Payday Loans in Florida
Posted on Sunday, July 12th, 2009 at 3:01 pm in Cash Loan Info by State
Florida is one of the few states of USA which has the strictest laws regarding payday loans. These stringent laws have been created by Florida state legislature to deter payday lending practices. The state of Florida aims to discourage short term cash advances of payday lending by imposing restrictions on the amount of interest that a lender can receive on a loan. As per the Florida law, the interest on any loan advance and debt collection cannot exceed more than 18% of Annual Percentage Rate. However Florida usury laws have certain exemption which you should be aware of. This restriction, however, doesn’t impose on any loan which is above $500,000 and other loans taken in Florida before the year 1979. Mortgage related loans are also exempt from this interest rate stipulation.
The interest rate imposed by Florida government is actually quite a minimal interest rate when you consider the amount of risk involved by the lenders in extending payday loans. Since payday loans are given without credit check and credit reports and they also don’t necessitate any collateral that’s why interest rates of payday loans are usually a bit on the steep side. The interest rate of payday loans stipulated by Florida state regulations has definitely restricted the number of payday lending agencies operating in Florida.
However, this doesn’t mean that there are no short term cash advances available in Florida at all. Payday lending is a booming industry in USA and the state of Florida has not been able to totally barricade itself from this growing trend. There are some cash advance agencies available in the major cities of Florida like Miami, Orlando, Jacksonville, Tallahassee, and Tampa.
Payday loans are often an expensive but necessary option for people. For example, a person who earns $800 every month and suddenly needs $400 to tend to his sick child before his salary is due, then obviously he would need a lending hand to tide you over his financially and emotionally traumatic time. In such cases it is the payday lending options which seem like virtual boon despite the fact that they might entail higher rate of interest. This is the very reason that the payday industry in Florida couldn’t be totally deterred despite restrictions.
Infact, Florida Public Interest Research Group has conducted a survey which has revealed that there has been nearly 80% increase in government registered short-term lending and payday lending agencies in Florida in past three years. Thus, as a resident of Florida you can still opt for a pay day loan to pay emergency medical bills or some other social commitments by using your pay slip as a collateral.
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