Florida Loan Rules

Every small-dollar loan rule that applies to borrowers in Florida is set by state statute and enforced by FL Office of Financial Reg. across storefront and online lenders. Short-term deferred presentment transactions—commonly known as payday loans—are legal and regulated under the Florida Deferred Presentment Act, and borrowers must be at least 18 years old. State law sets the maximum payday loan at $500. Licensed lenders in Florida may issue payday loans in amounts from $100 up to $500. Permitted repayment terms run between 7 days and 31 days, and specific rules on rollovers, simultaneous loans, and your right to cancel (rescission) appear in the payday table below. State law caps payday finance charges at 10% of check + $5 fee. A typical payday loan in Florida carries an annual percentage rate of ~304%.

Fixed-payment installment loans in Florida are governed separately under the Florida Consumer Finance Act, which regulates multi-month loans repaid in scheduled installments. As shown in the installment table below, the maximum all-in APR is 52% on a $500 six-month loan, 37% on a $2,000 two-year loan, and 36% on a $10,000 five-year loan. Online lenders making small loans to Florida residents generally must hold a license from FL Office of Financial Reg. and follow these statutory limits. Before borrowing, you can compare lower-cost regulated alternatives such as credit union Payday Alternative Loans (PALs), which cap rates at 28% APR for loans from $200 to $2,000, and explore our detailed Florida guides and lender directories linked on this page.

1. Verify the lender's license in Florida. Confirm that the lender holds an active state license with FL Office of Financial Reg. before sharing your bank account details or signing an agreement. You can also look up the company on NMLS Consumer Access (nmlsconsumeraccess.org), though not every state uses NMLS for every license type.
2. Check the Truth in Lending disclosure box. Under the federal Truth in Lending Act and Regulation Z, every lender must give you a written disclosure showing the APR, finance charge, amount financed, and total of payments before you sign the contract.
3. Compare the all-in APR and origination fee to state caps. Make sure the contract's all-in APR and any origination fee stay within the Florida limits shown in the tables above, such as 52% on a $500 six-month installment loan under the Florida Consumer Finance Act. Covered active-duty servicemembers and their dependents are protected by the federal Military Lending Act, which caps covered credit at 36% Military APR.
4. Review your right to cancel and payment stop protections. Check the payday table above to see how rescission (your right to cancel a loan shortly after signing) works in Florida. If you set up recurring electronic bank debits, federal Regulation E lets you stop preauthorized withdrawals by notifying your bank at least 3 business days before the scheduled debit, though this does not cancel the debt.
5. Check credit union Payday Alternative Loans (PALs). Before taking a higher-cost non-bank loan, see if you qualify for membership at a credit union in Florida. Under NCUA rules, federal credit union PALs offer $200 to $2,000 for 1 to 12 months with a maximum 28% APR and an application fee of up to $20.

Lenders offering payday or installment loans over the internet to residents of Florida generally must obtain a state license from FL Office of Financial Reg. and comply with the rate, fee, and term limits in the Florida Deferred Presentment Act and the Florida Consumer Finance Act. You can verify whether an online company is a licensed lender by checking directly with FL Office of Financial Reg. or by searching NMLS Consumer Access (nmlsconsumeraccess.org), though not every state uses NMLS for every license type. Some online lenders claim affiliation with a federally recognized tribe and assert that tribal sovereign immunity exempts them from Florida licensing and usury caps. Federal appeals courts have reached different results when reviewing tribal lending immunity: several decisions (2nd Circuit in 2014 and 2019, 4th Circuit in 2021, and 7th Circuit in 2021) supported states and the CFPB, while one decision (4th Circuit in 2019) found a lender protected by immunity.

If a lender operating in Florida charges more than the statutory cap, lends without a required state license, ignores your right to cancel, or uses unlawful collection tactics, save copies of your loan contract, Truth in Lending disclosures, and payment records. You can submit a formal complaint to FL Office of Financial Reg. in Florida and to the federal Consumer Financial Protection Bureau (CFPB) at consumerfinance.gov. Be aware that no lender or debt collector can have you arrested or jailed for an unpaid consumer debt.