How Florida Installment Payday Loans Differ
- Maximum amount: $1,000, double the single-payment cap
- Term: 60 to 90 days, instead of 7 to 31
- Fee: up to 8% of the outstanding balance, charged every two weeks, plus a $5 verification fee — not a single flat percentage
- Repaid across several installments rather than one lump sum
Why Florida Added a Second Product
State analysis at the time found Floridians paid roughly $306 million in fees on about $3.09 billion borrowed in a single year under the original model. Lawmakers added the installment option to give borrowers a longer window to repay a larger amount. It replaces the single due date of the original model with a repayment schedule spread across several weeks.
What to Check Before Choosing Florida Installment Payday Loans
Fees accrue biweekly on the outstanding balance rather than as one flat charge. Ask for the total dollar cost across the entire 60–90 day term. Don’t assume this product automatically beats a standard payday loan of comparable size — compare the full cost of both before you decide. For a look at how the standard, single-payment option compares, see our guide on Florida’s payday loan amount limits, and for the full legal picture, see our complete overview of Florida payday loan laws.
FAQ
How much can I borrow with Florida installment payday loans?
Up to $1,000, compared to the $500 single-payment cap.
How long is the repayment term?
60 to 90 days, paid off in installments rather than a single lump sum.
Is the fee structure the same as a standard payday loan?
No. Fees run up to 8% of the outstanding balance every two weeks, plus a $5 verification fee — not one flat 10% charge.
This article is educational and is not financial or legal advice. Before you borrow, confirm the lender holds a license with the Florida Office of Financial Regulation (OFR).