Bears Lending
Florida's payday loan rules live in Chapter 560, Part IV of the Florida Statutes — the "Deferred Presentment" law. Every licensed lender in the state, including Bears Lending, operates under it. The rules below apply to any payday loan made to a Florida resident, whether in store or online.
1. The $500 cap and the 7–31 day term
A Florida payday loan is capped at $500 per loan. The term must be between 7 and 31 days, which in practice means "your next payday." There is no minimum amount in the statute; most lenders, including us, start at $100 or $200.
2. Fees are fixed by law
Florida sets the fee, not the lender. A licensed lender may charge:
| Fee | Amount | On a $300 loan |
|---|---|---|
| Finance charge | 10% of the amount | $30.00 |
| Verification fee | $3.00 flat | $3.00 |
| State database fee | $1.00 flat | $1.00 |
| Total repaid | — | $334.00 |
That's it. No origination fee, no "processing," no credit insurance. If a Florida lender quotes anything other than $10 per $100 plus $4, either it isn't licensed or it isn't a payday loan.
$34 on $300 for 14 days works out to 295% APR. The APR is a yearly rate applied to a two-week loan — useful for comparing loans, misleading as a measure of what you'll actually pay. The dollar cost is the fee column.
3. One loan at a time, and the state database
Florida runs a statewide deferred presentment database. Before funding, every licensed lender checks it to confirm you have no other open payday loan. You can hold only one at a time, and there is a 24-hour waiting period after paying one off before you can take another.
The database is not a credit report. It records only Florida payday loans, doesn't show on your credit file, and doesn't affect your score. The $1 database fee funds it.
4. The 60-day grace period
This is the rule most borrowers never hear about. Under §560.404(22), if you can't repay on the due date, you are entitled to a 60-day grace period with no additional charges — provided you:
- Tell the lender before the due date that you can't repay in full.
- Complete a session with an approved consumer credit counseling agency within 7 days.
- Follow the repayment plan the counselor and lender agree on.
During the grace period the lender can't charge fees, can't deposit your check and can't send the account to collections. Bears Lending keeps a list of approved agencies at every store and our Consumer Education Lead can connect you the same day.
5. No rollovers, no criminal liability
Florida prohibits rolling a payday loan into a new one. You pay it off, wait 24 hours, and may then take another — but the old loan can't be "renewed" with a new fee. Separately, defaulting on a payday loan is a civil matter only; a lender that threatens arrest or criminal prosecution is breaking the law.
6. Who enforces it
The Florida Office of Financial Regulation (OFR) licenses deferred presentment providers and examines them on a schedule. You can verify any lender's license at flofr.gov and file complaints there. Bears Lending's Florida deferred presentment license is listed on our licenses page.
What this means at the counter
- A $300 Florida payday loan will cost $334 to repay, at every licensed lender, every time.
- You can't have two at once, and you can't roll one over.
- If payday comes and you're short, say so before the due date — the grace period is yours by law.
- If the numbers, the rollover offer or the collection threats don't match the above, the lender isn't licensed.
Questions
Can I get a payday loan online in Florida?
The application can start online, but Florida requires the agreement to be signed in person, so the loan is completed in store.
How many payday loans can I have in Florida?
One at a time, statewide, enforced by the database. A 24-hour wait applies between loans.
Does the grace period cost anything?
No. No fees, no interest, no collection activity for 60 days, as long as you complete the counseling session within 7 days.