Cash Advance in Miami

How to Avert Financial Disaster With a Payday Loan in Miami

April 29, 2011

You may occasionally find yourself short of cash, and often when you need it the most. Any type of unforeseen emergency, like a medical bill or auto repair bill, can leave us wondering how to cover the cost before your next paycheck. If you happen to be in this situation, a payday loan is quite possibly the easiest and best solution. Taking out a cash advance in Miami will provide you with the needed funding, and you can obtain the money in just minutes.

A number of payday loan companies operate in Florida, and you can stop at one of the many store locations or visit them online to complete the application process. Before you get started, however, make sure you are familiar with Florida laws relating to this type of short-term financing.

Only persons over 18 years of age may apply for and receive a cash advance in Miami. A credit score is not required, but lenders will need to see proper identification, such as a driver’s license. You will also need to present a recent payroll check stub from your employer or show proof of another source of income. These lenders will advance funds only if you have an open checking account; money deposited into that account at a later date will be used to repay the loan.

Florida law allows payday loans for a period of no less than 7 days, and a maximum term of 31 days. You can obtain a cash advance in Miami for any amount up to $500. The lender will assess a finance charge of 10%, plus a verification fee. The resulting APR on a 14 day loan in Florida is 390%; this figure represents the accrued interest if the loan extended through an entire year. You will be repaying the loan in a much shorter time period, but remember that this figure is significantly higher than a traditional bank loan.

If applying online, be sure to have the necessary documentation handy when filling in the application. This includes your checking account number and bank routing number, employer information, and driver’s license or other ID number. If applying in person, you will need to bring these with you. Your loan will be secured by a postdated check written by you that includes the amount of the loan plus applicable fees. At the time the loan expires, the lender will withdraw this amount from your bank. You can get a cash advance in Miami either in the form of cash or as an immediate deposit into your checking account.

A payday loan cannot be extended past the due date when applying in the state of Florida. Nor can it be refinanced or “rolled over” to be combined with a second loan. The loan must be repaid before a new loan can be obtained. Once you have received a cash advance in Miami, you can use the same lender for subsequent loans without having to go through the entire application process once more, as the company will keep your information on file.

Use short-term lending only in times of emergency. Know the amount you can repay when taking out this type of financing. As you will find out, the interest and fees can be a financial burden themselves if you take out repeated loans.