Is it definitely possible to get a bad credit loan in Florida. Florida interest rates have been capped at 18% annually for loans under $500,000 and at 25% annually for loans above $500,000.

In Florida, there are state and federal laws and regulations governing bad credit loans. Some of the main laws include: Usury Laws: Florida has usury laws that limit the amount of interest that can be charged on loans. Fair Credit Reporting Act: This federal law governs how credit reporting agencies collect and use credit information. Truth in Lending Act: This federal law requires lenders to disclose the terms and conditions of loans, including the interest rate and fees. Consumer Finance Protections: The Florida Office of Financial Regulation oversees consumer finance protections and enforces laws and regulations related to lending practices. Payday Loan Regulations: In Florida, payday loans are regulated by the state, and there are specific rules and restrictions that apply to these loans. If you are considering a bad credit loan in Florida, it's important to understand your rights and responsibilities under these laws and to carefully review the terms and conditions of any loan offers. Additionally, it's a good idea to compare offers from multiple lenders and to work with a reputable lender who can help you understand the loan process and your options.

Consumers can waive the interest rate limit cap allowing lenders to charge whatever borrowers will agree to pay. With this agreement in place with the state, Florida 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.

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. 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 and you've had time to secure your first job. Ask your mortgage consultant about co-signer release. Co-signing will limit the co-signers ability to borrow and may harm a relationship.

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%


Florida has an estimated population of approximately 21.6 million people f 2021. The real median household income for the entire country is $73,891, whereas the median household income in Florida was $64,003 ($9,888 less than the national average). The living wage in Florida for a family of 4 (2 adults, 2 children) with only one adult working is $54,342 before taxes and for a family of 4 with both adults working is $66,057. Pretty tough to make ends meet when the living wage is higher than the median annual salary.

All of these facts explain why the average credit score in Florida is 668, with the average balance per credit card at $6,388. When your credit score is fair to poor, it can be challenging to approve a loan.

The State of Florida was named Ponce de Leon in 1512 - la Florida - Spanish for flowers, covered in flowers. A very fitting name that has remained throughout the centuries. It is no wonder that 21.64 million people call Florida home. Saint Augustine is the oldest European settlement in North America.

Florida offers so much to those who live there and to those who visit. Florida has some of the most beautiful beaches in the world that stretch for more than 1,300 miles. They have beaches for those who like to camp by the ocean, family-friendly beaches, dog-friendly beaches, nude beaches, and beaches that the general public does not know about. Florida has beaches on two oceans, the Atlantic and the Caribbean, with the warmest Caribbean waters.

Being surrounded by two oceans, Florida has more than its share of hurricanes and tropical storms. In 2018, 15 hurricanes hit Florida, with 8 of those being a Category 3 - 5. Hurricane Michael was a category 4 storm with winds up to 155 mph and tore buildings apart. The destruction that this hurricane brought will be felt for many years.


Because of the warm temperatures year-round in Florida, there are many things to do and places to go. If you like to golf, there are over 1,000 courses to choose from. Orlando is home to Walt Disney World and Universal Studios for families - fun for the whole family. There are over 20 state parks for those who like to camp and hike - the Everglades is the largest subtropical wilderness in the US. It is home to many rare and endangered species. Some of these species are the manatee, American crocodile, and the Florida panther. There is no shortage of animals, birds, amphibians, insects, mammals, and reptiles for wildlife enthusiasts.

Florida offers some of the best venues for eating out and nightlife. Each area has its own unique style and offers many venues to entertain the whole family.


The median salary in Florida is $50,833, although the mean annual salary is $72,993. The difference between 'median' and 'mean' salary is that the median salary divides all income earners into two groups - the median salary is the middle line. The mean salary is the average salary of all wage earners in Florida. With the living wage being $54,342 for a family of four with one earner, and $66,057 for a family of four with two wage earners, those earning the average income can afford a comfortable lifestyle. For those below the average wage or below the median income line, paying the monthly bills on time or having money for extras becomes very difficult. It is easy to understand why the average credit score in Florida is 688.


Is it possible to get a loan in Florida if you have bad credit? Many states have stringent guidelines and rules around interest rates and lending to those with fair to bad credit. The state of Florida states that if a person agrees to waive the usury laws set in place by the state, the lender can lend the money at an interest rate that the lender deems reasonable. There are many lenders in Florida that target those with bad credit. Many of these lenders are payday loans or installment loans. They limit the amount you can borrow based on your credit score and charge exorbitant interest rates. Some payday lenders charge as much as 150%. This means that if you borrow $1,500 at 150%, you will pay $2,250 interest. Often the terms of repayment are 6 weeks to 3 months, and if you miss it, they charge interest on the unpaid interest.

some reputable lenders charge a higher rate than a traditional bank but not an unreasonable rate. Always read the terms and conditions of any lender before signing the loan documentation.


Once you have missed several payments, and carry high balances on your credit cards, your credit score drops, making it more difficult to be approved for a loan. It takes work and discipline on your part to rebuild. The process can seem arduous and difficult. Now is not the time to give up. If you have collections or wrong information on your credit report, some companies will help you negotiate debt and clear the misinformation. There are also steps you can take to help yourself and your family. First of all, figure out your income versus your expenses. Where can you streamline or cut back, and reach out to who have TheCreditPros helped thousands of customers settle their debt with creditors.

Bad Credit Score

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

Here's 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.