Best Loans in Florida, Payday, Auto Title Laws of April 2024

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Last Update: November 2, 2022 Loans By State
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The Florida Consumer Finance Act caps lines of credit at $25,000.

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.

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

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