Bad Credit Personal Loans in Florida
If you live in Florida and you’re thinking about getting a personal loan, and you happen to have bad credit, there may be some things you’ll want to know. In this article, you’ll learn:
- What kind of loans are available in Florida?
- What products or services can a loan for bad credit be used for?
- How can I apply for a bad credit loan in Florida?
Read on to understand how bad credit personal loan options* work in the great state of Florida.
*Please Note: Payment solutions vary based on the merchant and will be indicated at the beginning of the application process. Be sure to confirm that the merchant you select offers the lease, loan, or alternative payment solution you intend to apply for.
Bad Credit Personal Loan Options in Florida
Different states in the U.S. have varying laws and regulations regarding loan products. The Consumer Financial Protection Bureau (CFPB) enforces federal consumer financial laws. The goal of the CFPB is to make sure that all consumers have access to fair and transparent financial products and services.
Florida is one of several states that has specific laws regarding loans. Bad credit personal loans can be used to finance a consumer’s personal expenses, such as home repairs, unexpected costs like replacing a refrigerator, or medical bills. Some of the types of loan products available in Florida include:
- Bad Credit Personal Loans in Florida
- Bad Credit Auto Loans in Florida
- Bad Credit Home Loans in Florida
- Bad Credit Payday Loans in Florida
Understanding Florida Loan Types for Bad Credit
Florida currently can be seen as one of the friendlier states regarding lending laws, as their laws around loan products are not as stringent as some other states. This opens up options for those seeking a loan, but rates and details vary by lender, so learning more about the loan you may be considering might be helpful.
Bad Credit Personal Loans
Life happens, and expenses can pop up when you least expect them. Like your car breaking down at an inopportune moment, a washer all the sudden going out or experiencing a natural disaster, to name a few of life’s speedbumps. These events may be costly and might put a strain on your finances. Also, it may be challenging to find a lender who will approve you for a personal loan especially if you have less-than-perfect or bad credit.
Some bad credit personal loan products may be unsecured installment loans, meaning they do not require collateral. You may be able to use these loans to finance your personal expenses, such as home repairs or medical bills. An alternative lender may offer a wide range of loan products that may be able to if approved,* provide access to what you need and want.
Bad Credit Auto Loans
If you need to finance a new or used car but have bad credit, you may want to consider a bad credit auto loan. Bad credit auto loans are a financial product to help consumers with a low credit score be able to apply to get into a new set of wheels. As with all lenders, terms may vary so it may be helpful to read the conditions before signing up for a bad credit auto loan.
Bad Credit Home Loans
A bad credit mortgage loan is designed for borrowers with fair to poor credit as a pathway to homeownership. These loans may be a path or option for consumers who have been denied by traditional lenders due to their imperfect credit history to consider. Keep in mind terms vary, so it might be helpful to research bad credit home loans before signing paperwork.
Bad Credit Payday Loans
If you need cash but have bad credit, you may want to consider a payday loan or a cash advance. These tend to be short-term, small-dollar loans that are typically meant to be repaid by your next payday. Payday loans are legal in Florida, but they have strict laws:
- Payday loan amounts can’t exceed $500—no exceptions.
- You can only take one payday loan at a time.
- Payday loans in Florida are tracked through a central database, and you may have to wait for 24 hours to apply for another loan after paying the first one.
- The loan terms of payday loans are between 7-31 days, and rollovers are prohibited. Rolling over your payday loan may lead to additional fees, interest, and late payments. The repayment term is set when you take out the loan. If you cannot repay during this period, you can extend the loan term, but you may have to pay late fees.
- Florida law limits the access fees a lender can charge. The maximum fees are 10% of the loan amount for every $100, a verification fee of up to $5, and 304% APR (annual percentage rate).
What Products or Services Can a Bad Credit Loan Get You?
A bad credit loan may be used for a variety of goods and services. For example, if your refrigerator breaks down, this may cause a problem, but paying for it all upfront might cause a bigger problem for your budget. This is where bad credit loans may be helpful. You may be able to secure that refrigerator or other items you may need with access to a bad credit loan, if approved.*
You might be wondering: Is a lease the same as a loan?
Leases & loans are quite different – here’s what you need to know:
- A loan (or personal loan) is generally a lump sum of funds provided on the recipient’s behalf that is paid back over time (and, like most loans, includes interest.)
- A lease (or lease-to-own option) allows the recipient to possess the leased item for a pre-determined period of time and includes the option to purchase the item outright. It does not include interest but has leasing fees.
Uses for Bad Credit Loans in Florida
A bad credit loan may help you cover the cost of a variety of needs. Here is a look at some of the common uses for bad credit loans in Florida:
Product: Furniture
Average Price**: $400 – $10,000
Product: Mattresses
Average Price**: $250 – $3,000
Product: TVs
Average Price**: $300 – $3,500
Product: Refrigerators
Average Price**: $1,000 – $2,500
Product: Washers and Dryers
Average Price**: $300 – $2,000
*Please Note: Payment solutions vary based on the merchant and will be indicated at the beginning of the application process. Be sure to confirm that the merchant you select offers the lease, loan, or alternative payment solution you intend to apply for.
**Retail prices may vary based on extras and the type of product you purchase. For example, a TV can have a retail price as low as $300, however, some models may have a retail price upwards of $3,500 or more.
Florida Bad Credit Loans in Summary
Bad credit personal loans may be a source of funding when you need it most, especially if you have a less-than-perfect credit score, or no credit history.
If you have imperfect credit, you may have alternative payment options* with a personal loan. In fact, many online alternative lenders may offer competitive rates and repayment terms.
Find a store near you* to apply today.
*Please Note: Payment solutions vary based on the merchant and will be indicated at the beginning of the application process. Be sure to confirm that the merchant you select offers the lease, loan, or alternative payment solution you intend to apply for.
Florida Bad Credit Loans FAQs
Q: What Kinds of Loans for Bad Credit Can You Get in Florida?
A: While it may be a challenge to qualify for conventional loans from traditional banks or credit unions, there are several types of bad credit loans you may be eligible for in Florida. These include payday loans, car title loans, home loans, and personal loans. These unsecured loans have different interest rates, loan amounts, and payment terms.
Q: What’s Considered “Bad Credit”?
A: Bad credit is typically considered below a 580 credit score. A low credit score can result from many different factors. Consumers with bad credit may have difficulty qualifying for a loan with traditional lenders, but there are alternative payment options* for those with less-than-stellar credit to get the loans and cash you need.
Q: Where’s the Best Place to Get a Bad Credit Loan?
A: The best place to get a bad credit loan depends on your needs and situation. Generally, bad credit loans are offered by a variety of online alternative lenders. Different lenders provide various interest rates and varying terms to consider when applying for a loan or alternative payment option.*
Q: What’s the Maximum Amount I Can Borrow with a Personal Loan with Bad Credit in Florida?
A: To find out how much you can qualify for, you can apply online* today in just a few minutes.
*Please Note: Payment solutions vary based on the merchant and will be indicated at the beginning of the application process. Be sure to confirm that the merchant you select offers the lease, loan, or alternative payment solution you intend to apply for.