This is a big question that usually comes up when borrowers are denied a second payday loan while they already have an existing loan with a Florida payday lender. The answer is simple; Florida Financial Regulations don’t permit a borrower to take out more than one payday loan at a time. You can read about this directly from the website for the Florida Office of Financial Regulation.
Florida borrowers must wait 24 hours to take out a new loan after paying off an old one
And no, this doesn’t mean you can go to one payday loan store or online lender and then get a loan from another lender either; even if you aren’t truthful about whether or not you have an existing loan. The Florida Office of Financial Regulation maintains a database that keeps track of all loans issued by licensed borrowers. In fact, you’re not even allowed to take out a second payday loan until 24 hours after you’ve paid off your first one.
Florida payday loan rollovers are never allowed
Lastly, you are never allowed to rollover an existing loan into a new loan. If you’re unable to pay off your current loan, the lender has to give you a 60 day grace period to pay back, but that is dependent on you enrolling in Credit Counseling within seven days and completing the counseling within sixty days.