Find the Best Payday Lenders in West Palm Beach, FL

Payday lending is illegal and unavailable to consumers in some states. Payday loans usually have very high interest rates and carry risk. As with any loan, consumers should have a clear understanding of the fees, terms and conditions of any payday loan before borrowing.

How to get a payday loan in West Palm Beach

With a payday loan in West Palm Beach, a borrower can get up to $500 in cash. In exchange, the lender gets a check for principal plus fees, to be deposited on payday or an agreed-upon date. Online lenders may instead ask for electronic banking information so the funds can be automatically withdrawn from your bank account.

As convenient as payday loans in West Palm Beach are, they come at a high cost. Payday lenders in Florida can charge up to 10 percent of the borrowed amount, plus a $5 verification fee. This means the annual percentage rate on a two-week loan might be anywhere between 285 and 390 percent.

For this reason, it’s best first to consider payday loan alternatives, such as borrowing from family or friends, contacting creditors and asking for more time, applying at a credit union or asking an employer for an advance.

If you do take out a payday loan in West Palm Beach, be familiar with the relevant laws in Florida:

• No borrower can take out more than one payday loan at a time.
• The loan term must be between seven and 31 days.
• If the loan term ends and the borrower can’t repay in full, the lender must provide a 60-day grace period with no additional charge (as long as the borrower completes credit counseling).
• The borrower cannot be arrested for failing to repay a payday loan.

As you consider a payday loan in West Palm Beach, comparison shop for the lowest charges. Remember to borrow only what you can afford to pay back, taking into account the total cost of the loan. Have a clear understanding of the due date. If you have any questions about the terms, ask the lender before completing the transaction.