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Find Payday Loan Companies in Florida

Governing law in state:
Payday lending is specifically authorized under Florida law.  Cash advance businesses must comply with interest rate restrictions in place; namely, they cannot charge more than 10% interest.  Florida's interest rate cap is one of the lowest in the U.S. Florida law allows consumers to borrow only one check cash advance at a time.  Furthermore, if a borrower cannot repay a payday loan by the due date, the creditor must extend a 60-day grace period to the consumer before collecting.  This is only, however, if the consumer attends credit counseling and enters into a payment plan with the cash advance company.  

Maximum loan amount:
A borrower can borrow up to $500, excluding fees.

Loan terms:
The maximum term of the cash advance is 31 days.

Extensions:
Consumers cannot rollover or extend their loans.

Fees and charges:
A payday advance company can charge a maximum fee of 10 percent of the loan amount. It may also charge a verification fee.

Fee schedules and APR:
The APR for a two-week loan in the amount of $100 is 390%.

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Find Payday Lenders Near Florida

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Florida Loan Statistics
2012 2011 2010
Average Loan531529516
Average Age353535
Pay Schedule
  Weekly16%14%14%
  Bi-Weekly62%64%63%
  Monthly14%13%13%
  Twice Per Month9%10%11%
Home Owner20%18%20%
Renter80%82%80%
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