Florida interest rates have been capped at 18% annually for loans under $500,000 and at 25% annually for loans above $500,000.

The consumer can waive the interest rate limit cap and lenders can charge whatever consumers will agree to pay. With this agreement in place with the state, Flordia residents have many choices for bad credit loans. We have provided you a list of lenders and a few recommendations based on our experience with bad credit loan providers.

Unsecured Personal Loan from $500 to $5,000

Any Credit Score Can Request A Loan

Bad Credit Loans Detailed Review

Available in Florida

  • Interest rates from 5.99% to 35.99% although rates can be higher
  • Loans from $500 to $5,000
  • Bad Credit loans is not a lender. They will attempt to find a lender that matches your credit score and ability to pay
  • If you have a credit score below 580, we recommend that you only apply for $1,000 

Any Credit Score Can Request A Loan

OppLoans Detailed Review

When you have poor to bad credit and are trapped in a payday loan or title loan

Recommendation: Only apply with OppLoans if you have a high-interest payday loan

Interest rates from 99% to 199%

OppLoans offers installment loans in 26 states and a line of credit in 3 states

Alabama Florida Michigan Nevada South Carolina Idaho
Arizona Illinois Mississippi Ohio Utah Line of Credit
Alaska Georgia Minnesota New Mexico Texas Kansas
California Indiana Missouri Oklahoma Wisconsin Tennessee
Delaware Kentucky Nebraska Oregon Wyoming Virginia

Key points of an installment loan:

  • Set number of monthly payments that lowers the principal with every payment
    • When this loan is paid in full, it will improve your credit score if all payments are made on time 

      OppLoans reports to:

    • Transunion
    • Equifax
    • Experian
  • While the interest rates are high, you will pay off the payday loan
  • No risk of losing your car
  • No collateral required 

LendingPoint Detailed Review

Apply Now with LendingPoint

Quick Snapshot

  • Loan Amounts:  $2000 to $25,000 
  • Credit Score:  590+ 
  • APR:   See LendingPoint Detailed Review for up to date APR information
  • Terms:  2 to 5 years
  • Fees:  Origination fees range from 0 to 6%
  • Check this out for a bad credit option
  • The company specializes in fair credit loans starting at 590+.  
    • Soft Pull only to start
    • Was established in 2014 offering personal loans throughout America. The company is based in Kennesaw Georgia and has an A+ rating with the BBB

Recommendation: If your credit score is below 650, LendingPoint will be a good choice. If you have a better credit score, you will find lower interest rates from other providers. 

Do You Have A Co-Signer

If you require a loan for a larger amount and your credit score is below 600, a co-signer may be your solution. 

Recommendation: In many cases, you are better off to take the loan directly from the person willing to co-sign and skip the loan process entirely. The only reason we would suggest going through the co-signing process is to improve your credit score. The most common co-signed loans are student loan refinancing and applying for your first mortgage. If you have not the opportunity to develop your credit score, this may be your only option. With student loan refinancing, most providers will release your co-signer after a year of consecutive payments. Ask your mortgage consultant about co-signer release. Co-signing will limit the co-signers ability to borrow and may harm a relationship.     

Freedomplus Detailed Review

Apply Now with Freedomplus

Quick Snapshot

  • Loan Amounts:  $10,000 to $40,000 
  • Credit Score:  Co-signer credit score 670+
  • Interest rates decrease with a qualified Co-signer or a retirement fund with a minimum of $40,000
  • APR:  See Freedomplus Detailed Review for up to date APR information
  • Terms:  2 to 5 years
  • Fees:  Origination fees range from 0 to 5%
  • Check out Freedomplus with a co-signer
    • Offering co-signer loans
    • Minimum income of $30,000 to apply
    • Soft Pull only to start
    • Debt to income of 40%

Any Credit Score Can Apply

  • Loans $500 to $10,000
  • CashUSA is not a lender. They connect consumers to a lender in their network
  • Loans available from 3 months to 72 months. Short terms loans will have higher interest rates
  • Not available in the following states:
  • AR, AZ, CT, GA, MA, MD, ME, NC, NJ, NY, PA, VT, WV
  • The APR on a personal loan from the network of lenders varies, with many lenders offering rates of 5.99% to 35.99% and loan durations between 90 days to 72 months, although the terms of your specific loan may differ depending on your qualification.
  • Additional fees vary by lender


Payday Alternative Loans (PAL's)

Recommendation: Apply for the PAL's program to clear off paydays loan before trying any other options

The credit unions have developed a program called PAL's to help people stuck in revolving payday loans. The credit union will want you to become a member for a month before this program can be implemented. The program is regulated by the National Credit Union Administration. Not all Credit Unions offer this loan option. With only one in seven credit unions offering the PAL's program, here is a link to contact your local branch and find out more about signing up. 

PAL's features:

  • Loan amounts $200 to $1,000.
  • Must be a credit union member for one month
  • Loan terms range from 1 to 6 months
  • There may be a fee for setting up the application of $20.00
  • Contact your local credit union to get some help
  • Interest rates are capped at 28%

Concern of a Bad Credit Loan?

If you can hold off and work on improving your credit score, we would recommend not applying for a bad credit loan.

Here is why:

  • Expect interest rates above 30%
  • Repayment term will be short, usually under 24 months
  • A high-interest loan will leave you cash strapped every month
  • Missing payments will damage your credit score 
  • Bad credit loan providers will take more risk when lending to you. Personal loan providers will not lend to people with a debt to income ratio above 40%. Complete the debt to equity information and make sure you can afford the payments

No Credit History

If you are just starting out and you have never had a credit card or applied for a loan, you will have no credit history. Most people starting out receive their first loan when applying to college or university. Here is another idea that we would recommend. Have your parents contact their credit card company and ask to have you either placed on their credit card with them or have your parents apply for a credit card with a $500 limit with them as a co-applicant. As long as you make the payments on time with this card every month, you will start building credit. Make sure that your parents request that all transactions support your credit score. 

Once you turn 18, you can apply on your own for a credit card. We recommend staying below a $1,000 limit. you can always place cash on any credit card for a larger limit. This works very well for traveling.    

Credit History

your credit history is built up over time by making your payments on time monthly. This link will help you to understand credit history.

  1. Florida Usury Laws - Florida Usury Laws
  2. How to build credit - 7 Ways to build credit