When money is tight, a visit to the local quick pay day loan in the neighborhood or website of payday lenders is the solution for many people, especially when creditors are becoming restless. The payday loans are the most convenient, easier to get approval and put cash in the bank account of borrowers than traditional loans. This article talks about the laws on fast cash in Florida.
Quick Pay Day Loan is just a temporary solution, considered only when there are no other resources available. This type of loan is very helpful, during emergencies or sudden expenses particularly when your cash just covers your everyday expenditure until the next paycheck. You can get the most from payday loans when you know the laws pertaining to this service.
Is Quick Pay Day Loan in Florida Legal?
Yes, the State of Florida allows storefront and internet payday lenders as long as they are licensed. Lenders that have submit the required documents and granted a licensed by the State of Florida, can engage in this business, so make sure you apply with them only.
By the way, $500 is the maximum loan amount sets by the Florida law, with loan term of 1 week to a month. Lenders can charge no more than 10% interest, with verification fee that should not exceed $5. The finance charges on the other hand should not go beyond 15% and 1 loan per borrower allowed, while renewals and rollovers not allowed.
Furthermore, Florida law strictly prohibits lenders from pursuing any criminal action as only civil case allowed for filling against borrowers defaulting on their loan. What the law encourage is for lenders to offer repayment plan that will enable the borrower to pay their debts.
Last but not the least, payday lenders are required to give a written loan contract that will state the name and address of both parties, including the check amount, date of transaction, summary of the loan and other essential details of the quick pay day loan.Share