Payday Loans Help in Florida
We’ve all had to deal with unanticipated expenses before. Maybe your kid needs braces, or perhaps your car broke down. If your family is one of the millions in America who are surviving paycheck to paycheck, finding extra money to pay a surprise bill isn’t easy. When you’re already struggling financially, bumps in the road can feel like mountains.
When you need cash yesterday, it might seem convenient to take out a payday loan to cover these costs. While the idea of these loans might sound helpful, they are nothing more than high-interest traps set by predatory lenders. If you have fallen victim to payday loans and other debts, DebtStoppers can set you free. Call or text us today at 786-420-4545 to request a complimentary debt evaluation with one of our skilled Florida bankruptcy lawyers.
Payday Loan Laws in Florida
Payday loans are low-dollar, high-interest paycheck advances that come with more strings attached than you realize. When you turn to these lenders, you will write a post-dated check or authorize a future electronic bank transfer. You get cash on-the-spot for the total amount of money borrowed — after the lender’s substantial fees and interest rates are taken out, of course.
Understanding the Statute of Limitations and Regulations
Under Florida laws, the statute of limitations for unpaid debts is 5 years. This means that if you fail to pay back what you owe, the lender has 5 years to sue you to collect the debt.
Florida laws also place other legal limitations on payday loans. These laws require that consumers who borrow from a licensed lender be afforded rights and protections, including:
- Borrowing is limited to $500 per advance.
- A borrower is restricted to one outstanding loan at a time throughout Florida and must wait 24 hours before taking out more money.
- Fees cannot exceed 10% of the amount borrowed, plus a $5 verification fee.
- The term must be between 7 and 31 days.
- The loan provider must allow for a 60-day grace period at the end of the term with no additional charge.
What You Need To Know About the Interest Rate
The interest rate for payday loans is excessively high. Even though Florida laws restrict interest rates to 10% plus a $5 fee, this means if you take out the maximum amount of $500, you can be charged $55. This rate is more than unreasonable compared to standard interest rates.
How To Protect Yourself From Debt in Florida?
If you’re trapped in debt and find yourself relying on payday lenders, filing for Chapter 7 bankruptcy laws can set you free. Chapter 7 laws allow you to eliminate most of your consumer debts, including both payday loans and the other obligations that made you turn to predatory lenders in the first place. Even though Chapter 7 bankruptcy laws permit a case trustee to sell some of your property to reimburse your creditors, most DebtStoppers clients don’t lose a thing.
Why Get Help From a Local Attorney?
If you’re in too deep with your creditors, don’t turn to payday loans to help you get by. Call or text DebtStoppers today at 786-420-4545 to schedule a free debt relief consultation with one of our experienced Florida attorneys.
If you’re trapped in debt, we can set you free! Don’t go to a predatory lender; call or text DebtStoppers instead!