Payday Loans in South Miami, Florida
Things happen, and we often end up in a situation where we must pay for some unexpected bills. Think about submitting an application for a cash advance loan in South Miami, FL, to see if you meet the requirements.
The loan application process is quick and simple. To qualify, loan borrowers must satisfy a few straightforward criteria.
What is a Payday Advance Loan? What Can It Pay For?
A cash advance loan is where the borrower will receive a small amount of cash on a short-term basis. This is considered an unsecured personal loan as no collateral is needed.
When unexpected bills come up, such as past due rent or utility fees, car fixes, medical or vet fees, and so forth, people often seek out cash advance loans.
Paycheck Advance Loan Stipulations In South Miami, FL
In South Miami, Florida, paycheck advance loan borrowers must meet a few stipulations to be eligible for a loan.
The borrower is required to:
- Prove that they are a resident of South Miami, Florida
- Must be 18 years of age
- Receive a steady income that they can prove that's at least $1,000/month
- Give current contact details like phone number and email address
- Give their SSN
If a borrower does not satisfy the above requirements, they will automatically be denied a cash advance loan. Make sure you possess the documents needed when applying.
Laws and Regulations Concerning Payday Loans in South Miami, Florida
The State of Florida has ruled payday lending legal. However, they have created the below rules and laws for the payday advance lending industry:
- An individual lender cannot offer a loan in excess of $600. Borrowers cannot take out more than two unpaid loans from different lenders. There is no minimum loan amount.
- The minimum loan term is not set, the longest loan term length is 31 days. In Florida, borrowers are unable to rollover their loans.
- The fees and charges are different for each lender. The service fees charged by lenders on a payday loan are not considered interest. The service fees apply to every $100 borrowed and can vary between 11-15%.
- An interest rate is required to be mutually decided upon. APR can be as high as 369%.
Will Payday Advance Lenders in South Miami, Florida, Run 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 have no credit or bad credit, you might still be eligible for a loan given that you can show that you are able to repay the loan. Lenders are usually unconcerned about your credit if you provide proof of income and a strategy to pay back the loan.
Lenders will rely on a soft credit check, which will have no impact on your credit score. This is simply to get an idea of your credit history and general information.
A hard credit pull, dissimilarly, must have your explicit consent. These credit inquiries are done for a plethora of purposes, including mortgages, credit card applications, and more.
You might still be approved for a cash advance loan with less than great credit in South Miami, Florida, as long as you can prove you will repay the loan.
Therefore, when you request a loan, whether it is in person or online, ensure that you have your income information available and any other documents verifying that you can repay the loan. The more proof you have, the better chance your loan request will be granted.
When Will I Receive My Funds in South Miami, FL?
When you receive your funds really relies on your lender as some lenders offer same-day cash advance loans, which means you will receive your payday loan on the same day you apply, as long as you're approved.
Much of the time, however, lenders will give the borrower their lump sum on the following business day. Businesses generally close for holidays and weekends. Therefore, if you submit your application on a Friday, you may not get your deposit until Monday.
If you're wanting a same-day cash advance loan in South 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 deposit on the day that you submit your application.
One more consideration that you should know is despite if the lender approves your application and posts the deposit to your bank, sometimes the bank won't release that credit immediately. It's important to let your bank know that you plan to get a cash advance loan, so they could possibly make an exception in releasing the funds earlier.
Overall, it's wise to prepare in advance to get cash on the next business day. That way, you're not surprised if you cannot receive it on the same day.
Consider Working With PaydayLoanRadar
If you possess less than great credit or no credit and are needing to secure a paycheck advance loan, think about applying with us, as you frequently have a higher chance of approval.
We partner with hundreds of different lenders who provide their services online. Most of the time you will get your loan on the next business day so make sure that you plan correctly.
Although, you can always locate the nearest payday advance loan store to you and apply in person to increase the chances of getting your loan on the same business day. When applying in person, make sure that you have your government ID or driver's license; a passport will work as well. Now and again, lenders may require proof of address, so bring a utility bill to the store too.
To locate the nearest cash advance loan store, please use the list below and find your city.
Payday Loan Direct Lender Companies in South Miami, FL
Below you will find a list of payday loan companies offering their services in South Miami, Florida. If you can't find a lender near your location in South 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 South 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.