The name of Florida has become synonym for beaches, music, fun, recreation and vacation. What a place it would be where life seems to be vacation. The cost of living here is comparatively less in comparison to other cities, the education system is good and it has a number of colleges, technical institutes and renowned Universities. All Floridians live within 50 miles of post school educational institutes. Florida offers an array of art and cultural activities to cater to mind and soul of its residents. It houses many artists, musicians and writers. As its calm beaches and favorable climate provide a lot to sooth the minds and prepare for creativity. It has in its platter art, music, culture to offer for holistic and amazing life style. It is one of the most sought after tourist destination.
Like every place, Florida too has its share of problems. The top most is financial stress. In a survey conducted 63% of Florida household say that they experience household stress which in turn affects each and every dimension of life. The causes of the financial stress were gauged and it came to fore that 28% of the population does not have well paid job,12% people believe that it has inadequate educational system and some believe 18% of illegal immigrants are giving Florida a tough time in addition to 6%foreign competition and 24%of finances wasted by Government .
With the household financial stress mounting high, the Floridians are not left with much to depend upon than loans. Almost three million Floridians live below poverty line. Floridian household is submerged in $5,700 debt. When the poverty is combined with poor credits, means no help from traditional institutes like banks then the option left with Floridians is Payday loans.
Payday loan is a small term loan which is taken in financial emergency with the promise to return on the next payday. This loan comes with high rate of interest, the reason for high rate of interest charged is, no collateral is required and people with bad credit history can also avail. What is required by the lender is just your assurance of regular income.
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Payday can be accessed in person by walking to the lending store or it can be availed online too.
You just need to be an American citizen with 18 years of age and employment of at least 3months with minimum income of $1000 per month.
You need to have a checking account, valid phone number and house address.
When you are availing loan in person then you are given a form to fill and you are required to fill your personal details and detail of your employment and you have to give a postdated check, which will be used by the lender after your payday. You need to fill in the amount in the check which is addition of the principal amount plus interest, plus the fee of the lender.
In case of emergency you can opt for online loan too, which is far simpler and can be availed from anywhere and some lenders provide round the clock service too. Before going for online shopping of the payday loan just compare the rates of the lenders and read the terms and conditions carefully. You are required to fill your personal and employment details along with the pay account number. After verifying the details, the lender transfers the amount to your account. And on the next payday he withdraws the due amount which includes , the principal amount in addition to interest and his fee.
Rules and Regulations
Only registered lenders are allowed to do business
Floridians are expected to ensure that their lender is licensed.
Amount of Loan
The state legislature has control on the payday lenders because they were reported to charge exorbitant rate of interest. The state legislature has allowed only $ 500 dollar as limit to lend. There soon will be change in the limit as bill is making its way and is believed to be doubled to $1,000.
Only one Payday Loan at a time
It is a state rule that at a time you can avail only one payday loan. Reason being to save the consumers falling into the quagmire of debt from which it becomes very difficult to come out as the interest rate charged by payday lenders is very high.
The loan cannot be lent for less than seven days so the duration for the loan as regulated is between 7-31days. The rollovers are not allowed, if the borrower is unable to pay the loan on the decided date, the lender cannot renew the loan and charge the fee again for the delay .
The fee of the lender cannot exceed 10% of the loan amount.
As many of the poor Floridians who undergo financial emergencies and do not have good credit, they catch on to online payday loan to waddle through the financial exigency to the next payday.