Florida Payday Loan: Rules, Loan Term, and Repayment

A few years ago, there was no such concept of a payday loan. Banks always offered those conventional security based loans for customers who need some money for emergency usage. However, now the scenario is different. In fact, now borrowers are eligible for a payday loan without even having a checking account. With new rules and regulations in place, payday loans can be approved in a day or two. This is certainly a great option for many borrowers who want some money in an emergency. However, lenders also follow some rules before approving the payday loan.

Rules and regulations:

Payday loans are a boon for many. After all, many borrowers receive cash instantly in their account as soon as the loan is approved. Whether you need some money for emergency car repair bill payment or to clear a medical bill, this loan will allow you to obtain instant cash. Of course, each borrower needs to meet the basic criterion of payday lenders. The first rule of approval is that borrower should be employed with regular income. Second rule is that the borrower should meet the legal age for receiving the loan as per the state guidelines. As a Florida resident, one should be of at least 21 years of age to receive Florida payday loans.

Some lenders also ask the citizens of the United States to own a valid checking account. However, a number of banks in Florida now allow borrowers to get a loan without this last requirement. In case, borrowers don’t have a checking account, they can provide information of their prepaid or debit card that feature a direct deposit option. In this case, the approved money will be credited on your card of your saving account so that you will earn a payday loan.

Although payday lending is quite common and legal in Florida, there are some strict regulations and limitations as well. In case, you obtain the loan from an out-of-state lender over the phone or telephone, then you may have to follow certain state rules too. Here are some tips and information about Florida Jacksonville payday loans.

Always find a Florida Licensed Lender:

It is always advised to find a licensed lender in Florida in order to find the best loan structure in Florida. When you deal with a licensed lender, the lender will tell you in detail about all state rules and payday loan basics. Whether you are opting for Miami payday loans or Tampa payday loans, the same rule applies for the whole state. Also, the licensed lenders in Florida always comply with the state laws and regulations. In case, you have any problem with the lender, you can always file a complaint and state officials will assist you. However, if you choose a non-licensed lender in Florida, then state officials will not be able to take action in case there is any problem. The same rule applies for out-of-state lenders as well.

Limitations on Payday Loans in Florida:

Although a number of lenders offer payday loans in Florida, there are some limitations of payday lending in this state. Every lender in this state has to follow the basic lending rules by offering only a fixed amount of the loan as per the specified rule. Lenders will also have to take the borrower’s credit history into consideration. If the borrower has some outstanding loans, then they have to follow some other procedures to offer them payday loans.

Additional Charges:

The state of Florida has a specified length of the loan term for payday loans as well. Based on the term, borrowers will be charged fees and fines if they don’t meet the repayment term specified by the lender. Also, the lenders have the right to follow a strict collection process if borrowers don’t pay on time. As per the state rule, no lenders in the state of Florida can offer payday advances that exceed $500. There are no exceptions for the amount of loan for payday loans.

Loan term:

Basically, the loan term for payday loans in Florida is a 14-day term. If the lender is not permitted to rollover the loan as per the law, then the borrower has only 14 days to pay back. However, the entire length for repayment can be up to 31 days as per the state law. If you are unable to pay, you will have to bear some additional charges and interests for the payday loans.

Grace period:

Each borrower is eligible for a grace period of 60-days as per the law. In case, you are unable to pay back the loan during the specified period of time, the state law of Florida gives you the advantage to extend the repayment period for up to 60 more days. However, borrowers will have to make an appointment with the credit counseling agency to get this benefit of grace periods. It is always advised to repay the debt in time to avoid any additional fees.

Changes To Payday Loans In Texas

Texas Payday Loans can be a good option for those who are having an emergency pertaining to their personal finances. New laws and regulations taking effect in cities across Texas are aiming to stop predatory practices by payday loan companies. In this post, I will cover these new laws and how they effect the lenders themselves, as well as those seeking a payday loan.

The cities of Dallas, Houston, and San Antonio are a few of the cities affected by the recent passage of new legislation placing limits on payday loans within each respective city. The process for acquiring these loans have been largely unchanged. However, there have been large changes to the amounts allowed by these loans as well as where payday lenders may be located within the city.

The new laws and ordinances look very much the same for all three cities, each requiring that the amount of the loan cannot exceed 20% of a person's monthly income. They have also placed limits on the number of payments that can be used to pay back the loan. Loans can no longer be paid back in more than four installments. Beyond these new regulations to cap the loan amounts are rules requiring that the lenders be registered with the city for a small fee, on top of the new zoning regulations requiring that lenders set up locations in specific areas of the city.

These new regulations have drastic effects on those seeking loans as well as lenders. With the new limiting regulations, those seeking loans are limited in the amount they may take out by their gross monthly income. On the other hand, however, this can be a benefit by making the loan much easier to repay in order to avoid sinking into debt. Houston Payday Loans, for example, are limited to 20% of the loan seeker's gross monthly income, and are required to be paid back in a maximum of four installments.

Dallas Payday Loans are also limited by zoning laws requiring that they be built no less than 1,500 feet away from other lenders, 500 feet from highways, and 100 feet from private residences. This effectively limits the number of payday lenders within the city, thereby leaving options for receiving a payday loan a bit limited. San Antonia Payday Loans, however, are not limited by these zoning regulations.

Each of these new regulations have their pros and cons for loan seekers. Let's take a quick look at each of these laws and see what they mean for you.

Loan amounts are maximized at 20% of a borrower's monthly income. This means the amount they can borrow is extremely limited. Let's assume for just a moment here that you make $3,500 per month. This means that you can take out a loan of no more than $700. Now, couple this with the law requiring that loans be repaid in no more than 4 payments. This means, that before interest, you will be paying back a rate of $175 per month. Please bear in mind that this is before interest. It is subject to change based on individual monthly interest rates. This is merely an example. This is in huge contrast to the lack of regulation in the past. While the new regulations do limit the amount you may borrow, they also drive up the monthly payments required to pay off the total amount of the loan. As you can see, the new regulations are a double-edged sword, both protecting borrowers by limiting the amount they may borrow making it easier to keep from falling into debt, and simultaneously raising their monthly rates.

The new zoning laws keep the lenders from setting up in close proximity to one another. This makes it a bit harder for you to leave one lender's premises and go to another to take out a new loan. This is an attempt to keep people from circumventing the maximum amount on the loan by just taking out another from a nearby lender. While it is still entirely possible, it is made more difficult. The policy requiring them to remain 500 feet from highways and 100 feet from private residences ensures that lenders avoid situating themselves in the midst of a neighborhood or near a highway, thereby making it a bit harder for them to draw in customers by sight alone.

In short, payday loans in the state of Texas are changing drastically. They may still be a viable option for those in the midst of an emergency. However, with these ever-changing laws and regulations it is best to make sure that you know the laws governing payday loans in your area before deciding whether or not one is right for you.

Check Cashing Step by Step

You've recently been given a check from your boss or as a gift from friends and family and you want to cash it in. You don't have a bank account and you don't really know much about check cashing. Don't worry though; you're not alone and you've got several options open to you. Each option has its own pros and cons.

You could take it to the bank the check was issued from and ask them to cash it. If you're not an account holder, they'll charge you a significant fee while trying to get you to sign on with them. You could also stop off at your local Walmart and pay three dollars a check if you check is under one thousand dollars and six dollars if it's more. Some convinces stores even have kiosks where you could cash your check but then you have to hope it's not malfunctioning and that it has sufficient funds for your transaction.

The best method, by far, for anyone who doesn't have a bank account, is to go to a local check cashing store. Such stores are commonly open at longer hours than any bank or retailer and that makes it easy to fit a trip into anyone's schedule. Given that these stores specialize in cashing personal checks, it's also pretty guaranteed they'll have the funds you need. Surely the process is complicated and it's probably more trouble than what it's worth. That's what you're thinking, isn't it? Truth is: it couldn't be easier. All you need is the check, made out to you, a valid ID, and a little time and patience.

The inside of most check cashing stores is set up similar to a bank. You've got a row of windows, behind which are your tellers, and a winding path for lines to wait in on busy days. Just take a deep breath to calm any nerves that might have cropped up on the drive over and join the back of your line. In no time flat, you'll be standing at the window and moment away from having cash in hand. If this is your first time, the teller will likely ask you a few questions to fill out an 'account'. The teller will ask for your valid photo ID and likely make a copy of it for the system. This shouldn't cost any money and is done to prevent someone else from cashing a check while pretending to be you.

Once you're logged in their system, they will ask for the check you'd like to cash. At this point in time, you should use a pen at their window and endorse the back of the check by placing your signature on the lines. Hand the check over and wait while your transaction is processed. If you're a returning customer, they may ask for your ID to check against records. Now that you're identity has been verified, the teller should ask how you'd like your money and pass it, along with a receipt to you. Chances are there's going to be a small processing fee, but it should be minimal and will change in amount from store to store. That's all there is to you. All you have to do next is decide where you want to spend your cash.

Check Cash Locations

Choosing a Check Cash Location

There are many types of check cash locations and knowing which type best suits your needs is extremely important, especially if your time and money are important to you. There are many factors to consider when choosing and finding check cash locations and taking the time to research the differences will help you cash your check with the least amount of difficulties as possible. The best way to decide which type of check cashing institution to use is to make a list of what check cashing services are important to you and then decide which location best offers fulfills top priority needs.

The most common types of check cashing locations include credit unions, banks, check cashing stores, grocery stores, and payday loan stores. Each type has some positive and negative policies as well as various benefits. The most common place people cash checks are banks and credit unions, but recently people have been looking elsewhere due to increase in bank fees and the fact that other types of check cashing service providers are offering new and unique benefits. In years past banks were the only financial institutions that did cash checks,but with other places offering most of the same services competition as risen leading to better deals for you.

The type of check you cash is important when choosing one of the many check cash locations. The fees and policies can change dramatically depending on the type of check it is. The highest fees are usually personal checks since these are the hardest to verify for a financial institution. Social security and welfare checks usually have the next highest check cashing fee, but are still pretty reasonable. Tax refund checks are usually lower fees, but since they tend to be larger checks, they can be difficult to cash. The easiest and cheapest to cash are almost always payroll checks and this is because they are easy to verify, and most institutions know that you will cashing be these types of checks regularly and try to entice you to cash your payroll check with them on a regular basis. Most check cashing locations will keep a fee schedule posted so it is a good idea to locate and understand the fees before cashing your check

Some benefits and policies to consider are location, fees, hours of operation, additional services, money transfers, bill paying, convenience, and security. All these should play a role in your decision in choosing a check cashing location. Banks and credit unions have very similar benefits such as lower fees, as long as you have an account, familiarity, loans, automatic bill paying, and ATMs. Check cashing stores and payday advance stores are usually similar as well with payday loans focusing more on loans. The benefits with these types of check cashing locations include convenience, location, hours of operation, fewer check cashing restrictions, bill paying service, and payday loans. Grocery stores can also cash checks and can be extremely convenient since you can do your grocery shopping while your there, but have little to no added features and usually have a limit on the amount of a check they are willing to cash. No matter what the policies are individual locations do things better than others and this should also be taken into consideration. Good business practices such as strong customer service, welcoming atmosphere, and quick service are all intangible benefits that could be the deciding factor and help you decide where to cash your check.

A Check Cashing World

In today's world, almost everyone, at some point, needs to cash a check. Unfortunately, for a great many reasons, many people do not have a traditional bank account. Banks can be very picky and are often extremely difficult to deal with. Most banks require you to meet strict requirements before you can even open a simple savings account. Banks will research your past to find out if you have any negative banking information in your profile. Simple things like having an outstanding check from years ago will result in the bank denying you the right to open a bank account. Needless to say, this causes people a considerable amount of inconvenience when it comes to cashing checks. Fortunately, you have a great alternative resource to turn to in order to get your checks cashed fast. A check cashing place in your neighborhood will cash your check without any hassles. Check cashing stores understand the problem that people have dealing with traditional banks. Check cashing companies specialize in helping people who do not want to deal with banks. They realize that a great many people want a fast and affordable way to turn their checks into cash. These money cashing companies will accept a wide variety of different types of checks. They will cash your payroll checks, tax refunds and money orders. Many check cashing companies will even cash a personal check that is made out in your name. A check cashing company is an invaluable resource when you need to cash a check fast and with no hassles. Check cashing companies make it as easy as possible to do business with them. Generally, all you need is a photo ID to get your check cashed on the spot. These companies charge a small fee for cashing your check. The amount of the fee varies greatly between check cashing companies. Many check cashing companies charge a fee based on a certain percentage of the amount of the check. Other companies may charge a flat rate to cash your check. Some companies charge a combination of a flat fee and a small percent of the amount of the check for their check cashing services. No matter what, if you shop around, you can find a check cashing company that will cash your check at a price that you can afford. Many times, if you are a regular customer, you can negotiate a better price on cashing your weekly or monthly checks. There are many different kinds of check cashing companies operating in your area. Some check cashing businesses are small owner operated establishments. Others, are franchises of national check cashing chains. In most places, there are an abundant amount of check cashing locations to choose from. You can easily find the closest check cashing store by doing a quick Internet search, or you can just ask a friend. Usually, you will be able to find a check cashing service that is conveniently located near where you live or work. If cashing a check at a traditional bank is hard, getting a loan is even harder. When you need to borrow money, usually, you need to get the money fast. Unfortunately, banks make it very difficult to borrow money. This is especially true if you only need a small amount of cash for a short period of time. Also, you have to meet all of the banks stringent lending requirements before you can get any cash. Even when you qualify for a bank loan, you have to fill out a lot of paperwork and wait a long time for a loan to be processed. Fortunately, many check cashing companies also offer short term loans to get you some money between paychecks. Payday loans are a fast and easy way to get money to pay for emergency expenses. These loans are really simple to get. There is no credit check and very little paperwork to do. The procedures involved in getting a loan until payday very between companies. Usually, you are required to give the lending company a post dated check that covers the loan amount plus any interest and transaction fees incurred for getting the loan. When you give them the check, you get your money instantly, on the spot. All you have to do is to remember to put enough money out of your next paycheck into your checking account to cover the check for your loan. The terms of these loans are very flexible, and you will be able to arrange a loan that suits your needs. When you need to cash a check or get a loan, forget about using a traditional bank. You can go to a local check cashing company and get the money you need without any hassles. Visit your local check cashing business today to find out how easy it is to cash a check or get a loan.

The Check Cashing Store

A Check Cashing Store is a multi functional establishment that offers many financial related services. The most well known service is check cashing. Clients can cash multiple types of checks that include: pay roll, social security, unemployment, Income tax return, and personal. A small percentage of the check is kept as a nominal fee. Money orders can be cashed as well as purchased. Money orders are a secure way to handle financial transactions, because of the traceable receipt customers receive at the time of purchase. If the money order does not make it to its destination, or if it is lost, stolen, or damaged; a replacement money order is provided. Money orders can usually be purchased for less than one dollar.

Another service offered by the Check Cashing Store is the pay day loan. Pay day loans are a convenient way to handle an unexpected financial emergency, but should not be used as a long term solution to any financial difficulties. A client's eligibility for a pay day loan is based on income. Eligibility can give a client a loan from fifty to five hundred dollars. The loan terms range from seven to thirty-one days with an annual percentage rate (APR) range of 286.7%-390.8%. That may seem like a lot but it really breaks down simply. If a loan is $500, and is paid back in one payment, the payment will be $554.94. That is an APR of 286.7% It is obviously best to pay the loan back in full as soon as your payment is due if at all possible.

Money transfers are handled at all locations through Western Union. Transfers can be sent, and cash is given immediately for received transfers. Western Union decides the fees charged for a transfer, but there is not a fee to cash in a received transfer. This is a reliable service whether it is local, state to state, or worldwide.
Notary Public and fax services are provided as well as the ability to pay certain utilities. Customers can even do something as simple as purchasing postage stamps.

Cash for gold services are offered at certain locations to any customer that wants to sell a jewelry piece for cash. Gold is measured by troy ounce which equals approximately 31.10 grams. Gold purity is measured in karats. A karat is the ratio of gold in a piece of jewelry or coin. Once the piece is appraised a cash offer will be made. Many people hold on to jewelry for sentimental value, even if they no longer wear the piece. A cash for gold service is an excellent way to obtain needed cash without going into debt to get it.

People from all walks of life choose this way to handle their money instead of a bank for varying reasons. Whatever the reasons a Check Cashing Store is a convenient way for customers to multi-task many things at once. By using its services wisely customers can avoid paying exorbitant and unnecessary fees.