Find the Best Payday Lenders in Fort Myers, FL

Payday lending is illegal and unavailable to consumers in some states. Payday loans usually have very high interest rates and carry risk. As with any loan, consumers should have a clear understanding of the fees, terms and conditions of any payday loan before borrowing.

How to get a payday loan in Fort Myers

Payday loans have high fees with lender rates upward of 400 percent. That’s why it’s recommended to always consider less-expensive alternatives first, such as borrowing from a credit union, asking creditors for extensions or seeking loans from family or friends.

If these aren’t practical options, payday loans do have appealing features. It’s easy to apply and qualify — even with poor credit — and the money has no restrictions. Cash is sometimes available on the same day, even if you apply online. If you go into a payday loans company in Fort Myers, you could walk out with hundreds of dollars within minutes.

Payday loans in Fort Myers are regulated by the Florida Office of Financial Regulation. The following rules apply:

• Borrowers can get up to $500 per loan.
• Borrowers can have only one loan at a time.
• The maximum fee is 10 percent of the borrowed amount plus a $5 verification fee.
• The loan term must be between seven and 31 days.
• Loans cannot be rolled over into new loans; a borrower must pay a previous loan in full and wait 24 hours before entering into a new loan.

There are both online-only payday loan lenders and companies that have a physical presence in Fort Myers. Payday loan requirements include a government-issued ID, proof of income and an open and active checking account.

When looking at lenders in Fort Myers, start by comparison shopping for low-interest rate payday loans with minimum penalties. You should only borrow what you can afford to pay back. Still, if at the end of the term you are unable to repay the loan, the lender must offer a 60-day grace period with no additional charges, as long as you make an appointment with a credit counselor. You can’t be arrested for defaulting on a payday loan in Fort Myers.