Installment Loans in Florida
Florida installment loans made under the Consumer Finance Act are a separate legal regime from payday/deferred-presentment lending. Chapter 516 covers licensed consumer finance loans up to $25,000 with tiered maximum annual interest rates and periodic repayment requirements.
Florida legal category: Consumer Finance Loan · Florida Consumer Finance Act, Chapter 516, Florida Statutes
Florida installment loans at a glance
- Legal status
- Permitted Regulated
- Legal category
- Consumer Finance Loan
- Maximum amount in this regime
- $25,000
- Term
- The primary sources used for this page do not establish one general minimum or maximum term for Chapter 516 consumer finance loans. Section 516.36 requires periodic installments as nearly equal as mathematically practicable, due every 2 weeks, semimonthly, or monthly (except lines of credit).
- Regulator
- Florida Office of Financial Regulation — Division of Consumer Finance
- Verified
- 2026-09-05
Choose a loan type by amount
PLS Cash Advance currently presents request amounts from $200 to $5,000. The ranges below are navigation guidance between our state loan guides — not statutory limits, eligibility rules, or a promise of approval.
Payday Loans in Florida
Preferred site routing for smaller short-term requests. Florida deferred-presentment law separately limits the standard variant to $500 and the installment variant to $1,000.
Installment Loans in Florida
Preferred site routing for larger multi-payment requests within the current PLS Cash Advance amount selector. Chapter 516 itself can cover qualifying consumer finance loans up to $25,000.
Amount and term limits
Chapter 516 defines a consumer finance loan as a loan or line of credit of $25,000 or less for which the lender charges, contracts for, collects, or receives interest greater than 18% per annum.
The primary sources used for this page do not establish one general minimum or maximum term for Chapter 516 consumer finance loans. Section 516.36 requires periodic installments as nearly equal as mathematically practicable, due every 2 weeks, semimonthly, or monthly (except lines of credit).
Interest, fees and repayment
The maximum interest rates are 36% per annum on the first $10,000, 30% on the portion above $10,000 through $20,000, and 24% on the portion above $20,000 through $25,000. The statute requires simple-interest computations for these maximum charges.
Chapter 516 allows certain additional charges, including up to $25 toward credit investigation and specified delinquency or third-party charges when the statutory conditions are met.
Loans under Chapter 516 must be repaid in periodic installments as nearly equal as mathematically practicable. Installments may be due every 2 weeks, semimonthly, or monthly. This requirement does not apply to lines of credit.
| Principal band | Maximum annual interest rate |
|---|---|
| $0–$10,000 | 36% |
| $10,000–$20,000 | 30% |
| $20,000–$25,000 | 24% |
Rollovers, refinancing and early payment
- Rollover allowed?
- Not reduced to a yes/no rule
The payday-loan rollover rule in Chapter 560 does not define Chapter 516 consumer finance loans. Refinancing has separate Chapter 516 rules, so v0.1.1 does not reduce it to a rollover yes/no field. - Prepayment penalty allowed?
- No
A Chapter 516 licensee may not require a prepayment penalty for paying all or part of principal before it is due.
Florida borrower protections
- A Chapter 516 lender must provide the borrower a statement at origination showing key loan terms including the amount, date, maturity date (except a line of credit), security if any, parties, and interest rate.
- Prepayment penalties are prohibited under §516.031(6).
- The statutory maximum-rate calculation is not the same thing as a promise of the rate a particular borrower will receive.
Florida loan cost calculator
This calculator is an educational illustration based on the structured rules shown on this page. A statutory ceiling is not a typical market price or an offer from a lender.
How to verify a lender in Florida
Regulator: Florida Office of Financial Regulation — Division of Consumer Finance.
Consumer Finance Company (Chapter 516)
Official sources
- Florida Statutes §516.01 — Consumer finance definitions · primary
- Florida Statutes §516.02 — Consumer finance license requirement · primary
- Florida Statutes §516.031 — Finance charge; maximum rates · primary
- Florida Statutes §516.15 — Duties of licensee · primary
- Florida Statutes §516.36 — Installment requirement · primary
- Florida OFR — Consumer Finance Companies · primary
- Florida OFR — Verify a License · primary
Last regulatory verification: 2026-09-05. Laws can change; verify current terms and lender status before borrowing. Read our research methodology.