With the recent legalization of short-term loans in Florida, there has been an influx of payday lenders in the state. Residents are free to take a loan from any service provider as well as observe the set guidelines.
Personal loans for bad credit in Florida
When other forms of online loans are unfavorable or insufficient, residents can count on installment loans for bad credit for an amount that saves the day. In Florida, customers can borrow a higher amount of money with a flexible term to suit an emergency financial situation.
How it works
In accordance with the law, short-term personal loans in Florida can be provided in cash or any form that resident agrees to. Therefore, most lenders offer the services in a physical location or from an online platform. Due to the convenience and privacy of online platforms, most residents have been choosing online transactions over in-store services.
However, the difficult part is settling on a well-trusted lender. At Nation 21, our job is to ensure that every resident in this state has the best experience with payday loans. Our wide variety of loan options makes sure that you’ll get a loan product that perfectly suits your needs.
Lending regulations in Florida
Although Florida pay day loans are legal in this state, they are subjected to strict regulations. Residents cannot get more than $500 from a payday advance and they can only have one loan at a time. Once the borrowed amount is paid in full, you must wait for 24 hours before taking another loan.
All payday loans are restricted to a 7 – 31 days period and there are no rollovers allowed. If you can’t pay the loan on time, you are given a 60-day grace period from when the loan term expired. But to be eligible for this program, you must contact a credit counseling agency 7 days before the loan due date. After completing the counseling in two months, you may be offered a repayment program at no additional charge.
The maximum fee that can be charged on a loan is limited to 10% of the total amount. In addition, verification fees are capped at $5 per loan.
Average credit scores in FL
According to a study conducted by The Federal Reserve Bank of New York, Florida is among the states with 40% of residents holding a subprime credit score.
The Experian average score is 678 while the Marvel Mortgage reports an average credit score of 723 among home buyers in the state. Although this is a snapshot of a communal score, it can be noted that 17% of residents have weak scores while 83% show improving and good scores.
Population and demographics in Florida
Florida is ranked as the third most populous state in the US. The United States Census Bureau conducted a census in 2010 reporting the state’s population to be slightly above 18.8 million. But in 2015, statistical estimates indicated the population to have reached 20.2 million people.
The state has the highest number of individuals over 65 years and they make up 17% of the population. The state is home to a wide variety of ethnic groups and races. Whites make up 78.1% of the population, blacks 16.7%, Asians 2.1% and natives 0.5% of the total population.
The economic indicators
With a GDP standing at 926 billion, Florida has the fourth largest economy in the US. in the last few years, the state has experienced positive growth becoming the fourth largest exporter of trade goods. Tourism, agriculture and fishing, and general services are among the economic engines of the state.
Tourism is a huge contributor to the economy and in 2016; the state set a record of 112.8 million tourists.