Florida Payday Loans: Terms, Fees, and Repayment
A payday loan is a small-dollar advance, between $50 and $500 in Florida, meant to be repaid with your next paycheck. You fill out a short online form, the lender confirms your income and checking account, and the money is deposited as soon as the next business day. On your agreed due date (7–31 days later), the lender withdraws the principal plus the finance charge directly from that same account.
Florida caps fees at 10% of the principal plus a $5 database fee, resulting in an APR of about 304% for a typical 14-day $500 loan with a $55 total fee. State law bans rollovers and strictly limits borrowers to one payday loan at a time statewide. If you still need cash after repayment, you must observe a mandatory 24-hour cooling-off period before taking another loan.
Real-world Cost Example
Borrow $300 for 14 days. The maximum finance charge is $30 (10% of $300) plus the $5 verification fee—total cost $35. On payday, the lender debits $335. If you renew or miss the due date, the cost rises quickly, so only borrow what you can repay on time.
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Our network saves you time when you need money fast. Apply now to see if a Florida payday loan or a cheaper alternative can help with your current financial need.
Who Can Qualify?
Florida payday lenders focus on steady income, not perfect credit. You generally must meet all of the items below:
- Be at least 18 years old
- Provide proof of Florida residency
- Show a regular income of at least $800-$1,000 per month (job, benefits, or self-employment)
- Own an active checking account that accepts ACH deposits and withdrawals
- Provide a valid phone number and email address
Payday Loans for Bad Credit
A low FICO score does not shut the door on a Florida payday loan. Lenders run only a soft credit pull or none at all. They mainly verify that your net income comfortably covers both your regular bills and the upcoming loan payment. Using 24CashFast exposes your request to many lenders, raising the odds that at least one will say “yes.”
What Happens if You Cannot Repay?
If your payment bounces, the lender may charge a one-time NSF fee up to $20 and try to collect the debt internally for 30 days. After that, they can assign or sell the account to a licensed collection agency.
Florida law bars criminal prosecution for payday loan default, but late payments can damage your credit and lead to additional collection costs. Contact the lender as soon as you realize a problem; many offer a 60-day, no-fee extended payment plan once per 12-month period if you ask before the due date.
FAQ's
Florida law mandates a 60-day grace period for borrowers who can't repay on time. However, borrowers must undergo credit counseling during this period and work out a repayment plan.
Yes, borrowers have until the end of the next business day following the transaction to rescind or cancel the payday loan without any penalty or cost.
Yes, in many cases, online payday lenders in Florida offer same-day loan approval and funding. However, the specific time it takes for the loan to be deposited into your account can depend on the time of approval and the lender's own policies.
Florida law requires that all payday loan transactions and documentation remain confidential, and lenders cannot share this information without the borrower's consent.
No, payday lenders cannot pursue criminal action against borrowers for unpaid loans. However, lenders can take civil action to recover the funds.
Fees are capped at 10% of the loan amount, but lenders can also charge a verification fee, which is not included in the interest rate cap.
Yes, if a borrower cannot repay their loan when due, Florida lenders must provide a 60-day grace period without incurring additional charges, provided the borrower makes an appointment with a credit counseling agency and completes counseling.