Seeing the $300 loan cost Florida math worked out in real numbers makes the true price easier to picture than a percentage alone.
Quick answer: A $300 payday loan in Florida, at the maximum fee, costs about $35 ($30 plus the $5 verification fee), which works out to roughly 304% APR on a 14-day term.
The worked example
- Loan amount: $300
- Maximum fee (10% plus $5 verification): $35
- Total repayment: $335
- APR on a 14-day term: roughly 304%
- APR on the full 31-day maximum term: notably lower, since the same fee is spread over more days
Why the term length changes the APR so much
The $35 fee is fixed regardless of whether your term is 14 or 31 days — but APR measures cost per year, so a shorter term concentrates that same fee into a higher annualized rate. This is the same math that applies to any payday loan amount, just scaled down from the $500 maximum.
What this means for your decision
If you only need $300, borrowing $300 (not the full $500 cap) keeps your total fee proportional to your actual need. Compare that $35 fee against a credit union Payday Alternative Loan, which for the same amount could cost meaningfully less under its 28% interest federal cap.
Frequently asked questions
Up to $335 total, assuming the maximum 10% fee plus the $5 verification charge.
Yes, a shorter term produces a higher annualized APR for the same dollar fee, since APR is calculated per year.
Yes, 10% of the amount borrowed plus the $5 verification fee is the statutory maximum in Florida.
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).