When a $500 single-payment loan isn’t enough, Florida law provides a second option. Florida installment payday loans were added by legislation passed in 2018, effective in mid-2019, and sit in the same statute as the traditional product but work quite differently.
Quick answer: Florida's installment payday loan allows up to $1,000 over a 60-to-90-day term, with fees capped at up to 8% of the outstanding balance charged biweekly, plus a $5 verification fee, structured very differently from the standard single-payment loan.
How this product differs
- Maximum amount: $1,000, double the single-payment cap
- Term: 60 to 90 days, instead of 7 to 31
- Fee: up to 8% of the outstanding balance, charged every two weeks, plus a $5 verification fee — not a single flat percentage
- Repaid across several installments rather than one lump sum
Why Florida added a second product
State fiscal analysis at the time found Floridians paid roughly $306 million in fees on about $3.09 billion borrowed in a single year under the original model. Lawmakers added the installment option specifically to give borrowers a longer window to repay a larger amount, rather than concentrating everything into one due date.
What to check before choosing it
Because fees accrue biweekly on the outstanding balance rather than as one flat charge, ask for the total dollar cost across the entire 60–90 day term before assuming this product beats a standard payday loan of comparable size.
Frequently asked questions
Up to $1,000, compared to the $500 single-payment cap.
60 to 90 days, paid off in installments rather than a single lump sum.
No, it’s up to 8% of the outstanding balance every two weeks plus a $5 verification fee, rather than one flat 10% charge.
This article is educational and is not financial or legal advice. Before you borrow, confirm the lender is licensed with the Florida Office of Financial Regulation (OFR).