Feeling the squeeze of a sudden cash crunch and eyeing an online payday loan in Florida? Hold up a second.
Before you dive into that application, ask yourself: Is a payday loan really your best move? Taking a breather to explore all your options could save you a bundle and spare you from a world of stress.
That said, if you’ve weighed the alternatives and still feel a payday loan is your lifeline, I get it – life has a way of throwing financial curveballs when we least expect them. Let’s break down the top payday loan providers in Florida and what you need to know before borrowing.
Top 5 Online Payday Lenders in Florida
- Advance America – A well-known lender with both online services and physical stores in Florida, providing payday loans.
- LoansUnder36: Our top payday loan alternative
- Speedy Cash – Offers payday loans both online and through physical locations in Florida.
- ACE Cash Express – Provides online payday loans and has multiple store locations in Florida.
Online Payday Loans in Florida
The reality is that all direct payday lenders in Florida will charge you the maximum amount allowed by law to borrow. They’re all trying to maximize their profits up to the state’s legal limits.
Because of this, it doesn’t really matter which payday lender you choose – you’ll end up paying the same high fees regardless.
With that in mind, how should you decide between the different payday lenders?
Choosing a Payday Lender in Florida
- Location: If you need cash immediately, choose the lender closest to you and apply in person.
- Instant funding on weekends: Some lenders like Ace Cash Express may offer the potential for instant funding on weekends. Check with individual lenders for their specific policies.
- Credit checks: If you want to avoid having your credit reports pulled, research which lenders perform soft credit checks.
- Online application process: Look for lenders known for having a smooth online application experience.
- Customer ratings: Check customer reviews and ratings to gauge satisfaction levels.
- Loan Amount: Remember, in Florida, the maximum loan amount is $500.
Advance America is our Top Pick
After all our research, Advance America did emerge as the overall frontrunner.
Speed and Convenience: Same-day funding available online or at their numerous Florida locations. When you’re in a financial pinch, this quick turnaround can be a lifesaver.
Flexibility: The option to apply online and pick up money in-store offers the best of both worlds – digital ease with the security of a physical location.
Inclusive Lending: They consider applicants with all credit levels, making financial assistance accessible to those who might be turned away elsewhere.
User-Friendly Management: Their paperless, online account management system streamlines the borrowing process from application to repayment.
Established Reputation: Operating in Florida for many years with thousands of positive reviews speaks volumes about their reliability and customer satisfaction.
Instant Decisions: No long waits or uncertainty – you’ll know right away if you’re approved, allowing you to plan your next steps quickly.
What We Like:
Now, I know some of you might be looking for a larger loan amount or longer repayment terms. If that’s the case, let me introduce you to a non-payday lender that’s worth your attention: LoansUnder36.
Chosen 7,424 times- Loans with APRs under 36%
- Loans from $500 to $35,000
- Fast and easy approval process
- No minimum credit score requirement to apply
Why LoansUnder36 Deserves a Look
LoansUnder36 isn’t a direct lender, but a marketplace that connects borrowers with multiple lenders offering personal loans. Here’s why they might be a better fit for some of you:
Lower Interest Rates: As the name suggests, all loans have APRs under 36% – significantly lower than payday loans.
Larger Loan Amounts: You can borrow between $500 and $35,000, depending on your qualifications.
Longer Repayment Terms: Instead of 7-31 days, you get 6 to 72 months to repay, making monthly payments more manageable.
Soft Credit Pull: They use a soft credit check that won’t impact your credit score to show you potential offers.
Multiple Lender Comparison: You can compare offers from various lenders in one place, potentially saving you time and money.
Advantages of LoansUnder36:
You Might Benefit from LoansUnder36 If:
- You’re looking for more than $500 (Florida’s payday loan limit)
- You need more than 31 days to repay your loan
- You have fair to good credit and can qualify for better rates
- You want to avoid the high costs associated with payday loans
Remember, while LoansUnder36 offers more attractive terms than payday loans, it’s still a loan that needs to be repaid. Before you apply, carefully consider your financial situation and explore all available options.
The True Cost of Florida Payday Loans
Brace yourself. The cost of convenience isn’t cheap, and in Florida, payday loans come with a hefty price tag. Let’s break it down:
- Fees: Florida law allows lenders to charge up to 10% of the loan amount, plus a $5 verification fee. This might not sound like much, but it adds up quickly.
- APR: When you do the math, the Annual Percentage Rate (APR) on these loans can skyrocket to over 300%. That’s not a typo – we’re talking triple digits here.
Here’s a reality check: If you’re borrowing $500, you’re paying back $555 in just a few weeks. That’s $55 that could have been in your pocket, paying for groceries or that overdue oil change.
But let’s get even more specific. Check out this table to see how the costs stack up for different loan amounts:
| Loan Amount | Fee (10%) | Verification Fee | Total Fees | Amount to Repay | APR (14-day loan) |
|---|---|---|---|---|---|
| $100 | $10 | $5 | $15 | $115 | 391% |
| $200 | $20 | $5 | $25 | $225 | 326% |
| $300 | $30 | $5 | $35 | $335 | 304% |
| $400 | $40 | $5 | $45 | $445 | 293% |
| $500 | $50 | $5 | $55 | $555 | 286% |
Let’s put this into perspective:
- Short-term pain, long-term strain: While $55 on a $500 loan might not seem like much in the moment, remember that you’re paying this for just a two-week loan. If you were to take out this loan repeatedly for a year (which we don’t recommend!), you’d pay $1,430 in fees alone.
- The cycle trap: Many borrowers find themselves taking out a new loan to pay off the old one, creating a cycle of debt. In Florida, while rollovers are prohibited, there’s only a 24-hour cooling-off period between loans.
- Comparing costs: The APR on these loans far exceeds other forms of credit. Credit cards typically have APRs between 12-30%, personal loans often range from 6-36%, and even a pawn shop loan usually caps out at about 200% APR.
- Hidden costs: Don’t forget about potential bank fees if your repayment bounces, late fees if you can’t pay on time, or the cost of taking time off work to visit a storefront lender.
Before You Click “Apply Now”
Pause. Take a breath. Ask yourself these questions:
Is this truly an emergency I can’t handle any other way?
Have I exhausted all other options? (Hint: We’ll explore some alternatives later)
Can I realistically pay this back in 7-31 days without resorting to another loan?
Am I comfortable with the fees and potential risks?
Before applying for a payday loan, ask yourself:
If you hesitated on any of these, it’s time to explore other options.
Alternatives That Won’t Keep You Up at Night
Before you jump into the payday loan pool, consider these lifelines:
- Negotiate with Creditors: Many Florida utility companies and creditors offer hardship programs. It never hurts to ask.
- Local Resources: Florida has numerous community organizations and charities that offer emergency financial assistance. Call 211 for information.
- Credit Union Loans: Many Florida credit unions offer small, short-term loans at much lower rates than payday lenders.
- Paycheck Advance Apps: Apps like Earnin or Dave can give you an advance on your paycheck for a small fee, often much cheaper than payday loans.
- Side Hustle: Florida’s gig economy is booming. From food delivery to freelance work, there are ways to earn extra cash quickly.
Read More: 8 Apps Like Earnin for Quick Cash
How do I Apply for a Payday Loan in Florida?
If you’ve weighed the costs and still decide a payday loan is your best option, here’s what you need to know about applying in Florida:
Valid ID: A government-issued photo ID (driver’s license, state ID, or passport) proving you’re at least 18 years old.
Proof of Income: Recent pay stubs or bank statements showing regular income.
Active Checking Account: An open checking account in your name.
Contact Information: A working phone number and valid email address.
Social Security Number: Or Individual Taxpayer Identification Number for verification purposes.
Post-dated Check: Or electronic authorization for the loan amount plus fees.
What You’ll Need:
Choose your lender
We recommend Advance America for their user-friendly online application and same-day funding options. To apply with Advance America:
- Click here to start their application process
- Follow the prompts to complete your application
Alternatively, if you prefer in-person applications, many lenders have physical locations in Florida. This can be a good option if you:
- Prefer face-to-face interactions
- Have questions you’d like answered in person
- Want to receive your funds immediately in cash
Complete the Application
- Online: Usually takes 10-15 minutes
- In-person: Might take 30-60 minutes
Be honest and accurate. Lenders verify information, and discrepancies can lead to automatic rejection.
Review the loan agreement
This is crucial! Don’t skip the fine print. Here’s what to look for:
- Fee structure: Should not exceed 10% of the loan amount plus a $5 verification fee
- Loan term: 7-31 days in Florida
- Repayment date: Mark this on your calendar immediately
If anything is unclear, ask questions. Reputable lenders should be willing to explain every detail.
Wait for approval
- Online: Often instant or within a few hours
- In-person: Usually on the spot
- What affects approval?: Income, existing debts, past payday loan history
A quick approval doesn’t mean this is a good financial move. Take a moment to reconsider if this is truly your best option.
Get your funds
- Online: ACH transfer, typically 1-2 business days (same-day transfer may be available with some lenders)
- In-store: Immediate cash or check
Faster funding might come with additional fees. Always ask if there’s a charge for expedited transfer.
Prepare for Repayment
- Due date: Typically your next payday, within 7-31 days in Florida
- Repayment methods: Automatic withdrawal (most common), in-person cash payment, or online transfer
Set up alerts several days before the due date. Ensure your account has sufficient funds to avoid overdraft fees on top of loan fees.
Remember, Florida law prohibits rollovers. If you’re struggling to repay, contact your lender about the 60-day grace period option, which requires credit counseling.
How to save $619.00 on your loan
The price difference for a $500.00 loan in 90 days is $619.00.
Resources for Florida Borrowers
If you’re considering a payday loan in Florida or finding yourself struggling with existing payday loan debt, you’re not alone. Here are some resources that might help:
Financial Assistance Programs
- Access Florida: This program offers temporary cash assistance, food stamps, and Medicaid. Visit the Florida Department of Children and Families website to learn more and apply.
- Low Income Home Energy Assistance Program (LIHEAP): If you’re struggling with utility bills, this program might be able to help. Check eligibility and apply through the Florida Department of Economic Opportunity.
Credit Counseling and Debt Management
- Florida Credit Counseling Services: Many non-profit organizations offer free or low-cost credit counseling. Try the National Foundation for Credit Counseling to find a counselor near you.
- Florida Consumer Credit Counseling Services: Visit their website for free credit counseling and debt management plans.
Legal Aid
- Florida Legal Services: If you’re facing legal issues related to payday loans, they may be able to help. Visit their website for more information.
- Florida Bar Lawyer Referral Service: For legal advice specific to your situation, call 1-800-342-8011 or visit the Florida Bar website.
Financial Education
- Your Money Matters: A free financial literacy program offered by the Florida Department of Financial Services. Access resources here.
- Consumer Financial Protection Bureau: Offers a variety of financial education resources, including specific information about payday loans. Visit their website.
Complaint Filing
If you believe a payday lender has violated Florida law, you can file a complaint with:
- Florida Office of Financial Regulation: File a complaint online or call 1-850-487-9687.
- Consumer Financial Protection Bureau: Submit a complaint online or call 1-855-411-2372.
Addiction Resources
For some, payday loan use may be linked to gambling addiction. If you need help:
- Florida Council on Compulsive Gambling: Call their 24/7 confidential helpline at 1-888-ADMIT-IT or visit their website.
Remember, reaching out for help is a sign of strength, not weakness. These resources are here to support you in making informed financial decisions and finding a path forward if you’re struggling with payday loan debt.
