Florida Payday Loan Laws

Great News for Payday Lenders, Personal Loan Lenders, & Signature Loan Lenders in Florida!

The state of Florida is eliminating much of the friction that has existed for payday loan, personal loan and signature loan businesses .

Florida Gov. Rick Scott signed Payday Loan Bill (SB 920) that doubles the current limit on payday loans from from $500 to $1,000 and enables lenders to offer 60-to-90 day loans.

Of course, the so-called “consumer advocates” (for you and me that translates into banks, credit unions, pawn shops… all our competitors) have said the new rules will create a debt trap for poor people. Ah… if only they had a clue!

Existing lenders (Amscot?) have said they needed to change the law because of potential new federal regulations. Supporters contended that payday lenders might have had to shut down without the change.

The bill authorizes deferred presentment installment transactions under Florida law.

A deferred presentment installment transaction must be fully amortizing and repayable in consecutive installments, which must be as equal as mathematically practicable. The term of a deferred presentment installment transaction may not be less than 60 days or more than 90 days and the time between installment payments must be at least 13 days but not greater than 1 calendar month.


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The maximum face amount of a check taken for a deferred presentment installment transaction may not exceed $1,000, exclusive of fees. The maximum fees that may be charged on a deferred presentment installment transaction are 8 percent of the outstanding transaction balance on a biweekly basis.

Fees for a deferred presentment installment transaction are calculated using simple interest. Prepayment penalties are prohibited.

The bill retains current law in prohibiting a provider from entering into a deferred presentment transaction with any person who has an outstanding deferred presentment transaction or whose previous transaction has been terminated for less than 24 hours. If a drawer timely informs the provider in writing or in person that they cannot redeem or pay in full in cash the amount due and owing, the provider must provide a grace period for payment of a scheduled installment.

Effective Date: 7/1/2019