With the popularity of payday loans across the U.S., it’s essential to understand the legal landscape, especially at the state level. Let’s explore the legality and regulations of payday loans in Florida. For a broader look at payday loans and whether they’re legal, we have an article explaining all.

If you’d like help with money, you can apply for a payday loan with us.

Payday Loans in Florida: The Basics

Florida recognises the need for payday loans but has implemented regulations to protect consumers.

Legal Status: Payday loans are legal in Florida.

Loan Amount: Borrowers can take up to $500, excluding fees.

Loan Term: Minimum of 7 days and a maximum of 31 days.

Regulations to Protect Borrowers

Florida has instituted several regulations:

Fees: Lenders can charge a maximum of 10% of the loan amount plus a $5 verification fee.

Rollovers: Rollovers are not allowed. Borrowers must fully repay a loan before taking out another.

Cooling-off Period: After repaying, a 24-hour cooling-off period is mandated before taking another loan.

Are Payday Loans Legal in Florida?

Why These Regulations?

Avoid Debt Traps: With limits on rollovers and mandatory cooling-off periods, Florida aims to prevent borrowers from falling into continuous debt cycles.

Fair Lending: Caps on fees ensure lenders don’t exploit borrowers.

What If I Can’t Repay My Loan on Time?

In Florida:

Grace Period: Borrowers get a 60-day grace period if they can’t repay on time. They must also undergo credit counselling during this period.

No Criminal Action: Lenders cannot pursue criminal actions against borrowers for non-payment.

Alternatives to Payday Loans in Florida

Credit Unions: These often offer small, short-term loans with better terms.

Payment Plans: Some service providers or creditors might agree to a payment plan if you discuss your financial situation.

Local Assistance Programs: Florida has local welfare programs to assist residents in financial distress.

If you’d like help with money, you can apply for a payday loan with us.


Payday loans in Florida come with a protective regulatory framework. While they can be handy in emergencies, it’s vital to be informed and consider all options.

Are Payday Loans Legal in Florida?

Frequently Asked Questions

How many payday loans can I have at one time in Florida?

You can only have one outstanding payday loan at a time.

Where can I report a payday lender violating Florida’s regulations?

You can report them to Florida’s Office of Financial Regulation.

Are online payday lenders legal in Florida?

Yes, as long as they adhere to Florida’s state regulations.

What happens if I default on a payday loan in Florida?

The lender can pursue civil action but not criminal. It’s essential to communicate with your lender and consider credit counselling.

Are there any restrictions on military members getting payday loans in Florida?

Federal laws impose stricter terms on lending to military members and their families.

If you’d like help with money, you can apply for a payday loan with us.