Florida Payday Loans - $500 Maximum Law & Regulations (2026)
π Florida Payday Loan Quick Facts
- Maximum Loan: $500 (strictest cap in USA)
- Maximum Cost: 10% fee + $5 verification ($55 total for $500)
- APR: 286% for 14-day loan (capped by fee limit)
- Cooling-Off Period: 24 hours between loans (enforced by Veritec)
- Rollover/Renewal: Prohibited by law
- Grace Period: Free 60-day extension with credit counseling
- Regulator: Florida Office of Financial Regulation (OFR)
Florida $500 Maximum Payday Loan Law
Florida has one of the most restrictive payday loan laws in the United States. The Florida Deferred Presentment Act (Florida Statutes Chapter 560, Part IV) caps payday loans at $500 maximum and imposes strict consumer protections including a 24-hour cooling-off period and a statewide tracking database.
Key Florida Payday Loan Regulations
$500 Maximum Loan Amount
Strictest cap in the USA. You cannot borrow more than $500 from any payday lender in Florida, regardless of income or credit.
10% Fee Cap + $5 Verification
Maximum cost: 10% of loan amount + $5 database fee. For $500 loan: $50 fee + $5 = $55 total (286% APR for 14 days).
24-Hour Cooling-Off Period
After repaying a loan, you must wait 24 hours before taking out another loan from any Florida lender. Enforced by Veritec database.
Veritec Database Tracking
All Florida payday loans are reported to a statewide database within 24 hours. Prevents multiple loans and enforces the 24-hour rule.
No Rollovers or Renewals
Florida prohibits extending or renewing payday loans. You must repay in full on the due date or request the grace period.
Free 60-Day Grace Period
If you cannot repay, request a free 60-day extension at least 7 days before due date. Requires completing a free credit counseling course.
7-31 Day Term Limits
Minimum 7 days, maximum 31 days. Most lenders offer 14-day terms aligned with bi-weekly paychecks.
β Why Florida Law Protects Consumers
Florida payday loan regulations are designed to prevent debt cycles. The $500 cap limits exposure, the 24-hour cooling-off period prevents back-to-back borrowing, and the Veritec database ensures lenders cannot circumvent these rules. Florida has one of the lowest payday loan default rates in the USA (under 5%) due to these protections.
How Much Do Florida Payday Loans Cost?
Florida law caps payday loan costs at 10% of the loan amount plus a $5 verification fee. Here is what you can expect to pay:
| Loan Amount | 10% Fee | $5 Verification | Total Cost | Total Repayment | APR (14 days) |
|---|---|---|---|---|---|
| $100 | $10 | $5 | $15 | $115 | 391% |
| $200 | $20 | $5 | $25 | $225 | 326% |
| $300 | $30 | $5 | $35 | $335 | 304% |
| $400 | $40 | $5 | $45 | $445 | 293% |
| $500 (max) | $50 | $5 | $55 | $555 | 286% |
Note: APR is calculated annually but you only borrow for 7-31 days. The actual cost is the fee ($55 for $500), not the full APR. Florida law prevents rolling over loans, so you cannot compound costs.
π‘ Florida vs Other States Cost Comparison
| State | Max Loan | Cost for $500/14-day | Rollover Allowed? |
|---|---|---|---|
| Florida | $500 | $55 (lowest) | No |
| Texas | No limit | $75-100 | Yes (4x) |
| California | $300 | N/A (max $300) | No |
| Ohio | $1,000 | $50-75 | Limited |
Florida offers the best combination of access (up to $500) and cost protection (10% + $5 cap) among major payday loan states.
Top 10 Payday Lenders in Florida (2026)
These lenders are licensed by the Florida Office of Financial Regulation and comply with the $500 maximum and 10% + $5 fee cap:
1. Check Into Cash
Most LocationsWhy it is great for Florida: 150+ Florida locations statewide (most in FL). Online and in-store options. Same-day approval and funding. Complies with all Florida regulations including Veritec reporting.
- β’ Amount: $100-$500 (FL maximum)
- β’ Cost: 10% + $5 ($55 for $500)
- β’ Locations: 150+ stores in Florida
- β’ Funding: Same-day (in-store) or next-day (online)
2. CashNetUSA
Why it is great for Florida: Fully online application, no store visit required. Clear fee disclosure (10% + $5). First-time borrower resources. Automatic Veritec check during application.
- β’ Amount: $100-$500
- β’ Cost: 10% + $5 (state maximum)
- β’ Approval: 15 minutes online
- β’ Funding: Next business day
3. ACE Cash Express
Why it is great for Florida: 100+ Florida stores with extended hours (some open 24/7). Instant approval and cash pickup. Offers both payday loans and installment loans.
- β’ Amount: $100-$500
- β’ Cost: $55 for $500 (10% + $5)
- β’ Locations: 100+ Florida stores
- β’ Hours: Extended hours (some 24/7)
4. Advance America
Why it is great for Florida: National lender with 60+ Florida stores. Free financial education resources. Clear disclosure of grace period rights under Florida law.
- β’ Amount: $100-$500
- β’ Cost: 10% + $5 (state cap)
- β’ Locations: 60+ Florida stores
- β’ Education: Free budgeting resources
5. Speedy Cash
Why it is great for Florida: Guaranteed same-day funding if you apply before 2 PM on weekdays. 80+ Florida locations plus online option. Grace period assistance available.
- β’ Amount: $100-$500
- β’ Cost: $55 for $500
- β’ Funding: Same-day (before 2 PM)
- β’ Locations: 80+ in Florida
6. MoneyLion
Why it is great for Florida: App-based lender with instant approval. Offers instacash advances (not traditional payday loans, lower fees). Credit-builder program included.
- β’ Amount: $25-$500
- β’ Cost: Membership-based (lower than 10%)
- β’ Platform: Mobile app only
- β’ Bonus: Credit monitoring included
7. Possible Finance
Why it is great for Florida: Installment structure (4 bi-weekly payments) instead of lump sum. Reports to credit bureaus to help build credit. Lower APR than traditional payday loans.
- β’ Amount: $50-$500
- β’ Cost: Lower than 10% + $5 (installments)
- β’ Repayment: 4 payments (bi-weekly)
- β’ Credit Building: Reports to all 3 bureaus
8. NetCredit
Why it is great for Florida: Installment loans (not payday) with lower APR (34-155% vs 286%). Better for larger amounts or longer repayment. Not subject to $500 cap.
- β’ Amount: $1,000-$10,000 (not payday loan)
- β’ APR: 34-155%
- β’ Term: 6-60 months
- β’ Best For: Need more than $500
9. RISE Credit
Why it is great for Florida: APR reduction program - rate decreases with each on-time payment. Good for building credit history. Installment loans (not subject to FL payday loan cap).
- β’ Amount: $500-$5,000
- β’ APR: 60-299% (decreases over time)
- β’ Term: 4-26 months
- β’ Loyalty Rewards: Lower APR with each loan
10. OppFi (formerly OppLoans)
Why it is great for Florida: Installment loans for bad credit (under 600 score). Lower APR than payday loans. Reports to credit bureaus. Not subject to $500 payday cap.
- β’ Amount: $500-$4,000
- β’ APR: 59-160%
- β’ Term: 9-36 months
- β’ Best For: Bad credit, credit building
How the Veritec Database Protects Florida Borrowers
The Veritec database is a statewide tracking system that all Florida payday lenders must use. It is the enforcement mechanism for Florida consumer protection laws.
What Veritec Tracks
- 1. Outstanding Loans: Every active payday loan in Florida is reported to Veritec within 24 hours. Lenders check Veritec before approving a new loan to ensure you do not exceed the $500 limit.
- 2. Repayment Status: When you repay a loan, the lender reports it to Veritec immediately. This triggers the 24-hour cooling-off period.
- 3. Grace Period Requests: If you request the free 60-day grace period, it is logged in Veritec and no other lender can approve you for a new loan during that period.
- 4. Lender Compliance: The Florida OFR audits Veritec data to identify lenders violating the law (e.g., exceeding $500, ignoring cooling-off period, not offering grace period).
β οΈ What Happens If You Try to Circumvent Veritec
Some borrowers try to take out loans from multiple lenders before Veritec updates. This is fraud and can result in:
- β’ Criminal prosecution for check fraud (if loans default)
- β’ Blacklisting from all Florida payday lenders
- β’ Debt collection lawsuits from multiple lenders
- β’ Credit damage (defaults reported to credit bureaus)
Bottom line: Do not try to game the system. Veritec updates in real-time and lenders verify before approving.
Florida Free 60-Day Grace Period
If you cannot repay your payday loan on the due date, Florida law requires lenders to offer a free 60-day grace period with no additional fees. Here is how it works:
β Grace Period Requirements
- β’ Request at least 7 days before the due date
- β’ Complete a free credit counseling course (online, 1-2 hours)
- β’ Lender extends due date by 60 days
- β’ No additional fees during grace period
- β’ You cannot take out another payday loan until repaid
π How to Request Grace Period
- Step 1: Contact your lender at least 7 days before due date
- Step 2: Request the grace period in writing or via phone
- Step 3: Complete the free credit counseling course (lender provides link)
- Step 4: Submit course completion certificate to lender
- Step 5: Lender extends due date by 60 days (no fees)
Grace Period vs Rollover Comparison
| Feature | Florida Grace Period | Texas Rollover (comparison) |
|---|---|---|
| Cost | $0 (free) | $100 per rollover |
| Extension Time | 60 days | 14 days per rollover |
| Requirements | Credit counseling course | None |
| Total Cost (60 days) | $55 (original fee only) | $455 (4 rollovers) |
Example: $500 loan in Florida with grace period costs $55 total (10% + $5). Same loan in Texas with 4 rollovers costs $455 ($100 per rollover Γ 4 + original $55). Florida saves $400.
Frequently Asked Questions
What is the maximum payday loan amount in Florida?
Florida law caps payday loans at $500 maximum. This is one of the strictest limits in the United States. You cannot borrow more than $500 from any payday lender in Florida, regardless of your income or creditworthiness. If a lender offers you more than $500, they are operating illegally in Florida and should be reported to the Office of Financial Regulation (OFR).
How much do payday loans cost in Florida?
Florida payday loans cost a maximum of 10% of the loan amount plus a $5 verification fee. For a $500 loan for 14 days, you pay $50 fee + $5 verification = $55 total cost, repaying $555. This equals 286% APR for 14 days. The 10% fee cap and $5 verification fee are set by Florida law and cannot be exceeded by any lender.
What is the 24-hour cooling-off period in Florida?
Florida requires a 24-hour cooling-off period between payday loans. After you repay a payday loan, you must wait at least 24 hours before taking out another loan from any lender in Florida. This rule is enforced by the Veritec database, which tracks all Florida payday loans in real-time. The 24-hour rule prevents back-to-back borrowing and debt cycles.
What is the Veritec database in Florida?
The Veritec database is a statewide tracking system for all Florida payday loans. Every time you apply for a payday loan, the lender checks Veritec to see if you have an outstanding loan or recently repaid one. Veritec enforces the $500 maximum per borrower, the 24-hour cooling-off period, and the 31-day maximum term. All Florida payday lenders are required by law to report loans to Veritec within 24 hours.
Can I roll over or renew a payday loan in Florida?
No, Florida law prohibits loan rollovers and renewals. You must repay your payday loan in full on the due date. If you cannot repay, Florida law requires lenders to offer a free 60-day grace period with no additional fees if you request it at least 7 days before the due date and complete a free credit counseling course. Rolling over is illegal and enforced by Veritec.
Do Florida payday lenders check credit?
No, most Florida payday lenders do not check traditional credit bureaus (Equifax, Experian, TransUnion). They verify your identity, income (bank account or pay stubs), and check the Veritec database to ensure you do not have an outstanding Florida payday loan. This means you can get approved with bad credit (500-600 score) or no credit history, as long as you meet Florida residency and income requirements.
How long do I have to repay a Florida payday loan?
Florida payday loans have a minimum 7-day term and a maximum 31-day term. Most lenders offer 14-day terms (bi-weekly, aligned with paychecks). The due date is set when you sign the loan agreement. Florida law does not allow lenders to require repayment in less than 7 days or extend terms beyond 31 days. If you need longer repayment, consider an installment loan instead.
How do I file a complaint about a Florida payday lender?
File complaints with the Florida Office of Financial Regulation (OFR) online at flofr.gov or call 850-487-9687. Common complaints: charging more than 10% + $5, violating the 24-hour cooling-off period, not offering the grace period, failing to report loans to Veritec, or operating without a Florida license. The OFR investigates complaints and can revoke lender licenses. You can also file with the Consumer Financial Protection Bureau at consumerfinance.gov.
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Florida Payday Loan Disclaimer
This guide is for educational purposes and does not constitute legal or financial advice. Florida payday loan laws are subject to change. Always verify lender licensing with the Florida Office of Financial Regulation at flofr.gov before borrowing.
Payday loans are high-cost, short-term products intended for emergencies only. The $500 maximum and 10% + $5 fee cap are set by Florida law and cannot be exceeded. If you cannot repay on time, request the free 60-day grace period at least 7 days before the due date.
Credizen.net is a loan comparison platform and earns commissions from lenders. We are not a lender and do not make credit decisions. For questions about Florida payday loan regulations, contact the Florida OFR at 850-487-9687 or visit flofr.gov.