Payday loans in Florida
Chapter 560, Part IV, Florida Statutes, makes payday loans legal in Florida as deferred presentment transactions from licensed money services businesses.
- Payday lending
- Allowed
- Max cost
- $10.00 per $100 borrowed
- Top amount
- Both figures exclude fees: $500 is the face amount for single-payment loans, and $1,000 is for deferred presentment installment transactions.
At that cap, a $100 loan over 14 days can carry $10.00 in fees: $110.00 back in total, close to 261% APR.
Are payday loans legal in Florida?
Yes, payday loans in Florida are permitted by state law known as the Florida Deferred Presentment Act. With deferred presentment, a licensed lender takes your check, gives you cash, and holds that check for an agreed length of time. You may borrow up to $500 on a single-payment loan for seven to 31 days. Your fee must stay at or below 10 percent of what you borrow, plus a five-dollar verification charge. An installment loan can be as much as $1,000, with a term of 60 to 90 days. The cost may reach eight percent of your balance in each two-week period.
Florida maintains a statewide database to track all loans and permits just one open loan at any time. Check the license of any online lender with the Florida Office of Financial Regulation before borrowing, since unlicensed firms might operate outside the United States. Tell your lender if you cannot repay, and schedule consumer credit counseling within seven days. This action grants you a 60-day grace period without extra charges.
- All loans go into a statewide database in Florida, which limits borrowers to one payday loan at a time.
- A borrower must wait 24 hours after repaying a payday loan before getting another.
- Booking credit counseling within 7 days gives a borrower who cannot repay a 60-day grace period free of added charges.
- Under HB 857, a 2018 law (ch. 2018-26), installment payday loans began July 1, 2019. Amounts may reach $1,000, terms run 60 to 90 days, and each two-week charge may reach 8% of the balance.
- In 2024, ch. 2024-276 amended the consumer finance rate section in Florida. A licensed consumer finance loan may now carry as much as 36% a year on its first $10,000.
Florida payday loan laws
- Law in force
- Florida Deferred Presentment Act (Chapter 560, Part IV, Florida Statutes)
- Cited as
- Fla. Stat. 560.402 through 560.408
- Fees under the law
- single-payment loans: fees over 10 percent of the provided currency or payment instrument; installment loans: 8 percent of the outstanding balance every two weeks; plus a verification fee
- Most you can borrow
- Both figures exclude fees: $500 is the face amount for single-payment loans, and $1,000 is for deferred presentment installment transactions.
- How long a loan runs
- 7 days, or 60 days when the transaction is an installment one to 31 days, or 90 days when the transaction is an installment one
- Rollovers
- Rollovers of a deferred presentment agreement are not allowed.
- Cooling-off gap
- a previous deferred presentment transaction must be terminated, then 24 hours must pass
- Loans you can hold at once
- Only a single deferred presentment transaction with any provider can be outstanding.
- Repayment plan
- A 60-day grace period carries no added charge. It applies when borrowers state they cannot pay and get consumer credit counseling from an agency within 7 days.
- Installment lending limits
- Rates on consumer finance loans up to $25,000 are 36% yearly for the first $10,000, 30% for $10,000-$20,000, and 24% for $20,000-$25,000; no licence is needed at 18% or less (Fla. Statutes 516.031)
Also checked against flofr.gov. Full statute text.
Online lenders that list Florida
Twelve companies we track say they lend in Florida: 4 online installment lenders, 1 store and online lender, 6 tribal lenders and 1 loan broker.
| Lender | Kind | Posted APR |
|---|---|---|
 NetCredit | Installment | 34.99% to 99.99% |
 OppLoans | Installment | 99% to 195% |
 Fig Loans | Installment | 190% to 279% |
 Rise Credit | Installment | 60% to 299% |
 ACE Cash Express | Store and online | 122.4% to 769.1% |
 Viva Payday Loans | Broker | Partner lenders quote 4.99% to 1,386% |
Tribal loans in Florida
On the immunity claim tribal lenders make, see are tribal loans legal.
Six tribal lenders we track list Florida as a state they lend in. Three of the six publish an APR, from 73.7% to 725%.
| Lender | Posted APR |
|---|---|
 Mobiloans | 73.7% to 405% |
 Spotloan | 99% to 490% |
 BrightLending | 325% to 725% |
 MaxLend | Not published |
 Minto Money | Not published |
| American Web Loan | Not published |
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Florida and the states around it
Florida loans with no credit check
Installment loan rates: Rates on consumer finance loans up to $25,000 are 36% yearly for the first $10,000, 30% for $10,000-$20,000, and 24% for $20,000-$25,000; no licence is needed at 18% or less (Fla. Statutes 516.031).
See no credit check loans: the checks lenders still run, and the price.
Verify a lender's license in Florida
- Look the lender up on the license list before you hand over any bank details.
- Lenders here answer to the Florida Office of Financial Regulation (OFR), Division of Consumer Finance.
- Had trouble with a lender? Report the lender.
Sources for Florida
- A deferred presentment transaction gives you cash in return for a check held during a deferment period.leg.state.fl.us
- Not counting fees, a single-payment loan tops out at $500.; Installment deferred presentment transactions cannot go above $1,000.; For single-payment loans, 10 percent of the amount provided is the maximum fee allowed.leg.state.fl.us
- HB 857 (2018) authorized installment deferred presentment transactions for 60 to 90 days with a maximum of $1,000.; July 1, 2019, was the effective date provided by HB 857.flsenate.gov
- OFR states that a borrower is limited to one outstanding loan, which a statewide database tracks.; A $5 verification fee plus 10 percent is the maximum fee, states OFR.; Borrowers should check licences of online payday lenders, OFR warns, since such lenders may be outside the US.flofr.gov
- On the first $10,000, consumer finance loans may have a yearly rate of 36%.; Ch. 2024-276 most recently amended Section 516.031.leg.state.fl.us
- No consumer finance licence is needed for lending at 18 percent or less.flofr.gov
- Licences for money services businesses and consumer finance are verified through OFR's REAL system.flofr.gov
- OFR takes complaints and tips through its online filing system.flofr.gov