Rates & Fees
Transparency is important to us. Below you'll find detailed information about our rates and fee structure.
In Florida, payday loans are strictly regulated under Florida Statute 560.404. The maximum loan amount is $500, and terms are generally between 7 and 31 days. Lenders are permitted to charge a verification fee of up to $5 plus a finance charge of 10% of the loan amount. This means for every $100 borrowed, you could pay up to $15 in fees for a standard 14-day term.
Annual Percentage Rate (APR)
200% - 400% APR (Varies by lender and term)
Representative Example
| Loan Amount | Term | APR | Finance Charge | Total Repayment |
|---|---|---|---|---|
| $100 | 14 Days | 391.07% | $15.00 | $115.00 |
| $300 | 14 Days | 304.17% | $35.00 | $335.00 |
| $500 | 14 Days | 286.79% | $55.00 | $555.00 |
Representative Example: A $500 loan for 14 days with a 10% fee ($50) and a $5 verification fee would result in a total repayment of $555 and an APR of approximately 286.79%. Actual APRs will vary based on the specific term and lender requirements.
State-Specific Information — Florida
Maximum Loan Amount: $500
Rate Cap: Variable (Based on 10% fee + $5 verification fee)
Regulations: Florida Statute 560.404 governs all deferred presentment providers in the state.
Licensing: All lenders in our network are required to be licensed by the Florida Office of Financial Regulation.