The Short Term Loan
Fla. Stat. 560.404 — $500, 10 percent, 7 to 31 days, and no rollover
The size. The face amount of a check for a deferred presentment transaction not repayable in installments may not exceed $500, not counting the fees the part allows.
The fee. Fees may not exceed 10 percent of the currency or payment instrument provided, plus the verification fee the law allows.
The term. An agreement may not be for a term longer than 31 days or fewer than 7 days, except an installment transaction, which runs not longer than 90 days or fewer than 60 days.
No rollover, and a wait. A provider may not roll over an agreement. It may not enter into a transaction with someone who has an outstanding one with any provider, or whose previous one was terminated less than 24 hours earlier, and it checks a common database for both.
Licensing, the disclosures the lender owes, and what happens when a check is returned are set out in other parts of the law that are not on this page. Whether a particular loan broke these limits is a question for the state's financial regulator or a licensed Florida attorney.
Sources for this section (1)
- Fla. Stat. 560.404 — Requirements for deferred presentment transactions
Legal information, not legal advice. Verified as of September 2026. Applying it to a particular situation is the work of a licensed Florida attorney.