Best Loans in Florida, Payday, Auto Title Laws of September 2024
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.
Best Bad Credit Loans in Florida of September 2024
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For additional support, consult our guide on bad credit loans.
Best Personal Loans for Good Credit in Florida of September 2024
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