A Florida payday loan provider has to be registered or license because the state’s code says that only those that registered should engage in deferred presentment service, otherwise known as a payday loan or cash advance. This is the first thing that you should check when availing of cash advance Florida. To check if you are dealing with a licensed lender, check out the Office of Financial Regulation. This is also the right venue for filing complaints against usurious rates and lender harassments. The agency can also provide answers to questions related to the lending industry.
Before signing up for a loan agreement, you should watch out for some signs of illegalities. There are tell-tale signs when a company is shady. One of which is not stating clearly on the loan agreement the exact fees and interest rates. Before signing anything, be sure to read the fine print properly so that you can ask the company’s representative. If the explanation is not satisfactory, try other companies. Do not be too eager to sign up for a loan with the first company that comes with an offer. There are many lenders in Florida who would not bleed you dry. Also, if you’ve found a good payday loan provider, try to keep your records goods so that you could easily get a new loan every time you have need of it.
Aside from interest, you would also be paying for other charges like processing or verification fees. Take note that in Florida, these fees are not to be more than 10% of the loaned amount. Imposing high fees is not going to help needy borrowers. The loan term is between seven days to 31 days. The loan can be extended for another period but you’ll get to pay for additional interest but not additional processing and service charges.
In case you’ve lost your job and unable to pay for the loan, the lender can sue you and seek for civil damages. It cannot, however, file a criminal case nor can it employ scare tactics as that would be illegal. You can negotiate with the lender and tell it about your present jobless state. The lender cannot force you to pay for the borrowed amount unless you’ve found a new employment. Without waiting for a new case, settle your obligation as soon as you’ve found new work.