The Loan Cap and Fee Structure
Florida caps deferred presentment (payday) loans at $500, with a fee generally structured around 10% of the loan amount plus a small verification fee. The loan term runs 7 to 31 days, and the fee schedule is meant to be transparent and calculated the same way by every licensed lender.
No Rollovers — a Cooling-Off Period Instead
Florida doesn't allow payday loans to be rolled over into a new loan. Instead, once a loan is repaid, state law requires a 24-hour cooling-off period before a new one can be taken out. This is enforced through a statewide database that licensed lenders check before issuing a loan, which also prevents a borrower from holding more than one payday loan at a time.
Built-In Protection If You Can't Repay
If you're unable to repay on time, Florida law provides for a 60-day grace period through a repayment plan, provided you complete a credit counseling session with an approved agency. This protection exists specifically because the standard product doesn't allow extensions or rollovers.
| Factor | Florida Rule |
|---|---|
| Maximum loan amount | $500 |
| Fee structure | ~10% of loan amount plus a small verification fee |
| Loan term | 7–31 days |
| Rollovers | Not permitted — 24-hour cooling-off period instead |
| Grace period if unable to repay | 60 days, with required credit counseling |
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