3 Best Payday Loan Companies in Florida To Visit

How to Choose the Best Payday Lending Company in Florida

Payday loans are short term loans that allow the customer to pay back borrowed money on their subsequent pay day. They are quick, convenient and you usually get your money on the same day you apply for the loan. In this article, we are going to focus on three of the best payday loan companies in the state of Florida. However, firstly let us delve into the details, how do payday loans work? Who are they suitable for?

How do Payday Loans Work?

Payday loans are unsecured loans meaning that the money loaned is not tied to a secured asset such as a property or a business. The applicant is obliged to provide proof of identity, proof of income and residence. Most payday loan companies require the applicant to write a post-dated check, the check is cashed on the basis that the applicant pays the money back on a subsequent pay day. This could range from one week to one month.

Online payday loans operate slightly differently however, the applicant completes an online application providing all relevant information. Sometimes it is possible to verify customers electronically however, in some cases the lender will ask the customer to send proof of identity, income and residence via e mail. The loan is transferred into the applicant’s bank account via direct deposit, and  is paid back by automatic payment on the applicants next pay day.

Who Are Payday Loans Suitable For?

Payday loan applicants must be at least 18 years old with a verifiable income and proof of residence. They must also have a working checking account with direct deposit availability. Payday loans cater for applicants with a poor credit rating as most payday lenders offer loans based on affordability as opposed to credit score.

Rules and Regulations of Payday Loans in Florida

Payday loans in Florida are protected by the Florida Office of Financial Regulation. All Florida based payday loan companies need to adhere to certain rules:

Applicants must be 18 years old

  • Applicants need to pay the loan back in full before applying for another loan
  • 10 percent fee limit and $5 verification fee
  • Maximum $500 loans
  • Loan duration: seven to 31 days

Fast Payday Loans

Fast Payday Loans offer payday loan services in Florida, the maximum loan availability for applicants is $500. The process is quick and borrowers usually receive their money on the same day.

The staff at Fast Payday Loans will quickly scan through your application and you might be required to provide more details if necessary.

The Process:

  • Fill out a short online application
  • Find your nearest store and attend a fast loan appointment
  • Bring relevant documents such as:
  • Valid government ID
  • Proof of residence
  • Proof of income
  • Blank Check
  • Verification
  • Loan agreement signed
  • Money transferred to borrower

Note: Loans must be paid back within seven to 31 days, all applicants must have a an operational bank account that accepts direct deposit.

Money Mart

Money Mart, a nationwide money lending and financial services company. They offer Fast Cash a special lending service for people that live in Florida. Money Mart operates as the Check Cashing Store in the state of Florida. The loans are designed to provide customers with fast, on the spot cash. Money Mart claim that you can have your cash in just 15 minutes. You can borrow up to $500 depending on your circumstances.

To qualify for a Fast Cash loan, you must adhere to the following requirements:

  • You must be at least 18 years old
  • You must be working and earn a minimum of $15,000 per year
  • Your paycheck must be transferred into your account using direct deposit
  • Have photo identification (government issued)
  • Valid proof of address
  • Never missed payments on a previous loan account
  • Checking account with overdraft feature

To get a loan you will need to bring the following items to the store:

  • Blank check
  • Recent bank statements (no more than 45 days old)
  • Proof of income
  • ID

All fees, rates and charges are in the small print and provided by Money Mart. Loans must be paid back on time or fees will apply. The duration of the loan term is between seven and 31 days in most cases.

My Flex Cash

My Flex Cash offer short-term online loans with a quick turnaround time. The loans offered at My Flex Cash are designed to be simple, quick and affordable. Prospective customers should fill out the online form and wait for the loan approval confirmation email. Majority of the time, you will not have to fax or e mail identification, this is only required for those who cannot be verified electronically. If you complete your application before 3pm EST on a working day, the money will be transferred into your account the next day.

Applicants must be 18 years old, in full time employment and they must have a bank account with a direct deposit facility. If more information is required by the My Flex Cash, you will receive a call or email detailing what they need to complete your loan application.

For more detailed information regarding the loans that My Flex Cash offer, it is best to contact them via phone. All information regarding charges, fees and rates will be provided by the lender.

Here are just a few pros and cons of payday loans:


  • Speed
  • Usually the money is paid out on the same day or the next working day.
  • Convenience
  • Even people with bad credit can qualify for a payday loan
  • Protect your credit rating with short term loans, your circumstances could change drastically with a long-term loan, and not being able to make the repayments could totally destroy your credit rating.
  • Great for emergencies


  • Usually higher interest rate
  • One payday loan could lead to another payday loan, especially when you have less money at the end of the month because you had to pay back the first loan.
  • Some lenders need access to your bank account
  • Less time to pay can also be a disadvantage especially when you have plenty of other bills to pay.

Poor credit rating loans can also be considered a con because people with a poor credit rating are more likely to default on their loan, which will eventually cause more credit problems for borrowers.

Note: Read the small print carefully when applying for and accepting a payday loan. All payday loans in Florida must fall in line with the regulations outlined by  the Florida Office of Financial Regulation.  it is crucial that you carry out adequate research to ensure that you are satisfied with the terms and conditions of the loan prior to signing on the dotted line. Payday loans can be useful in emergencies however, it is imperative that borrowers avoid late repayments as this will not only affect your credit rating, but it will attract charges and fees that will inevitably increase your repayments. 

There are a multitude of payday loan companies to choose from in Florida however, to avoid issues relating to borrowing from an unregulated lender, choose companies that offer transparency in regard to their terms and conditions and fee structure. If in doubt, check with the Florida Office of Financial Regulation to find out whether or not the payday loan company is adhering to the rules and regulations pertaining to the payday loans in the state of Florida.

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