Loan Rates and Fees in Florida

A licensed lender can charge up to $10 per $100 borrowed - labeled "finance charge" on your agreement - plus a one-time verification fee of up to $5. Your total outstanding payday balance across all lenders can't exceed $500, tracked through a statewide database; terms run from 7 to 31 days.

On a $300 loan due in 14 days, the maximum finance charge is $30 plus up to $5 for verification, making your total repayment up to $335. Federal disclosure rules require your agreement to show roughly 261% APR - that figure reflects the 14-day fee scaled to a full year.

• Rollovers are prohibited - a lender can't extend or renew your loan for an additional fee.
• Returned payment fee is capped at the 10% finance charge, the $5 verification fee, and any bank-imposed bad-check fees - no separate NSF penalty is authorized.
• The verification fee (up to $5) is the only database-related charge allowed; question any separate "database fee" line item.

If an offer exceeds these limits, verify with the Florida Office of Financial Regulation.

Licensed consumer finance companies use a tiered declining-balance interest model - you pay interest only on what you still owe.

A lender may charge up to $25 as a credit investigation fee; no other origination fee is allowed under the consumer finance license.

On a $2,000 loan at 36% annual interest for 12 months, you'd repay approximately $2,400 total - roughly $400 in interest plus $2,000 in principal, assuming equal monthly payments with no fees.

• Refinancing restarts interest on the new amount, which may include up to 60 days' unpaid interest from the prior loan - compare your remaining balance to the new loan's total of payments before you agree.
• The returned payment fee for installment loans is not separately capped under Chapter 516; check your agreement for the specific amount.
• Late fees are governed by your loan agreement - verify the amount and grace period in your contract.
• You can prepay in full at any time with no penalty - interest stops accruing on the payoff date; see the installment loans page for repayment details.

If an offer exceeds these limits, verify with the Florida Office of Financial Regulation.

• Total of payments: the single most important number - add up every scheduled payment to see what you'll actually pay back over the full term.
• Optional add-ons: if the offer includes credit insurance or a "protection plan," ask whether it's required - it's usually optional and adds to total cost.
• Military borrowers: federal law caps most loans to active-duty servicemembers and dependents at 36% APR including fees.