In Florida, as in other states across the country, there are traditional types of lenders as well as alternative types of lending services, both of which are regulated and monitored. The traditional lenders include banks and credit unions, and the alternative type of lenders include payday and cash advance types of lenders.
Short term loans, which is another term for payday loans or cash advance loans, are very popular when money is required for a short period of time. This is typically one pay period or 14 days. The maximum amount allowed for these types of loans is $500, with strict regulations in place to safeguard consumers, which is similar to the reasons regulations are also in place for banks.
Approval Process
The approval process for short term loans is very fast. It can be completed quickly as there is no credit check required. Instead of a credit check, the borrower provides all the necessary information with the application.
Florida payday loan services require the applicant to provide a government-issued identification, a current bank checking statement, proof of employment and contact information. Once approved, the cash is immediately available and can be loaded on a prepaid debit card or used for bill payment through the service.
Repayment
As the term of the loan is a maximum of 14 days, the lender simply charges a flat fee for the loan. This fee is based on the amount borrowed and is added to the repayment total.
The borrower issues a check to the lender for the total of the amount borrowed and the fee. The borrower can come into the check cashing location and pay off the loan before the due date or have the check cashed on their account on the due date.
Choosing short term loans is a simple process. Be sure to work with a licensed payday lender for highly professional service and a wealth of options to help with your financial needs.
