Regulator Details

Florida Office of Financial Regulation

Division of Securities and Finance
200 E. Gaines Street
Tallahassee, FL 32399
Phone: (850) 410-9805
Fax: (850) 410-9748

Florida Payday Loan Laws

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Florida Payday Loan Laws Details

The data provided here is for general informational purposes and should not be used as legal reference. If you have questions regarding Florida payday loan laws contact the Florida Office of Financial Regulation.

Payday loans are legal in Florida (see Florida Payday Loans or Florida Installment Loans to compare fees and requirements for individual lenders).

Feature Specification
Amount (max) $500 exclusive of the fees
Rates or Fees (max) 10% of check + verification fee not to exceed $5
Term Limitations 7-31 days
General Loan Terms

In Florida, no rollovers are permitted. The cooling period between loans is 24 hours. Florida requires extended repayment plans.

For example, in Florida the rates and fees on a 14 day, $100 loan are:

Terms Amount
Loan Amount $100
Fees $16.11
APR 419%
Sample Loan Terms

Florida also defines regulations around collections. If available, the table below lists the fees lenders are permitted to charge if the loan is not repaid and/or whether a lender can threaten use of or use criminal action if a borrower is unable to repay a loan.

Feature Specification
Collection Fees All charges imposed on the lender by any financial institution; lender not entitled to treble damages
Criminal Action Prohibited
Regulations on Collections
Finally, a more detailed excerpt from Florida's statutes on finance charges is listed below. In general the tables above summarize this.

A deferred presentment provider or its affiliate may not charge fees that exceed 10 percent of the currency or payment instrument provided. However, a verification fee may be charged as provided in §560.309(7). The 10 percent fee may not be applied to the verification fee. A deferred presentment provider may charge only those fees specifically authorized in this section.

Citation: Fl. Stat. Ann. Sections 560.401 et seq. and Rules 69V-560.707, 69V-560.901-912.