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FLORIDA CASH ADVANCE LAWS

If you are a borrower, you must have noticed the changing regulations on cash advance. Individual states handle the regulation of lending institutions. In Florida, cash advance is legal. In some states, lenders are still lobbying for self-serving practices, while opponents of the industry are lobbying to prohibit the lenders’ high fees and interests. In the name of consumer protection, Florida has implemented a few regulations:

A borrower cannot have more than one loan out at a time. He can only take out one cash advance at a time. The maximum loan term is for 7-31 days. Short-term loans are considered manageable. This prevents the pile up of interest fees.

The maximum loan amount is $500. In some states, the maximum amounts range between $300 (California, Minnesota, South & North Carolina, and Montana) to $1000 maximum (Idaho.) In Georgia, the minimum is $3000. The amount limitation is set to make it easy for the borrower to pay.

In Florida, the maximum interest is 10% + verification fee. It is one of the lowest in the country. The Annual Percentage Rate for a two-week loan in the amount of $500 is 390%. Additional Processing Fees: Any other fees cannot exceed $5 plus 10% of the loan amount. The refinancing of one cash advance with another is not allowed in the state of Florida.

The regulation also provides for an Enforced Repayment Plan. It is set up to help the borrower who is having trouble with repayment. If a borrower cannot repay the loan by the due date, a grace period of 60 days is allowed.