Online Payday Loans in Florida – 0% APR Alternatives

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Are you considering a payday loan while you wait for your next check? It’s not uncommon for payday loans to be used as a last resort, but did you know there are better alternatives that may be available to you?

Payday loans are costly, and in Florida, you could be responsible for up to 304% in APR charges plus a 10% finance charge just for borrowing. See how payday loans stack up against MoneyLion’s 0% APR alternative. 

Options For Payday Loans in Florida 

A traditional payday loan works by a lender providing cash up front in exchange for a post-dated check in the amount of the loan plus fees and interest charges. Not everyone is eligible for a payday loan, so be aware of these requirements and stipulations.    


  • You must be a Florida resident.
  • The minimum age for a payday loan in Florida is 18 years old. 
  • There’s no law that explicitly states you need to be employed to qualify for a payday, loan but lenders will require you to have a steady history of deposits from an outside source into your bank account if you are not a W-2 employee. 

Credit Affects

When you apply for a payday loan, lenders don’t usually pull your credit score but this doesn’t mean your credit score can’t be impacted. If you miss or make late payments the lender can report any delinquencies to the credit bureau which will impact your credit score negatively. Making on-time payments, however, will not positively affect your score. 

Number of Loans

You can only have one payday loan at a time. There isn’t a limit on how many loans you can receive in a calendar year, but there is a 24-hour mandatory wait period between any two consecutive loans. 

Max Loan Amount 

The maximum amount you can receive in payday loans in Florida is $500, not considering the fees. 

Loan Terms

A minimum loan term of 7 days and a maximum loan term of 31 days. You are provided a 60-day grace period if you are unable to repay the loan on time, contact your lender as soon as possible. It’s also worth noting that lenders cannot press criminal charges in Florida for a borrower who is not able to repay their loan.

Payday Loan Alternatives in Florida 

Forget the high interest rates that payday loans come with and seek out alternatives that will still give you what you want: advanced cash fast. MoneyLion offers a couple of those options – Instacash and Credit Builder Loans. 


Instacash by MoneyLion is different than a traditional payday loan because you can take advantage of a 0% APR (annual percentage rate). 

Instacash will never affect your credit, it’s completely online via mobile app, and you can use your mobile phone. You can take up to $250 in advances at a time with Instacash. 

Let’s see what the difference would be if you were to take out a $200 loan with each option. 

Loan TypeAmount BorrowedAPRFeesRepayment Amount
Payday Loan$200200%$25$262.50
Instacash$2000%$0- $3.99$200 – $203.99

In this scenario, you’ll spend just about $60 more with a payday loan to borrow the same about from MoneyLion through Instacash. To see Instacash fee options, click here, you could avoid the delivery fee altogether! 

Credit Builder Loans

MoneyLion’s Credit Builder Loans lets you reap several benefits. You’ll be able to take out a loan up to $1,000 and help increase your credit score at the same time. MoneyLion will report your on-time payments to Experian, Equifax and TransUnion. More than half our members raised their score by up to 27 points within 60 days. Plus you’ll get access to Instacash cash advances and other premium banking features.

In order to participate in MoneyLion’s Credit Builder Loan, you’ll have to become a MoneyLion member first. Download the app, create an account, apply for Credit Builder Plus, and you’re on your way to borrowing instantly. 

Smart Lending in Florida

Be careful when considering any cash advance or payday loan. You should go into it fully understanding your repayment terms and conditions so that you don’t wind up missing a payment and hurting your credit score. 
Based on fees and ease of use, MoneyLion’s alternatives to cash advance can be a better, less riskier option. Check out what MoneyLion has to offer today!

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