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Everything You Needed To Know About Payday Loans in Florida

The use of payday or short-term loans is a good option for several different situations. They can be highly effective in dealing with emergency situations such as medical expenses, vehicle repair needs, sudden travel requirements or other similar issues.

There is a lot of misinformation about payday loans in Florida, which causes confusion and limits the ability for consumers to access these loans when needed. These loans do have a fee, which is provided to the borrower at the time of being approved, and there is no additional interest charged provided the loan, and the fee is paid by the due date, which is typically a 14-day period.

Many companies offer a single extension at another fee rate. However, if the original payment and extension payment is not completed in full, additional penalties and interest will begin to accrue on the account. These can be avoided by paying the loan within the original term.

No Credit Check

Rather than relying on a credit check, a service offering payday loans in Florida uses your employment. This means to get these loans you have to have a full or part-time job which will provide you with the funds required to repay the loan in the next pay period.

Applicants will also need to have identification, a pay stub, a history of working continuously to establish a steady source of income. In addition, the applicant will also need to have an open checking account and provide a check to cover the amount of the loan. Some companies also use an automatic draft, with both allowing the company to have the check or the account number as collateral for repayment of the loan.

Check the specific company offering payday loans in Florida to ensure the correct documents are presented with the application. This is a very simple process, with most people approved and leaving with cash in hand in just a few minutes.