Payday Loans in Miami, Florida
Events happen, and we often wind up in a spot where we must cover some unexpected costs. Consider submitting an application for a payday advance loan in Miami, Florida, to see if you qualify.
The loan request process is swift and painless. To be qualified, you must meet a few straightforward criteria.
What is a Payday Loan? What Can It Be Put Towards?
A cash advance loan is where the borrower will be extended a small sum of money on a short-term agreement. This is deemed to be an unsecured personal loan because no collateral is expected.
When surprise costs arise, like past due rent or utility bills, vehicle fees, health or vet payments, and so forth, individuals often turn to cash advance loans.
Payday Loan Stipulations In Miami, Florida
In Miami, Florida, payday advance loan borrowers need to meet a few requirements to qualify for a loan.
The borrower must:
- Prove that they reside in Miami, FL
- Must be 18 years of age
- Have a steady stream of income that they can provide proof of being at least $1,000 per month
- Give active contact details such as cell phone number and email address
- Provide their SSN
If a borrower does not satisfy the above rules, they will automatically be denied a payday loan. Make sure you have the documents needed when applying.
Laws and Regulations Regarding Cash Advance Loans in Miami, Florida
Florida has ruled payday lending legal. Still, they have set the below rules and regulations for the paycheck advance lending industry:
- An individual money lender cannot extend a loan in excess of $600. Borrowers are not allowed to possess greater than two outstanding loans from different lenders. There is no smallest loan amount.
- The minimum loan term is not set, the longest loan term length is 31 days. In the State of Florida, borrowers cannot rollover their loans.
- The fees and charges change for each lender. The service costs charged by lenders on each loan or transaction do not fall under interest. The service fees apply to every $100 borrowed and can range from 11% up to 15%.
- An interest rate must be mutually settled upon. APR can range up to 369%.
Will Cash Advance Lenders in Miami, Florida, Complete Credit Checks? What If I Have Bad/No Credit History At All?
Yes, the lenders we have a relationship with will perform a credit check on you, but, even if you possess no credit or bad credit, you may still be approved for a loan given that you can prove that you are able to repay the loan. Lenders are commonly unbothered by your credit if you possess proof of income and a strategy to repay the loan.
Lenders will perform a soft credit check, which will not impact your credit score. This is solely to get a feel of your credit history and basic information.
A hard credit check, on the other hand, requires your permission. These credit inquiries are done for a plethora of purposes, such as mortgages, credit card applications, and more.
You can still be approved for a payday advance loan with poor credit in Miami, Florida, provided that you can prove you will repay the loan.
Therefore, when you apply for a loan, whether it is in person or online, ensure that you have your income information ready and any other documents proving that you can repay the loan. The more proof you show, the more likely your loan request will be granted.
When Will I Get My Money in Miami, FL?
When you get your money really relies on the lender as some lenders offer same-day cash advance loans, which means you will get your payday loan on the same day you submit your application, as long as you're approved.
Much of the time, however, lenders will send the borrower their lump sum on the following business day. Businesses often close for holidays and weekends. So, if you submit your application on a Friday, you may not get your deposit until Monday.
If you're wanting a same-day paycheck advance loan in Miami, FL, you will need to ensure you're applying by 10:30 am. Any and all same-day loans going out that day will be approved by that time. However, you should apply earlier than that if possible, as it will boost the likelihood that you see your funds on the day that you submit your application.
One other factor that you should know is despite if the money lender grants your loan request and posts the funds to your bank account, occasionally the bank won't release that loan right away. It's vital that you let your bank know that you plan to receive a paycheck advance loan, so they might make an exception in releasing the deposit earlier.
On the whole, it's wise to prepare in advance to get your loan on the next business day. That way, you're not out of luck if you cannot receive it on the same day.
Consider Borrowing From PaydayLoanRadar
If you possess less than great credit or no credit and are looking to secure a paycheck advance loan, think about applying with us, as you usually have a higher chance of approval.
We partner with more than one hundred different lenders who offer their services online. Often you will get your loan on the following business day so ensure that you plan accordingly.
Although, you can always locate the closest payday loan store to you and apply in person to increase the chances of getting your money on the same day. When requesting a loan in person, ensure that you have your government ID or driver's license; a passport is sufficient. Occasionally, lenders may require proof of address, so bring a utility bill to the store too.
To locate the nearest paycheck advance loan store, please refer to the list below and locate your city.
Payday Loan Direct Lender Companies in Miami, FL
Below you will find a list of payday loan companies offering their services in Miami, Florida. If you can't find a lender near your location in Miami, consider applying in a nearby city in Florida. Alternatively, you can apply online on our website and get a decision almost instantly.
If you can't find a lender near your location in Miami, consider checking out payday loan lenders in nearby cities. Alternatively, apply online on our website and get an instant decision. If approved, you will get your cash the same or next business day.