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Payday loans in Florida - Payday Advance Credit ™ USA

Payday lenders provide short term loans in exchange for the borrower’s cheque and a processing fee. The payday loan lender agrees to hold the cheque for a designated time period ad deposits it after the borrower has received his pay check.

In the state of Florida the payday loans are regulated by the Office of Financial Regulation's Division of Consumer Finance. You can easily verify the license of the lender or file a complaint on their website.

In accordance with the Florida Law, the lenders are entitled to the following protections:

  • The maximum that can be borrowed by the borrower is $500 per loan.

  • The borrower can only have a single outstanding loan at any given moment. This can easily be tracked with the help of a state wide database of all loans.

  • The maximum fee for the loan is 10% of the amount borrowed along with a $5 verification fee.

  • The maximum loan duration is 31 days and the minimum loan duration is 7 days.

  • Certain contract terms which can restrict the borrower’s rights have been prohibited.

  • A borrower must repay their first loan and wait for about 24 hours before they can enter into a new loan agreement. This time period has been kept in place to prevent any loans from being rolled over.

  • If towards the end of the loan term the borrower is unable to repay the loan amount in full, the loan provider must give a 60 day grace period to the lender without any additional charges.

Things that you must remember before taking out a payday loan in Florida:

  • Verify the license of the lender from the Office of Financial Regulation’s website, just to make sure that the lender is legitimate

  • You need to be especially careful with the license if the lender is operating online. When dealing with unlicensed companies it becomes increasingly difficult to take care of any potential problems since many of these companies might be located out of United States.

  • Be wary of various other short term loans that mimic payday loans, such as auto title loans, open ended lines of credit and installment loans. These might use electronic transfer or automated clearing houses every 14 days.

  • Try to compare between various payday lender in order to find the one with lowest penalties and fee.

  • Only borrow the amount that you can comfortably pay back.

  • You must know when the loan payment is due and make sure that you can completely repay the loan in time.

  • Try to take advantage of some local non-profit organizations operating around your residence that can provide you some help with your current financial situation. Many such organizations can offer you help with credit repair, budgeting, debt repayment and a lot more. Contact the local office of asset building coalition, united way or credit counselling service.

  • Try to set up a budget. Make realistic budgets and plan for the future in order to avoid borrowing for handling any unforeseen expenses and emergencies.


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