Are Payday Loans Legal in Florida?

January 14, 2021
Are Payday Loans Legal in Florida?

If you are new to Florida, or just in need of a quick emergency loan, you can legally receive a payday loan in the state. There are two options for obtaining legal payday loans in Florida; you can visit a storefront location or go to an online website to apply.

Payday loans are regulated by the Florida Office of Financial Regulation’s Division of Consumer Finance. They administer the state guidelines, as well as manage the licensed lenders within the state. That includes handling any consumer complaints that might arise with a licensed or unlicensed lender.

It’s important to understand that not all online lenders will be licensed within the state of Florida. Some lenders use tribal licenses to provide loans online without having a state license. These lenders are not bound by state guidelines or consumer protection laws mandated by the state. Therefore, it is recommended that these lenders be avoided.

Payday Loans in Florida

We all get caught short of cash from time to time. The car breaks down, the basement floods, our child becomes ill. It’s never a convenient time when a financial emergency happens.

If you need to get a quick loan in Florida, you can visit a payday loan office, or you can apply on their website. As mentioned previously, make sure they are licensed, as they must follow the laws set out by the Office of Financial Regulation in order to keep their license.

The limitations are as follows:

Limit of Loans

Only one payday loan is allowed at a time. You won’t be able to go to another lender to get a loan, as all licensed loans are tracked through a central database.

Once you have paid the loan in full, you will have to wait for 24-hours before you can apply for another one. This is a cooling-off period built-in for consumer protection.

Loan Amount

Florida payday loans are capped at $500 under the state-mandated guidelines.

Loan Time Limits

When you apply for a loan in Florida, the term of the loan can range from 7-31 days based on your next pay date. If you are unable to pay the loan back on the maturity date, licensed lenders are not allowed to charge additional interest.


The law for payday loans in Florida requires limits on the fees that the lender can legally charge. The finance charge is set at 10% of the loan amount, plus a $5 verification fee.

Grace Period

If you are having problems paying the loan back on time, the lender must legally provide a 60-day grace period without any additional interest charges. This is referred to as an extended payment plan, it provides another important consumer protection under the terms of the loan.

After the Grace Period

If you are still unable to pay back your loan during the grace period, the lender may send your account to a collection company. The only additional fees that might be present are NSF fees that may or may not have happened on default of the loan.

Most reputable lenders are willing to continue working with you directly to solve the debt, as long as good faith is shown.

Licensed Lender

Lending Bear is one of the highest-rated licensed lenders in the state of Florida. A BBB A+ accredited lender with over 5,000 5-star reviews. Contact Lending Bear online or visit a location near you to apply.