Florida Payday Loans Online
Many people nowadays turn to loans to maintain and sustain their living expenses. Online payday loans are a service that has been gaining popularity in many states, including Florida. There’s even an official law in Florida that legalizes payday lending.
In this article, we’ll discuss essential details about payday loans, especially the ones issued online, and their benefits to the people of Florida.
What Are Payday Loans?
Payday loans are short-term and unsecured cash advances. They are usually requested by borrowers in urgent need of funds. An official lender company may accept a payday loan request with the condition that the borrower returns the money plus interest rate at a specified deadline, typically when their paycheck arrives.
Generally, a payday loan comes with a higher interest rate and short-term repayment requirements compared to other types of loans.
Online Payday Loans
The main difference between online and offline payday loans is convenience. With online payday loans, everything’s done virtually through the internet. You contact an online lender to process your loan from the comfort of your home instead of physically going to a financial institution.
Benefits of Online Payday Loans
Aside from saving you the effort of traveling to a bank, there are more advantages of online payday loans, like:
- Faster processing – Online loans take less time to process. Depending on which online platform you choose to borrow from, you can submit your application and get approved within one day.
- Safe procedure – Every personal and bank information you provide online will be kept confidential. Online payday loan firms are prohibited from sharing your personal data with anyone.
- Minimal requirements – With online payday loans, there are only a few requirements you need to fulfill, which means lower chances of rejection. The information you may need to provide to qualify typically includes your bank account, driver’s license, and proof of your income.
Florida’s Online Payday Lending Terms
In Florida, there’s a state law that implements the following payday loans limitations:
- A payday loan limit of $500 without any exceptions.
- You’re only allowed to have one outstanding payday loan each time. There’s a cooling-off period between consecutive loans.
- The loan period is only between seven to 31 days. If you need extensions, you have to pay additional charges.
- The maximum finance charge is 10% for every $100 with verification fees of at most $5.
- The APR or annual percentage rate is 304%.
Additionally, you have to ensure an agreement with an online service provider that includes your name and address, the lender’s data and signature, and precise details about the agreement such as date, amount, term, and transaction number.
All in all, payday loans in Florida are fairly easy to receive. However, if you’re planning to get an online payday loan, make sure to get it from a trusted lender.