How Many Payday Loans Can You Have in Florida? The One Loan Rule Explained

By TCA Financial Editorial Team. Last reviewed: October 26, 2026.

Disclosure: TCA Financial (tcaloans.com) is not a lender and does not make credit decisions. We connect people with independent lenders and may be paid by those lenders for advertising. This guide is general information about Florida law, not financial or legal advice.

Short answer: One. Florida law does not let you have more than one payday loan open at a time, with the same lender or with any other licensed lender. After you pay a loan off, you must wait 24 hours before you can take a new one. Lenders check every application against a statewide database, so going to a second store or a second website does not get around the limit (Fla. Stat. 560.404(19)).

How many payday loans can you have in Florida: one loan at a time with all providers, a 24-hour wait after payoff, and a $500 maximum for a single payment loan

Key points

Florida calls a payday loan a “deferred presentment transaction”: the lender gives you cash in exchange for your check and agrees to hold the check for a set time (Fla. Stat. 560.402).
You can have only one outstanding deferred presentment transaction with any provider, and you cannot start a new one within 24 hours after the last one ended (560.404(19)).
The one loan limit covers both kinds of Florida payday loan: the single payment loan of up to $500 and the installment loan of up to $1,000.
Rollovers are banned. A lender cannot extend your loan for a new fee or pay off one payday loan with another one.
If you cannot pay a single payment loan on time, you can get a 60 day grace period at no extra charge if you go to credit counseling (Florida OFR).

What Florida law says about the number of payday loans

The rule is in section 560.404(19) of the Florida Statutes. A deferred presentment provider “may not enter into a deferred presentment transaction with a drawer who has an outstanding deferred presentment transaction with that provider or with any other deferred presentment provider, or with a person whose previous deferred presentment transaction with that provider or with any other provider has been terminated for less than 24 hours” (Fla. Stat. 560.404).

In plain terms, that means three things:

One loan at a time. If you already have a payday loan open anywhere in Florida, a licensed lender must turn down a new one.
All lenders count. The limit is not per store or per company. A loan from one lender blocks a loan from every other licensed lender.
A 24 hour wait. Once your loan is closed, you have to wait at least 24 hours before you can take another one.

Every Florida payday loan agreement must also carry a notice in at least 14 point type that says state law prohibits you from having more than one deferred presentment agreement at any one time and from entering a new one within 24 hours after ending the previous one. You sign a statement on the agreement confirming that you have no other open payday loan and have not closed one in the past 24 hours.

Section 560.404 does not set a yearly limit on the number of payday loans. The limits are the one open loan rule and the 24 hour wait. The Florida Office of Financial Regulation (OFR) explains that the waiting period “is designed to prevent loans from being rolled over into new loans and to give consumers the opportunity to consider other financial alternatives” (OFR consumer resources).

How lenders know about your other loans: the statewide database

Florida requires the OFR to run a common database with real time internet access for licensed payday lenders. Before each new loan, the lender must enter your name, Social Security number or employment authorization number, address, driver license number, the loan amount and date, and later the date the loan is closed (560.404(24)). The lender then gets an eligibility answer. If the database shows an open loan, or a loan closed less than 24 hours ago, you are not eligible.

The OFR calls this system the Deferred Presentment Transaction System, and licensed lenders are required to process customer transactions through it. Information in the database that identifies you is confidential and exempt from Florida’s public records law (Fla. Stat. 560.4041).

One detail matters for timing. Under Florida law a loan is not “terminated” just because there is money in your account. It ends when you repay it in full in cash, or when the lender deposits your check and has evidence that it cleared. A check that has been deposited but has not cleared yet can keep the loan open in the database, which can push back the start of your 24 hour wait (Fla. Stat. 560.402(9)).

Single payment loans vs installment loans in Florida

Since a 2018 change to the law, Florida lenders can offer two types of deferred presentment transaction. The one loan limit in section 560.404(19) applies to “a deferred presentment transaction,” which includes both types, so you cannot hold a single payment loan and an installment loan at the same time (Fla. Stat. 560.404).

Rule	Single payment payday loan	Payday installment loan
Maximum amount	$500, not counting fees	$1,000, not counting fees
Maximum fee	10% of the amount you receive, plus a verification fee of up to $5	8% of the outstanding balance every two weeks, figured as simple interest, plus a verification fee of up to $5
Loan term	7 to 31 days	60 to 90 days, paid in roughly equal installments 13 days to 1 month apart
If you cannot pay	60 day grace period at no extra charge if you complete credit counseling	You can defer one scheduled payment, at no extra charge, to after the last payment
Rollovers	Not allowed	Not allowed
Prepayment penalty	Not allowed	Not allowed
How many at once	One open loan in total, across both types, and a 24 hour wait after the last one ends	Same

Sources: Fla. Stat. 560.404(5), (6), (8), (18), (19), (22), (23) and (26); verification fee limit in Fla. Stat. 560.309(8).

What a Florida payday loan costs

Payday fees look small because they are quoted as a flat amount for a few weeks. The annual percentage rate (APR) shows the same cost on a yearly basis, and lenders must disclose it under the federal Truth in Lending Act; Florida law requires them to follow those rules for every payday loan (560.404(13); 12 CFR 1026.18).

Example at Florida’s maximum fees	Cash you get	Total fees	You repay	APR
Single payment loan, 14 days	$500	$55	$555	287%
Single payment loan, 31 days	$500	$55	$555	130%
Single payment loan, 14 days	$300	$35	$335	304%
Installment loan, 6 payments every 2 weeks (84 days)	$1,000	$297.89	$1,297.89	209%

Representative example: you borrow $500 for 14 days. The maximum fee is $50 (10%) plus a $5 verification fee, so you repay $555. That is an APR of about 287%. A 31 day loan with the same fees has a lower APR, about 129%, because the cost is spread over more days, but you pay the same $55.

Installment example: on a $1,000 installment loan repaid in six equal payments of $216.32 every two weeks, the 8% per two weeks charge on the falling balance adds up to $297.89 in fees, an APR of about 209% before the verification fee. Fees in these examples are the legal maximums; a lender may charge less.

Try your own numbers in our payday loan APR calculator, which has a Florida preset. APR = fee / cash received x 365 / days x 100.

Why the one loan rule exists

Payday loans are often repaid and then taken out again right away. In a national study, the CFPB found that over 80% of payday loans are rolled over or followed by another loan within 14 days (CFPB Data Point: Payday Lending, 2014). Each new loan brings a new fee while the amount you need stays about the same. Florida’s one loan limit, 24 hour wait and rollover ban are meant to slow that cycle down.

Florida law also says a lender may not extend a loan for an extra fee, and may not pay off one payday loan “with the proceeds of another deferred presentment transaction made by the same or an affiliate” (560.404(18)). So a lender cannot hand you a new loan just to clear the old one.

What if you cannot repay your Florida payday loan?

Single payment loan: tell the lender in person or in writing by the end of the loan term that you cannot pay in full. The lender must give you a 60 day grace period with no extra charge. To keep it, you must make an appointment with a consumer credit counseling agency within 7 days and finish the counseling within the 60 days. The lender gives you a list of approved agencies prepared by the OFR (560.404(22)).
Installment loan: tell the lender in writing or in person by noon on the business day before a payment is due, and you can move that one payment to after your last scheduled payment at no extra charge. You can do this once per loan (560.404(23)).
No criminal charges for the check: you cannot be prosecuted in criminal court for a check written under a payday loan agreement. If your check bounces, the lender can pursue civil collection and pass on bank charges, but it cannot collect triple damages and must follow Florida’s debt collection law (Fla. Stat. 560.406).
The loan still counts while it is open. During a grace period or a deferred payment your loan is still outstanding, so you cannot take another payday loan until it is closed and 24 hours have passed.

Online payday loans in Florida

The same limits apply online. Anyone offering deferred presentment transactions in Florida, other than a bank or credit union, must be licensed as a money services business and file a declaration of intent with the OFR (Fla. Stat. 560.403). The OFR tells consumers to “be careful to check the license if the payday lender is doing business online,” because unlicensed internet companies make problems harder to resolve and may be located outside the United States (OFR). You can verify a license on the OFR website or call (850) 487-9687.

If a lender gives you a second payday loan while one is open, rolls your loan over, or charges more than the law allows, you can file a complaint with the OFR.

Other options if one loan is not enough

Credit union Payday Alternative Loans: federal credit unions can lend small amounts at up to 28% APR (12 CFR 701.21).
A payment plan with the company you owe. Utilities, landlords and medical offices often agree to split a bill.
Earned wage access through your employer, if offered. See our payday loan vs earned wage access comparison.
Nonprofit credit counseling. The OFR suggests local consumer credit counseling services, asset building coalitions and United Way for help with budgets and debt.

Comparing loan offers through TCA Financial

If you are looking at a personal or installment loan instead, you can use our loan rate check form to be connected with independent lenders. Rates, fees and terms are set by the lender and depend on your state and situation; review the lender’s APR disclosure before you accept. Our service is not available in Arkansas, New York, Vermont or West Virginia.

Frequently asked questions

Can you have two payday loans at once in Florida?

No. Florida law allows only one outstanding payday loan (deferred presentment transaction) at a time, counting every licensed lender in the state, and lenders must check a statewide database before each loan.

How long do you have to wait between payday loans in Florida?

At least 24 hours after your previous payday loan is terminated, meaning paid in full in cash or your check has cleared.

Can I have a payday loan and a payday installment loan at the same time in Florida?

No. Both are deferred presentment transactions under Florida law, and the one at a time limit applies to any deferred presentment transaction.

What is the maximum payday loan amount in Florida?

$500 for a single payment loan and $1,000 for an installment loan, not counting fees.

How much can a Florida payday lender charge?

Up to 10% of the amount you receive on a single payment loan, or 8% of the outstanding balance every two weeks on an installment loan, plus a verification fee of up to $5.

Is there a limit on payday loans per year in Florida?

Section 560.404 does not set a yearly cap. The limits are one open loan at a time and a 24 hour wait between loans.

Can a Florida payday lender roll over my loan?

No. Florida bans rollovers and does not allow a lender to pay off one payday loan with another.

Sources

Last reviewed October 26, 2026 by the TCA Financial Editorial Team. Found an error? Email support@tcaloans.com.