In Florida a payday loan cannot exceed $500, also the borrower cannot have more then one loan at a time. And the length of the loan is from 7 days up to 31 days.
The interest rates and fees that the lenders are allowed to charge are 10% maximum plus a $5.00 fee.
Doing this ends up creating some very large annual percentage rates.
For example the APR (annual percentage rate) for a 14 day, $100 loan is 390%.
The borrower cannot rollover, extend, renew or consolidate their payday loans. So when the loan is due it has to be paid back.
If your dealing with payday loan debt in Florida or any other state and your having difficulty getting out of your payday loan debt we can help you consolidate your loan into one low monthly payment.
Contact us today – ending your payday loan debt is simple and easy!!
Just complete our FREE online quote forum. Once we receive your request one of our experienced negotiators will contact you. Or you can call us toll free at: 1-877-280-5100
Once you enroll in our program we will start sending the necessary documents to your lender(s) within 2 hours.