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Payday loans in Florida

If you are in a cash crunch, whether because of an unexpectedly high bill or just an urgent need of extra cash, the best thing is having an emergency fund. It is a stash of money put aside to cover unexpected costs that life may throw your way. Many financial experts encourage having at least three to six months' worth of expenses in your savings account in the form of liquid assets. Unfortunately, most Americans don't have enough money to deal with even a $1000 emergency. So how do you need to tackle financial troubles since you have zero savings?

LoanPlaces may offer a perfect option to deal with money stress and stabilize your budget. If you live in Florida, shopping for a payday loan may be the best alternative to traditional practice. By submitting your credit application with us, you may find a suitable lender and qualify for emergency cash for up to $2500. 

Every day thousands of Americans are looking for payday advances to get quick financial relief and address short-term money problems. Initially, the term “payday loan” aimed to be a short-term borrowing due until your next payday. It's meant to bridge the economic gap that perhaps may happen until you get your next wage. 

If you are looking for quick financial boost to make your ends meet between your paychecks, LoanPlaces  has you covered. You need to submit your credit application online and improve your chances to qualify for quick and easy loans in Florida. 

How do Payday Loans work in Florida? 

Unlike personal or other customer loans, cash advances function differently. Depending on the state of your residence, you may get offered different credit terms, including APRs, repayment terms, and range of funds. As soon as you are approved for a payday advance, your cash will be deposited into your bank account. The borrowed amount plus calculated interest is due by your next paycheck, typically in two to four weeks. 
An important Notice: LoanPlaces  strongly encourages you to determine your ability to pay off your debt in time before filling out any credit application. Moreover, you need to review and understand the credit terms and define whether they will work for you. 

Four Key Benefits of Online Payday Loans

Availability of quick cash advances: A payday loan is a quick-fix solution for borrowers in financial hardships. You may apply online, get approved, and receive the direct deposit as soon as the next day after submitting your credit application. 
No good credit score is required: Never mind if you hold a bad or no credit rating. Our lenders may qualify your application regardless of your past financial mistakes settled in your credit history. This is because most payday lenders don't apply credit checks to determine your credibility. 
Remote means convenient: Internet-based lending features speed and convenience while you get extra funding through our website. Everything can be done online, from the credit application process to obtaining approved cash in your bank account. 
No backed collateral: Payday loans are designed as unsecured loans. You are no longer required to back up your loan; thus, you don't risk losing your assets in the event of nonpayment.

As a result of changes CFPB has made, from July 2020 the lenders don't have to check if the borrower is able to repay the loan. Thus, we encourage you to be careful and make sure you can afford the loan before applying.

Regulations of Payday loans in Florida
Status     Legal
Annual Percentage Rate (APR)     304%
Minimum Loan Amount     Not specified
Maximum Loan Amount     $500
Minimum Loan Term     7 days
Maximum Loan Term     31 days
Number of Rollovers Allowed     N/A
Finance Charges     10% of the total amount and 5% verification fee
Cooling-off Period     24 hours

Useful Sources

Real interest rate map /PDF/ of payday loans in the United States calculated on a typical loan.

Payday loans regulation /PDF/ by state 2020.

In Florida, all lenders must be licensed according to Fl. Stat. Ann. § 560.402 et seq. in order to be able to operate in the state.
The Consumer Financial Protection Bureau (CFPB) makes the financial marketplace work more effectively and educates consumers to help them take more control over their financial lives. Click here to learn more.
The lenders in Florida have to check the Deferred Presentment Transaction System to make sure the potential borrower doesn't have any other loan. That's because according to the law one person cannot have more than one loan at a time.

[ Updated on 03-Feb-2021, 01:18 ]

We've been in the industry for more than six years.