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Florida Payday Loan Laws, Do They Look Out For Your Best Interests?
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Florida Payday Loan Laws, Do They Look Out For Your Best Interests?

I only needed to find two facts to answer the question: "Florida payday loan laws, do they really look out for your best interests?" Florida made a specific law allowing payday loans and set the interest rate at an amount where the APR on a 14 day $100.00 loan is around 390% Looks like the lender is the winner here, not the borrower.

Ouch is the first word that came to mind for me. They allow you to take out a payday loan from 1 week to 31 days, and the longer you take it out for, the higher the interest rates. 10 % of the loan plus a $5.00 fee to be exact.

Just another example of states that say they are looking out for the borrower but in reality they make it really easy for the average person in financial trouble to get caught in the payday loan trap. The perfect law would eliminate these loans for good but there are too many loopholes and way too much profit in these loans for them to ever go away.

That leaves few options. One is to educate people as much as possible. These loans should be a last ditch option for some immediate cash for one pay period and should be paid back on the due date in full. Easy for me to say until the water heater busts and the car quits and you have to get to work, and so off we go to the loan shark.

There are a few states out there that have banned payday loans, and a few others that do have very favorable laws that do protect the borrower, but Florida is not on either list.

If you find yourself caught in the payday loan trap in Florida or any other state, there is help available and you can get is as soon as today. Do some research on payday loan debt consolidation companies. They work and they can help change your whole financial outlook.

You can get some peace of mind back, and get these loan companies off your back for good. Be sure to pick a good consolidation company that will look out for your best interests, unlike the loan companies.

I hope this information on Florida state payday loan laws will help you make good decisions in your financial situation and if you need help I hope I gave you a good option to be able to clear up some of your headaches with these loan companies.

Please feel free to share this information and leave any comments and questions below!

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