Florida’s 10% Rate Cap on Payday Loans
Many people know that the maximum payday loan amount you can get in the State of Florida is $500. What people don’t know is that there is a 10% cap on check-cashing fees, and this cap has been translated into the Florida payday loan laws. If everyone obeyed the law, then there would be no problem.
Unfortunately, public interest groups and state regulators have found many lenders charging above this cap — a lending tactic that is both illegal and predatory. If you’re a FL resident in need of fast cash, keep your wits about you and make sure you’re not being overcharged.
