Complaints against Unfair Lenders
Everyone can become a victim of unreliable companies that are not licensed to provide financial services. At the same time, we should not that licensed lenders can also deal with frauds. You need to follow the steps described above when choosing a reliable service provider. However, if the lender refuses to follow its obligations, you have several ways to fight back.
Complaint over Florida OFR
The institution acts as a direct regulator of financial services and short-term loans in particular. In case of unfair lender's behavior, go to the OFR website and provide the following information:
- Complaint summary - provide the incident details and specify the reasons for filing the complaint indicating the lender's details.
- Relevant documents - make sure you have all the necessary documents to prove the fact of unfair service provision.
Complaint over CFPB
CFPB is on top of all sort-term loan regulators including the OFR. It can be very helpful when resolving different issues between the borrower and unfair lender. The process of filing a complaint is actually the same as in the previously mentioned method. You need to:
- Specify the complaint - provide all details of your claim with names, dates, etc.
- Provide document copies - statements, agreements, contracts, bills, and other documents in PDF or other formats.
Payday loans in Florida look hardly like the best solution for financial emergencies especially when considering their huge APR and interest rates. On the other hand, you can be pretty sure a lender you choose is licensed and fair. If not, you have all the necessary means to fight back. Summing up, we recommend to think twice before access the loan In addition, you can consider some payday loan alternatives available in Florida.
What Are the Alternatives?
Cash advances may be a way out in case of budget emergencies. However, you should access them only when you know you can repay. Otherwise, they get you stuck in the financial hole for good. Here are some of the alternative ways to get fast cash. They are totally free and do not require repaying the debt in most cases:
Food Assistant Programs
Florida regularly launched programs t help people who live beyond or at the poverty level. Most of the state residents known such initiatives under the stamp initiative. The main mission is to provide all necessary products to people with low wages. It is a perfect way to put ease on the wallet.
Relatives and Friends
There is nothing wring to ask your family and friends for help. You can repay the debt but without crazy APR and interest rates. Fund crowd sourcing programs may also come in handy.
Get another Job
Florida offers plenty of opportunities to earn a couple of buck on the side. We are no speaking of a full-time job Just small tasks and assignments to fulfill and get paid. You may take part in marketing researches or fill in the questionnaire.
The Bottom Line
Cash advances come with many restrictions. They are hard to get and feature enormous rates and fees. However, they are still a good way out for people who are sure they can repay the debt. The state has a clear licensing policy making it easy for borrowers to check the potential lenders. At the same time, you might always find some alternatives not to have your back against the financial wall.