If you need money immediately but are unable to pay your bills, a payday loan may be the best solution. These short-term loans can be repaid over a three to 60-month period. These loans are legal in Florida, so you should not have to worry about their legitimacy. You can use the Internet to find the best Florida payday loan lenders. Pheabs, for example, partners with reputable money lenders to offer customers cash advances that can be paid back on time.
If you need more time to pay back your loan, you can look for installment loans. Florida payday loan laws allow you to borrow as much as 2,500 dollars and set up monthly payments between three and 36 months. However, lenders are allowed to charge higher interest rates than this – so make sure you understand your repayment options before signing any papers.
While traditional lenders may take days to process a loan application, online lenders can often process your application in less than an hour. You may receive your money within the same day if you’re successful. These loans can be useful for people with low or no credit history. Besides, Florida state law protects you from the threat of criminal prosecution for late payments. However, lenders can take you to civil court to collect repayment. You may also face fines and wage garnishment if you don’t repay your loan on time.
Amscot Cash Advance is an established lender in Florida. They offer online and in-store Florida payday loans. Their fees are among the lowest in the state. Loans range from $50 to $500 with a three to 31-day repayment period.
Payday loans have higher rates than traditional banks. They do not encourage asset accumulation or savings. According to a paper by Jim Hawkins a law professor and Tiffany Penner a law student, black and Latino customers make up a disproportionally large percentage. 70% of US taxpayers have free access to e-file and tax preparation services as of 2017. Increased access to payday loans leads to a decline in job performance and military readiness. Payday loans can have some positive aspects.
Title loans are granted to borrowers who consent to a lender placing a lien on their vehicle and temporarily giving up the hard copy of their vehicle in return for a loan amount. They point out the increased risk of default for a loan that is almost exclusively used by borrowers who are already in financial difficulty. A title loan, also known as a car-title loan, is a secured loan in which borrowers can use the vehicle as collateral. Most states require that the title loan lender hold the vehicle for at least 30 days in order to allow the borrower to pay the balance.