Across the state of Florida, as well as across the rest of the country, more and more consumers are living paycheck to paycheck, which can create some major issues when even the smallest financial emergency occurs. This is when the payday loan industry and its cash advances come in very handy, with its short terms and almost immediate availability.

Let’s say that the alternator on your car goes without warning, and you haven’t any extra cash. You won’t have any until your next paycheck, which unfortunately isn’t until next Thursday. Instead of calling out of work due to your lack of transportation and risking losing your means of income, a cash advance would be a simple solution to your problem.

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Even if your credit isn’t great, you can still qualify for one of these short term loans. Instead of using your credit report and score to decide your eligible amount, cash advance lenders utilize your paycheck information to create a short term loan for you, usually payable on your next payday. Some lenders may even suggest that you write out a post-dated check, payable to the cash advance lender, for the full amount of the loan, plus applicable fees.

Florida legislation has created some laws for the protection of both lenders and consumers regarding the payday loan industry:

Loans are written for 7 – 31 days.
Fees cannot exceed 10% of the loan amount ($10 for each $100 borrowed), plus an additional fee of $5.
Only one loan per consumer may be out at any time.
No rollovers (refinancing of one cash advance with another) are allowed in the state of Florida.

Florida laws require a cash advance 24-hour “cooling-off period” in which you can change your mind without penalty.

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* Cash-Advance-USA.org provides information and research on cash advances/payday loans. We are not a payday lender or broker, nor are we necessarily affiliated with the companies profiled on this site. Not all products and services are available in each state.