Florida Payday Advance Law

Under the terms of Florida’s Payday Advance Law,

• If you cannot repay the loan on the due date, you must declare this fact to the lender on, or before, the due date;
• The payday lender must then freeze the loan for a grace period of sixty (60) days during which time no additional interest or fees can be collected by the lender;
• Within the first seven (7) days of this grace period, the borrower must present proof to the lender that an appointment has been scheduled with a credit-counseling agency that is approved by the State of Florida. Note: Approval as a credit-counseling agency for Payday Advance Loans does not constitute an endorsement of this, or any other, agency by the State of Florida. The lender is required to provide the debtor with a copy of the list of approved counseling agencies;
• The borrower is required to complete a credit-counseling session within the sixty (60) day grace period;
• At the conclusion of the credit-counseling session, the Counselor may propose a monthly repayment schedule that will enable the borrower to repay the debt over a reasonable period of time; and, provided that the repayment period is reasonable, the payday lender must accept the proposed monthly payments.

Consumer Debt Counselors has been approved as a credit-counseling agency and can help you pay off that payday loan.

Note: Approval as a credit-counseling agency for Payday Advance Loans does not constitute an endorsement of this, or any other, agency by the State of Florida.

When you contact Consumer Debt Counselors, your Counselor will ask you to provide basic information regarding your payday loan, all of which can be found on the contract you signed when you obtained the advance. Please have the payday loan contract available when you contact us. Your Counselor will then notify the payday lender of the date and time of the appointment, thus providing the proof of appointment required by the law.

During the counseling session, your Counselor will help you determine your options for repaying the loan and create a repayment schedule that best fits your needs. While many of the payday lenders do not require that a balanced budget be submitted with the proposal for repayment, Consumer Debt Counselors will gladly help you develop a budget that will empower you to better manage your cash flow in order to avoid the need for this type of loan in the future.

Click Here to schedule a FREE and CONFIDENTIAL appointment with one of our professional Counselors.