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.
A borrower can borrow up to $500, excluding fees.
The maximum term of the cash advance is 31 days.
Consumers cannot rollover or extend their loans.
A payday advance company can charge a maximum fee of 10 percent of the loan amount. It may also charge a verification fee.
The APR for a two-week loan in the amount of $100 is 390%.