Are you looking for a small cash advance until your next payday? You might be tossing around the idea of a payday loan because you need money now. Before doing that, you should know there are a few options that could help and save you money.
Borrowing a payday loan in Miami is legal, but it’s going to come at a tremendous cost. Expect to have your loan come along with interest up to 304% and 10% finance fees. Skip the predatory payday loans and consider a 0% cash advance alternative from MoneyLion.
How To Get Payday Loans in Miami
In Miami, Florida there’s two types of cash advance loans: payday loans and deferred presentment installment transactions. Both require you to give the lender a post-dated check or direct deposit withdraw approval, in exchange for an advance on cash plus interest and fees
Payday loans cannot exceed $500 and term periods are from 7-31 days. These payments cannot be made in installments and there’s a maximum finance charge of 10% for every $100, verification fee of $5 or less and up to 304% APR.
Deferred presentment installment transactions are a maximum of $1000 with a loan term of 60-90 days, up to $5 verification fee and maximum loan fee of 8%.
Let’s take a closer look and compare these cash advances to MoneyLion’s alternative options.
Instacash
Max Advance Amount: $250
APR: 0%
Credit Affects: None
Instacash from MoneyLion is a cash advance up to $250 with no credit check and 0% APR. Access to Instacash is free to use and you can qualify for your highest Instcash amounts when you link your account to a RoarMoney mobile bank account. You can also use Instacash with and external bank account.
Your cash gets deposited within a couple of days and if you want your money faster, pay a small fee for instant deposits!
How to Qualify:
You must be 18
Steady Income or deposits
A bank account that has been open for 60 days or more
Your bank account must have a positive balance
In-Person Lender
Max Payday Loan Amount: $1,000
APR: Up to 304%
Credit Affects: Yes, potentially. Lenders in Florida typically don’t run credit, but they’ll report delinquencies to the credit bureaus immediately if you’re late or miss a payment.
Only one loan is allowed at a time with a cooling-off period of 24 hours between consecutive loans. Lenders must run every loan transaction through a database before entering into an agreement with a potential borrower.
As of July 2020, lenders are not obligated to confirm a borrower has the ability to repay a loan. If you are seriously considering a payday you should always verify licensure of your lender to ensure they’re not operating legally.
Eligibility may vary depending on each lender, but these are the most common requirements
How to Qualify:
Resident of Florida
Must be 18 or older
Proof of steady income
Active bank account with steady deposits
Instant Loan Options in Miami
Unfortunately, accidents and emergencies can pop up at any time. In those moments you find yourself unprepared financially, MoneyLion has the solution!
Credit Builder Loan
Loan Amount: You could qualify for up to $1,000
Credit Affects: The average Credit Builder Loan user can boost their credit score by 60 points in 60 days!
Consider a low-cost Credit Builder Loan for those unexpected bills and borrow up to $1000 instantly!
Get a portion of the loan in your hands same-day and the rest of the funds are saved for you in an interest-earning Credit Reserve account.
After the loan is paid back in full, the remaining funds in your reserve account are released to you. This added step is to help you increase your credit score and build healthy habits around saving– no hard credit check required.
How to Qualify:
18 years or older
U.S citizen or Permanent Resident
Social Security number
Provide a form of payment either by bank account, credit card, or prepaid debit card
What’s Included?
Loan up $1,000 with instant approval
Weekly credit updates – watch your score grow!
Credit improvement up to 60 points in 60 days
Exclusive Instacash benefits
12-month loan term with affordable payments
Credit Reserve Account that holds some of your funds and earns interest while you pay off your loan.
Need to improve your credit score fast? Learn more here!
Comparing Your Payday Loans in Miami
Take a look at the advantages and savings of MoneyLion cash advance alternatives over competitors.
Instacash | Credit Builder Loan | In-Store Lender | |
|---|---|---|---|
How Much Can You Borrow? | $250 | $1,000 | $1000 |
Fees & Interest | Free0% APR | Competitive APR, $19.99/month fee | Up to 304% |
Impacts Your Credit? | No | Yes, it builds your credit score. | Yes, negative reports could hurt your score. |
Availability | Online & Mobile | Online & Mobile | In-Person |
Wait Time | Instantly* | Instantly | Same Day |
Next Steps | Sign Up | Sign Up | Find A Local Lender |
Adiós Payday Loans, Hello MoneyLion Savings!
Choosing the wrong payday lender could put you into a worse financial situation than you started. But finding a safe alternative like MoneyLion can give you peace of mind, enhance your credit score and improve overall financial stability.
Sign up for your $1/month RoarMoney account. Get paid up to 2 days early, earn cashback rewards and get weekly spend reports to keep your budget on point! Don’t wait on your future– get started today!
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Disclosures
Credit Builder Plus membership ($19.99/mo) unlocks eligibility for Credit Builder Plus loans and other exclusive services. This optional offer is not a Pathward product or service. A soft credit pull will be conducted which has no impact to your credit score. Credit Builder Plus loans have an annual percentage rate (APR) ranging from 5.99% APR to 29.99% APR, are made by either exempt or state-licensed subsidiaries of MoneyLion Inc., and require a loan payment in addition to the membership payment. The Credit Builder Plus loan may, at lender’s discretion, require a portion of the loan proceeds to be deposited into a reserve account maintained by ML Wealth LLC and held by Drivewealth LLC, member SIPC and FINRA. The funds in this account will be placed into money market and/or cash sweep vehicles, and may generate interest at prevailing market rates. You will not be able to access the portion of your loan proceeds held in the credit reserve account until you have paid off your loan. If you default on your loan, your credit reserve account may be liquidated by the lender to partially or fully satisfy your outstanding indebtedness. May not be available in all states. Credit Reserve Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclaimers relating to the MoneyLion Credit Reserve Account, see Investment Account FAQs and FORM ADV.
Credit score improvement is not guaranteed. A soft credit pull will be conducted which has no impact to your credit score. Credit scores are independently determined by credit bureaus, and on-time payment history is only one of many factors that such bureaus consider. Your credit score may be negatively impacted by other financial decisions you make, or by activities or services you engage in with other financial services organizations. MoneyLion is not a Credit Services Organization.
With direct deposit. Faster and easier access to funds is based on comparison of traditional banking policies and deposit of paper checks versus deposits made electronically and the additional methods available to access funds via a card as opposed to a paper check.
Instacash® is an optional service offered by MoneyLion. Your available Instacash Advance limit will be displayed to you in the MoneyLion mobile app and may change from time to time. Your limit will be based on your direct deposits, account transaction history, and other factors, as determined by MoneyLion. Expedited delivery requires Turbo Fee. See Instacash Terms and Conditions for more information and eligibility requirements.
MoneyLion is a financial technology company, not a bank. RoarMoney℠ demand deposit account provided by, and MoneyLion Debit Mastercard® issued by, Pathward®, National Association, Member FDIC. RoarMoney is a service mark of MoneyLion. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International. Funds are FDIC insured, subject to applicable limitations and restrictions, when we receive the funds deposited to your account.
Instacash is a 0% APR cash advance service provided by MoneyLion. Your available Instacash advance limit will be displayed to you in the MoneyLion mobile app and may change from time to time. Your limit will be based on your direct deposits, account transaction history, and other factors as determined by MoneyLion. This service has no mandatory fees. You may leave an optional tip and pay an optional Turbo Fee for expedited funds delivery. For a $40 Instacash advance with a Turbo Fee of $4.99, your repayment amount will be $44.99. Generally, your scheduled repayment date will be your next direct deposit date. An Instacash advance is a non-recourse product; you will not be eligible to request a new advance until your outstanding balance is paid. See Membership Agreement and help.moneylion.com for additional terms, conditions and eligibility requirements.