Florida Payday Loan Laws
A payday loan is a short-term loan that enables people to borrow money in advance of their paycheck. In Florida, this type of loan has specific regulations that borrowers must adhere to in order to legally obtain the funds. Understanding and complying with Florida's payday loan laws is necessary for anyone considering taking out such a loan.
The legal maximum amount for an individual payday loan in Florida is $500. Loan terms are limited to 31 days or less, and lenders may not assess more than 10% of the borrowed amount as fees or interest. Borrowers must also provide proof of employment before receiving a payday loan, as well as valid identification and contact information. Furthermore, there are restrictions on the number of times an individual can take out a payday loan within one year; after four consecutive loans have been taken out and repaid, the borrower must wait 24 hours before obtaining another one.
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