Best Loans In Florida, Payday, Auto Title Laws 2019 - Elite Personal Finance
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Best Loans In Florida, Payday, Auto Title Laws 2019

EPF Last Update: August 19, 2019
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The Florida Consumer Finance Act caps lines of credit at $25,000. However, the ceiling does not apply to banks, savings institutions, trust companies, credit unions, industrial loan companies, investment companies, building and loan associations or pawnbrokers.

Licensed lenders can charge:

  • 30% annual interest on the first $3,000
  • 24% annual interest on the next $3,001 to $4,000
  • 18% annual interest on the next $4,001 to $25,000

Other allowable charges include:

  • Up to $25 for conducting a credit check
  • Up to $25 annually for managing the account
  • For loans repaid monthly, a delinquency charge (after at least 10 days in default) of up to $15
  • For loans repaid semi-monthly, a delinquency charge (after at least 10 days in default) of up to $7.50
  • For loans repaid bi-weekly, a delinquency charge (after at least 10 days in default) of up to $7.50 when two payments are due within the same calendar month, and up to $5 when three payments are due within the same calendar month.
  • A bad check charge of up to $20 or the amount levied by the depository institution

As well, if a borrower is overcharged, the lender must reimburse the funds within 20 days of discovering the error.

Best Bad Credit Loans In Florida 

Lender:Min Credit Score:Loan Amount:APR:Licensed in Florida:
BadCreditLoans0$500 – $5,0005.99% – 35.99%Not a direct lender
CashUSA0$500 – $5,0005.99% – 35.99%Not a direct lender
Opploans0$1,000 – $4,00099% – 199%Yes
PersonalLoans580$1,000 – $35,0005.99% – 35.99%Not a direct lender

For additional support, consult our guide on bad credit loans.

Best Personal Loans for Good Credit In Florida

Lender:Min Credit Score:Loan Amount:APR:Licensed in Florida:
Prosper640$2,000 – $40,0006.95% – 35.99%Yes
Payoff640$5,000 – $35,0005.99% – 24.99%Yes
Upgrade620$1,000 – $50,0007.99% – 35.97%No, but complies with law
PersonalLoans580$1,000 – $35,0005.99% – 35.99%Not a direct lender
LendingTree500$1,000 – $35,0003.99% – 35.99%Yes

To help with your search, see our full list of recommended lenders.

Your can also try SuperMoney. They are one of the best loan comparison sites.

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Payday Loans in Florida

Maximum Loan Amount: $500

Minimum Loan Term: 7 days

Maximum Loan Term: 31 days

Maximum Fee: 10% + $5 verification fee

Maximum APR: 304%

Rollovers: Prohibited

Loan Limit: 1 per customer

Payday loans are legal in Florida.

You can borrow up to $500 and the maximum finance charge is 10% of the amount borrowed plus a $5 verification fee. Borrowers can only have one payday loan at a time and a 24-hour cooling off period is required before you can apply for another loan. The waiting period is used to help borrowers find alternative financing.

If you default on the loan, you have a 60-day grace period to gather the funds without incurring any additional charges. However, to be eligible, you need to contact a Consumer Credit Counseling Service within 7 days of the default and complete a counseling program within the 60-day grace period.

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Car Title Loans in Florida 

Car title loans are legal in Florida.

However, any unlicensed loans are immediately void – with both principal and interest forfeited.

Chapter 537 of Florida’s title loan statute allows licensed lenders to charge:

  • 30% annual interest on the first $2,000
  • 24% annual interest on the next $2,001 to $3,000
  • 18% annual interest on any balance > $3,000

The legislation also stipulates the “maximum annual percentage rate that may be charged is 12 times the maximum monthly rate, and the maximum monthly rate must be computed on the basis of one-twelfth of the annual rate for each month.” Rollovers are allowed, as loans can be extended one or more 30-day periods if mutually agreed upon by the lender and the borrower.

However, when in default, the lender can immediately seize your car. But it needs to do so through a licensed agent. When the lender sells the vehicle, it must notify you 10 days in advance of the transaction. After a sale occurs, you are no longer liable for any payments. However, if the lender earns a surplus on the sale, it must return the excess amount to you within 30 days.

Alternative Payday Loans In Florida 

As a reputable alternative lender, Opploans is licensed in the state of Florida. Through FinWise Bank –which is regulated by the Federal Deposit Insurance Corporation (FDIC) – Opploans services loans that are approved and underwritten by FinWise.

Typical installment loans in Florida range from $500 to $4,000 and have average APRs of 160%. As well, terms range from 9 to 18 months.

Credit Unions In Florida 

Name:APR:Amount:
Suncoast Credit Union9.25%+Up to $30,000
VyStar Credit Union7.99% – 14%$750 – $100,000

Suncoast Credit Union

At Suncoast Credit Union, you can choose from three types of personal loans:

  • Signature Loans allow you to borrow upwards of $30,000 with APRs as low as 10.5%. Terms extend up to 60 months and loans are unsecured so no collateral is required.
  • Computer Loans vary by amount, but APRs are as low as 9.25%. Financing is available for computers, monitors and printers and terms extend up to 36 months.
  • Personal Credit Lines allow you to borrow up to $30,000 and APRs are as low as 9.5%. Your minimum monthly payment is 3% of the outstanding balance.

Suncoast operates 9 branches across Florida, with locations in Riverview, Brandon, Odessa and Tampa.

VyStar Credit Union

Like Suncoast, VyStar Credit Union also has three personal loan options:

  • Pay & Save Loans are VyStar’s payday loan alternative. You can borrow up to $750 with an APR of 14%. Loans are repaid within 6 months, but 10% of the proceeds must be deposited in a VyStar savings account until the balance is paid-in-full. However, the product is a great way to avoid predatory payday loans.
  • Personal Credit Lines allow you to borrow anywhere from $300 to $100,000. APRs are set at 13.24%, however, they fluctuate with the Wall Street Journal Prime Rate. As well, your minimum monthly payment is 3% of the outstanding balance or $25 – whichever is greater.
  • Signature Loans allow you to borrow anywhere from $300 to $100,000 and APRs vary by term.

Signature Loan APRs are structured as:

  • Up to 12 months: 7.99%
  • 13 to 24 months: 8.25%
  • 25 to 36 months: 8.49%
  • 37 to 48 months: 9.25%
  • 49 to 60 months: 9.49%
  • 61 to 72 months: 10.99%
  • 73 to 84 months: 11.49%

VyStar operates 42 branches across Florida, with locations in Jacksonville, Orange Park, Middleburg, Neptune Beach as well as many others.

Student Loans In Florida

Access to Better Learning and Education Grant (ABLE)

Offering $1,500 per year to qualifying students, Florida’s ABLE Grant provides tuition assistance if you attend eligible colleges and universities.

To qualify:

  • You must be a resident of Florida and a U.S. citizen or eligible non-citizen
  • You must not possess or be in default of a federal student loan or grant
  • You must not have a bachelor’s degree
  • You must enroll for at least 12 credit hours per term
  • You must not pursue a degree in theology or divinity
  • You must meet Florida’s general eligibility requirements

Florida Student Assistance Grant (FSAG)

The FSAG Grant is a needs-based scholarship that’s broken down into four subgroupings:

  • The Florida Public Student Assistance Grant is awarded to students attending state universities and public colleges
  • The Florida Private Student Assistance Grant is awarded to students attending private, non-profit, 4-year colleges and universities
  • The Florida Postsecondary Student Assistance Grant is awarded to students attending institutions that are exempt from the Florida Private Student Assistance Grant
  • The Florida Public Postsecondary Career Education Assistance Grant is awarded to students attending eligible Florida community colleges and career centers operated by district school boards

The qualification requirements are the same as above except:

  • You must enroll for at least 6 credit hours per term to participate in the public program
  • You must enroll for at least 12 credit hours per term to participate in the private and postsecondary programs

Federal Housing Administration (FHA) Loans In Florida

There are 67 counties in Florida where FHA loans are applicable. The lowest loan amount of $314,827 is available in 51 counties, while the highest loan amount of $1,017,300 is available in Monroe County.

County:Lowest FHA Loan Amount:Highest FHA Loan Amount:
Alachua County$314,827$605,525
Bay County$314,827$605,525
Bradford County$314,827$605,525
Brevard County$314,827$605,525
Calhoun County$314,827$605,525
Charlotte County$314,827$605,525
Citrus County$314,827$605,525
Columbia County$314,827$605,525
Desoto County$314,827$605,525
Dixie County$314,827$605,525
Escambia County$314,827$605,525
Flagler County$314,827$605,525
Franklin County$314,827$605,525
Gadsden County$314,827$605,525
Gilchrist County$314,827$605,525
Glades County$314,827$605,525
Gulf County$314,827$605,525
Hamilton County$314,827$605,525
Hardee County$314,827$605,525
Hendry County$314,827$605,525
Hernando County$314,827$605,525
Highlands County$314,827$605,525
Hillsborough County$314,827$605,525
Holmes County$314,827$605,525
Indian River County$314,827$605,525
Jackson County$314,827$605,525
Jefferson County$314,827$605,525
Lafayette County$314,827$605,525
Lake County$314,827$605,525
Lee County$314,827$605,525
Leon County$314,827$605,525
Levy County$314,827$605,525
Liberty County$314,827$605,525
Madison County$314,827$605,525
Marion County$314,827$605,525
Okeechobee County$314,827$605,525
Orange County$314,827$605,525
Osceola County$314,827$605,525
Pasco County$314,827$605,525
Pinellas County$314,827$605,525
Polk County$314,827$605,525
Putnam County$314,827$605,525
Santa Rosa County$314,827$605,525
Seminole County$314,827$605,525
Sumter County$314,827$605,525
Suwannee County$314,827$605,525
Taylor County$314,827$605,525
Union County$314,827$605,525
Volusia County$314,827$605,525
Wakulla County$314,827$605,525
Washington County$314,827$605,525
Manatee County$320,850$617,000
Sarasota County$320,850$617,000
Martin County$327,750$630,300
St. Lucie County$327,750$630,300
Broward County$356,500$685,550
Miami-Dade County$356,500$685,550
Palm Beach County$356,500$685,550
Baker County$358,800$690,000
Clay County$358,800$690,000
Duval County$358,800$690,000
Nassau County$358,800$690,000
St. Johns County$358,800$690,000
Okaloosa County$370,300$712,100
Walton County$370,300$712,100
Collier County$450,800$866,950
Monroe County$529,000$1,017,300

Business Loans in Florida

If you’re looking for a reliable online lender, consider the options below:

Lender:Min Credit Score:Loan Amount:APR:Licensed in Florida:
LendingClub630Up to $500,0009.77% – 35.98%Yes
LendingTree500Varies5.99% – 35.99%Yes
Kabbage0Up to $250,00024% – 99%Not a direct lender

For a local alternative, take a closer look at Treasure Coast Business Loans:

Treasure Coast Business Loans

At Treasure Coast Business Loans, you have three options to choose from:

  • A Business Line of Credit allows you to borrow up to $725,000 with fixed terms upwards of 18 months. APRs vary by borrower, but there are no maintenance, application or access fees. As well, loans are unsecured, so no collateral is required.
  • A Merchant Cash Advance Loan exchanges a lump sum for a small percentage of your company’s future credit card sales. You can borrow anywhere from $20,000 to $250,000 and no collateral is required. However, to qualify, you need a FICO Score of at least 500, at least $12,500 in monthly sales, be in operation for at least 9 months and be cash flow positive.
  • A Working Capital Loan allows you to borrow anywhere from $100,000 to $150,000 with variable APRs as low as 8.25%. Terms extend up to 10 years and no collateral is required. However, you need a FICO Score of at least 680 to qualify and your business must be in operation for at least 1 year.

To get in touch with Treasure Coast, you can visit their Florida location at: 203 N.W. Zanzibar Place Port St Lucie, FL 34986. You can also call them at 1-800-561-9086 or email them at treasurecoastloans@gmail.com.

Conclusion

Florida law does not restrict small credit lines, payday loans or car title loans. For credit lines, interest rates are capped at 30%, but additional charges usually result in higher APRs. For payday loans, they’re legal in Florida and APRs can extend beyond 300%. However, the state restricts payday loan rollovers and requires a 60-day grace period so borrowers can overcome a default. For car title loans, APRs are similar, but there is no grace period for default. The lender has the right to seize your car immediately, however, you’re not liable for any amount remaining on the loan. As well, if the car is sold at a surplus to the loan balance, the lender is required to return the excess funds.

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