Cash Advance and Payday Loans in Orlando, Florida

A cash advance is a short-term cash loan available through banks or direct lenders. A cash advance may be available in Orlando, FL. Nonetheless, the state enforces strict regulations on the financial product.

Advantages of Taking Out Payday Loans in Orlando

There are several advantages to obtaining a payday loan. Some of them include:

• Easy access to cash. Many lenders process the application faster than traditional financiers and transfer the money quickly, often as soon as the next business day.
• Applicants can quickly fill out the online form without any hassle, as long as they meet the requirements. Many lenders reply to their applicants within minutes after applying.
• Income can be a major factor in determining loan approval. Unlike traditional loans, the borrower’s credit score may not impact their creditworthiness as heavily.
• Payday loans are sometimes used by people looking to escape banks' extensive repayment terms.

How to Get a Cash Advance and Payday Loan in Orlando

Local payday lenders with storefronts in Orlando, FL, are a viable option for obtaining a loan. You might also consider online platforms, which are rising in popularity due to their easy application process. Through online forms, borrowers can apply for the cash they need in the comfort of their own home.

Completing an online request form may require the following:

• Personal information, such as your name, address, phone number, and email address
• Bank account number
• Employer name or revenue source

Cash Advance and Payday Loan Requirements

To apply for a payday loan in Orlando, Florida, you will need to meet some criteria. Generally, lenders will require the following:

• You must be 18 years or older to apply
• You must provide your Social Security number
• You must be a legal resident
• You must have a stable source of income of at least $1,000/month
• You must provide a phone number and email address
• You must not be in debt or bankruptcy

Costs and Regulations of Cash Advances and Payday Loans in Orlando, FL

State law imposes strict rules and limitations to follow when applying for a cash advance or payday loan in Orlando, Florida. The State of Florida allows payday loans up to $500, excluding fees.

Borrowers are not allowed to accumulate multiple loans; they can only apply to receive one loan at a time. Borrowers must also wait at least 24 hours after repayment of a loan before applying for a new one.

The maximum finance charges that lenders can apply can reach up to 10%, and the annual percentage rate is set at 304%.

The minimum loan period for a cash advance in Florida is seven days, but it can reach up to 31 days.

The state forbids rollovers, and lenders cannot press criminal charges against their borrowers.

Borrowers can learn more about the state rules concerning short-term loans in Orlando, FL, at the state legislature lending rules website.

Installment Loans in Orlando

An installment loan is another kind of short-term loan. Individuals with a bad credit history commonly use these loans given their relatively flexible payment plans. Rather than repaying the loan at once when the borrower’s salary arrives, they are given extra time to settle their debt through monthly payments. In some instances, lenders can go as far as offering a one-year term to pay back your installment loan.

Requesting Title Loans in Orlando

A title loan is another type of short-term loan. They are offered under the condition of collateral. To receive this loan, borrowers place their vehicle, be it a car, truck, or motorcycle, up as collateral. The borrower will have to temporarily hand in the hard copy of their vehicle title to the lender in order to secure the loan.

The process for acquiring a title loan is comparable to that of a cash advance or payday loan. The borrower must first complete a request form online. After that, the lender will evaluate the vehicle’s equity and the borrower’s ability to pay back the loan.

Residents of Orlando, FL, may need the following documents in order to apply for a title loan successfully:

• A valid government-issued photo identification
• Proof of residency in Orlando, Florida
• Name, address, email address, and phone number
• Photos of the vehicle to be set as collateral
• Name of employer or income source
• Lien-free car title

If there is a lien on your car, that indicates you are in debt to the lender, and the vehicle is still collateral. You can only remove the lien once you pay back the loan.

Favorite Orlando, FL, Cash Advance and Payday Loan Companies

There are many businesses that provide cash advances and payday loans in Orlando, FL.

Advance America has many storefront branches scattered in Orlando. They offer an informative website that helps borrowers research different types of loans. Aside from payday loans, they also provide installment loans, title loans, and line of credit.

Similar to Advance America, Rapid Cash also has plenty of storefront branches in Orlando, Florida. Their website allows borrowers to get a head start on their application and complete the online form anywhere they are.

Other loan companies in Orlando, FL, include Check n’ Go, Est. PayDay Loan, InstaLoan Loans, and Payday Loans Mission Orlando.

With so many online and storefront options, it is always best to do some research before choosing a company.  For additional information about cash advance rules, and to check lenders' authenticity, visit the Florida Office of Financial Regulation website.