A cash advance is a short-term cash loan available through banks or direct lenders. A cash advance may be available in Orlando, FL, but the state enforces strict regulations on the financial product.
There are several advantages to obtaining a payday loan. Some of them include:
Looking for an Orlando payday loan near you? You should consider online platforms due to their easy, secure application process. Why drive around from one store to another, wasting time and gas when you can have your loan request reviewed by 100 direct lenders in seconds.
Payday loans are a convenient solution for emergency situations. You can solve an urgent cash need quickly and easily.
You may need extra cash for many reasons. However, if you find yourself in one of these situations, CashinaMoment is at your service.
The big problem with large lenders is the time you waste applying for a loan and the difficulty of getting approved. Thanks to our easy, online forms, you can apply in as little as 2-3 minutes.
If approved, you can have your loan in one working day. And 80% of applicants are approved even if they have some credit issues.
No more questions, like “Where can I find the best lender near me?” You are free to apply for our online payday loans in Orlando, Florida, directly from your home, workplace, or even a traffic jam. All you need is a smartphone or device with internet access.
The transparency of all agreements and transactions with direct lenders is standard. Agreements are short and easy to understand.
To apply for a payday loan in Orlando, Florida, you need to meet the following basic criteria.
Payday loans are regulated in every state, and Orlando, Florida is no exception. Before you apply for a loan, get acquainted with these laws to understand how they work.
Here’s what you can expect when obtaining online loans in Orlando, Florida:
Finance charges.Lenders cannot charge more than 10% of the loan amount plus a $5 fee.
Maximum APR.When obtaining a 14-day $100 loan, the maximum annual percentage rate you can expect is 304%.
Maximum amount.The maximum amount of a payday loan in Orlando, Florida is $500.
Maximum term.The terms of payday loans in Orlando, Florida (FL) vary from 7 days to 31 days.
|Max. Interest Rate (APR)||304%*|
|Minimum Loan amount||Not Specified|
|Maximum Loan Amount||$500 for payday and $1,000 for installment loans|
|Minimum Loan Term||7 days for payday and 60 days for installment loans|
|Maximum Loan Term||31 days for payday and 90 days for installment loans|
|Number of Rollovers||0|
|Number of Outstanding Loans||1 at a time|
|Cooling-off Period||24 hours|
|Finance Charges||10% of amount & $5.00 verification fee|
|Statute of Limitations||5 years|
Yes. According to the state law of Florida, payday lending is legal. Florida imposes a $500 amount limit on payday loans. Payday loans can be taken for the period from 7 to 31 days with the maximum finance charge of 10% for every $100 (plus a verification fee of $5).
Payday loans in Florida are referred to as deferred presentment transactions. The term “deferred presentment” means the act of writing a post-dated check for the money borrowed now.
In Florida, it is forbidden to lend more than $500 for payday loans and more than $1,000 for installment loans.
Payday Loan Example:
How much would a $100 Payday Loan cost in Florida?
With a 14-day term:
Loan cost:$15 10% fee charge on $100 = $10 + $5 verification fee
Payday lenders are regulated by the Florida Office of Financial Regulation.
Center for Responsible Lending 2019
In Florida, if you are over the age of 18, you can apply for a payday loan. You must have a social security number, a valid driver's license or state-issued ID, proof of income, and a bank account.
You can have one (1) payday loan in Florida. Any loan must be paid in full before you are eligible to receive another payday loan.
Yes. Lenders require an active checking account, so they can deposit your cash advance into your account as well as receive payment on your due date.
No. Rollovers and extensions are not allowed in Florida.
If you apply online (and are approved), you should expect to receive your loan the next business day, which will be deposited directly to your bank account.
No. Criminal charges are prohibited in the state of Florida, and a lender cannot file any criminal actions against a consumer who is unable to repay.
No. Direct payday lenders do not do traditional hard credit checks. Payday Loans in Orlando have no hard credit checks and are sometimes called no credit payday loans Orlando.