In a financial emergency, payday loans can be a lifesaver, but you need to understand the terms, conditions and APRs before proceeding. Our partners at ConsumerAffairs researched the best payday loans in Tallahassee to help you make an informed decision.
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Payday loans are small loans for those who need to cover emergency expenses in between pay periods. If other types of personal loans aren’t an option, a payday loan can help cover bills in the meantime.
Payday loans are legal in Florida, but the maximum you can borrow is $500 and only one loan may be taken out at a time. The loan repayment term can span 7 to 31 days, and the maximum finance rate and fees are not allowed to exceed 10 percent of the check. An additional verification fee cannot exceed $5. No rollovers are permitted in Florida. Grace periods can extend loan terms by 60 days for no additional charge; however, credit counseling is required for this service.
When evaluating payday loans in Tallahassee, be mindful of the following:
Interest rate: Understand exactly what you will be paying in interest before you commit to a payday loan and consider lower interest loan alternatives first.
Payment due date: Late fees add up quickly and may increase your interest rate, so make sure you are aware when payment is due and the consequences for a late or missed payment.
Amount loaned: Since Florida residents are restricted to a $500 maximum, you may have to take out other loan types.
You can get a payday loan with good or bad credit, but you need to provide personal information when you apply. This includes a government-issued ID, most recent proof of employment and pay, plus a blank check.
Because payday loans are financial, they are related to civil matters, which means not paying back your loan will not result in criminal prosecution; however, you may be sued by the lender. In Florida, the statute of limitations is five years for unpaid debts, which means lenders may only attempt to sue you during this time. Where you really may be punished is on your credit score and future lending abilities. Should a lender violate Florida statutes regarding payday loans, you can complain to the Florida Office of Financial Regulation, located on Gaines Street.
Alternatives to payday loans in Tallahassee
Personal finance experts advise people to save up an emergency fund of about six months worth of expenses to prevent the need for using credit cards or payday loans to cover emergencies. You can also ask family and friends for money before looking to a loan since many borrowers get tripped up on loan repayment terms.
The advantage of a payday loan is that you don’t need to rely on family and friends and the funds are easily accessible. You can get money immediately or within a few days, preventing utilities from being turned off or allowing you to get a car back sooner. Quick disbursement of funds is one of the main benefits of using payday loans.
CashNetUSA is an online lender that offers quick and efficient payday loans of up to $500. Other services CashNetUSA provides include savings programs and financial education. Tallahassee residents appreciate the fair interest rates and efficient service.
Check Into Cash
Check Into Cash offers title loans and payday loans. Payday loans can range from $50 to $1,000; however, Florida residents can only take out up to $500. Reviews from Tallahassee say they appreciate the flexibility of getting loans in-store or online.
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