Fast Online Payday Loan [ POMPANO BEACH ]
Possible types of loans:
- $100, $200, $300, $400, $500, $600, $700, $800, $900, 1000 dollars are emergency payday loans in Pompano Beach Florida USA, which are issued for a period of 1, 2, 3 or 4 weeks (until your next salaries).
- $1500, $2000, $2500, $3000, $3500, $4000, $4500, $5000 – Pompano Beach, FL installment loans that can be taken out for terms of up to 2 years (most often 1, 6, 9, 12 or 3 months).
To get fast online cash advances (payday or personal loans, short-term loans, fast cash) with instant approval in Pompano Beach, FL, USA, use our simple 5-minute application form! The money will be credited to your bank account within 24-48 hours (or faster) after approval.
Cash Advance Near Me :: Pompano Beach Florida Direct Lenders (list of offline stores and agencies nearby)
| Company | Address | Phone |
|---|---|---|
| Advance America | 3311 N Federal Hwy, Pompano Beach, FL 33064 | +1 954-942-5661 |
| Amscot – The Money Superstore | 1010 E Sample Rd, Pompano Beach, FL 33064 | +1 954-283-4831 |
| Community Choice Financial | 2307 N Federal Hwy, Pompano Beach, FL 33062 | +1 954-784-0013 |
| Rapid Auto Loans | 911 E Atlantic Blvd #101, Pompano Beach, FL 33060 | +1 954-836-0709 |
| The Check Cashing Store | 333 W Atlantic Blvd, Pompano Beach, FL 33060 | +1 954-786-2912 |
| Amscot – The Money Superstore | 297 S Pompano Pkwy, Pompano Beach, FL 33069 | +1 954-283-3352 |
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About Small Loans in Pompano Beach Florida
Facing an unexpected financial shortfall can be stressful, and payday loans are often advertised as a quick solution. If you’re considering this option in Pompano Beach, it’s crucial to understand exactly what you’re signing up for. Florida has specific laws governing these types of loans, known legally as “Deferred Presentment” transactions.
Here’s a breakdown of the minimum requirements to qualify and the key terms you must know.
Minimum Requirements for a Payday Loan in Pompano Beach, FL
To qualify for a payday loan from a licensed lender in Pompano Beach, you will typically need to meet the following standard requirements:
- Age and Residency: You must be at least 18 years old and provide proof of being a permanent Florida resident. A valid, government-issued photo ID (like a driver’s license or state ID card) is required.
- Proof of Income: Lenders need to verify that you have a reliable source of income to repay the loan. This is not limited to traditional employment; you can use pay stubs, bank statements showing direct deposits, benefit statements, or proof of regular retirement income.
- Active Bank Account: You must have an active checking account in your name. This is how the lender will disburse the funds and, crucially, how they will withdraw the repayment on the due date.
- Social Security Number: You will need to provide your valid Social Security Number for identity verification and to comply with state reporting requirements.
- Contact Information: You must provide valid contact details, including a working phone number and email address.
It’s important to note that while these are the basic requirements, a lender’s primary concern is your ability to repay the loan on your next payday. They may use other methods to evaluate this.
Terms of Short-Term Loans in Pompano Beach, Florida, USA
The terms for payday loans in Florida are strictly defined by state law under the Florida Deferred Presentment Act. Understanding these terms is critical to evaluating the true cost of the loan.
Database Registration: Florida operates a statewide database that all licensed lenders must use. The system ensures you cannot have more than one payday loan at a time and that the total of all outstanding loans does not exceed $500.
Maximum Loan Amount: The highest amount you can borrow is $500.
Fees and Finance Charges: State law allows lenders to charge a maximum fee of 10% of the loan amount, plus a verifiable $5 database fee. This means for a $500 loan, the total fee would be:
(10% of $500) + $5 = $50 + $5 = $55.
Annual Percentage Rate (APR): While the flat fee may seem manageable, it translates to an extremely high APR because the loan term is so short. For a 14-day, $500 loan with a $55 fee, the APR exceeds 400%.
Loan Term: The minimum loan term is 7 days, and the maximum is 31 days. The loan is designed to be repaid in a single, lump-sum payment on your next payday.
Right to Cancel: You have the right to cancel the loan agreement without penalty by the end of the following business day by returning the full loan principal.
Extended Payment Plan: This is a crucial consumer protection. If you cannot repay the loan on its due date, you have the right to request a 60-day extended payment plan once in a 12-month period. You must notify the lender before the closing time on the business day before the payment is due. You will not incur any additional fees or interest during this extension.
