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Rates and rules

Florida Loan Rates and Rules

Who regulates consumer lending in Florida, how rates are set, and how to check a lender and its rate before you borrow. For new requests SET Financial is not the lender: it connects Florida residents with third-party lenders who set all rates and terms.

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This page is general information, not a rate quote. Not everyone who applies will be matched or approved.

Who regulates consumer lending in Florida

Consumer finance lending in Florida is regulated by the Florida Office of Financial Regulation under the Florida Consumer Finance Act (Chapter 516, Florida Statutes). Florida sets a general usury cap of 18 percent per year, while licensed consumer finance loans of 25,000 dollars or less may carry higher tiered maximums: as of July 1, 2024, up to 36 percent per year on the first 10,000 dollars, 30 percent on amounts above 10,000 up to 20,000 dollars, and 24 percent on amounts above 20,000 up to 25,000 dollars. SET Financial does not set rates or terms. Each lender sets its own rates, fees, and terms within applicable law.

Regulator: Florida Office of Financial Regulation.

How to check a lender before you borrow

You can confirm that a lender is licensed by checking the Florida Office of Financial Regulation, and you should always review the APR, fees, and full terms shown on your loan agreement before you sign.

Many consumer lenders are also listed on NMLS Consumer Access, a national database you can search for free to confirm a company's license status and history.

Search NMLS Consumer Access

The four numbers to compare on any offer

A regulator's rules tell you about the lender. These tell you about the loan. Whoever you borrow from, and whether or not you use this site, compare offers on the same four things:

  • APR. The annualized cost including most fees. It is the only number that lets you compare two different loans honestly.
  • Total repayment amount. Principal plus every finance charge over the full term. A lower monthly payment stretched longer often costs more overall.
  • Term and payment schedule. How many payments, how often, and the exact due dates measured against when you actually get paid.
  • Fees and prepayment terms. Origination, late, and returned-payment fees, and whether paying the loan off early saves you interest.

Your loan agreement is the number that governs

Federal Truth in Lending rules require the lender to disclose the APR, finance charge, amount financed, and total of payments on the loan agreement before you sign. Any rate you see in marketing, including on this site, is general information. The figures on your own signed agreement are what actually apply to your loan.

Common questions about Florida rates

Who regulates consumer loans in Florida?

Consumer finance lending in Florida is regulated by the Florida Office of Financial Regulation under the Florida Consumer Finance Act, Chapter 516 of the Florida Statutes. You can verify a lender's license through that agency.

What interest rates can Florida lenders charge?

Florida sets a general usury cap of 18 percent per year. Licensed consumer finance loans of 25,000 dollars or less may carry higher tiered maximums, and as of July 1, 2024 those run up to 36 percent on the first 10,000 dollars. Your actual APR and terms are set by the lender and shown on your loan agreement.

Is there a cost to use SET Financial?

Using our matching service to request options is free to you. If you accept a loan, the lender's own rates, fees, and terms apply, so review the full loan agreement, including the APR, before you sign.

This page is general information about Florida lending rules, not legal or financial advice, and it is not a rate quote. Rules change; confirm anything that matters to your situation with the Florida Office of Financial Regulation or a qualified advisor. SET Financial is not the lender on new requests and does not set the rates, fees, terms, or approval decisions of the third-party lenders in its network.

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