At the maximum size allowed, the $500 loan cost Florida math is the same figure used in required advertising disclosures across the state.
Quick answer: A $500 payday loan in Florida, at the maximum fee, costs $55 (10% plus a $5 verification fee), which is roughly 287% APR on a 14-day term, per the state's own representative disclosure example.
The worked example
- Loan amount: $500 (Florida’s single-payment statutory maximum)
- Maximum fee (10% plus $5 verification): $55
- Total repayment: $555
- APR on a 14-day term: roughly 287%
- APR on the full 31-day term: meaningfully lower, since the fee is spread over more days
Why lenders often show the shorter-term number
A 14-day representative example is commonly used because it reflects a typical pay cycle, but the actual APR you’ll pay depends on your specific loan term. Ask specifically which term length applies to your loan before comparing the APR you’re quoted.
What to weigh before borrowing the maximum
Borrowing the full $500 cap when you only need less adds cost without benefit. And at this size, the gap between a payday loan’s APR and a credit union Payday Alternative Loan’s 28% cap is substantial enough to justify checking both before deciding.
Frequently asked questions
$55, which is 10% of the $500 statutory maximum loan amount plus the $5 verification fee.
Because APR depends on term length; a 14-day loan and a 31-day loan with the same $55 fee produce very different annualized rates.
Only if you need the full amount; borrowing less when possible keeps your fee proportional to your actual need.
This article is educational and is not financial or legal advice. Before you borrow, confirm the lender is licensed with the Florida Office of Financial Regulation (OFR).