Trust Payday Loans – 2124 FL-820
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Trust Payday Loans is a small consumer finance business operating at 2124 FL-820 in Hollywood, Florida, that appears to provide short-term, small-dollar loans to local borrowers. As a storefront lender, it likely serves individuals who seek immediate access to cash to cover near-term expenses between paychecks, relying on borrowers’ income or bank account information rather than traditional collateral. Its work falls within the broader non-bank lending sector, which focuses on credit products outside conventional commercial banking channels.
Within this context, Trust Payday Loans likely functions primarily as a retail location where customers can initiate loan applications, submit documentation, and receive or repay funds in person. The organization’s operational scope is generally local or regional, serving residents in Hollywood and surrounding communities along the FL-820 corridor. Publicly accessible information does not clearly document its founding date, ownership history, or corporate affiliations, limiting insight into its long-term development or governance structure.
Sources & References
Trust Payday Loans, 1310 NW 67th St, Miami, FL 33147, US
https://www.mapquest.com/us/florida/trust-payday-loans-785774458
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Payday Loans in Hollywood, FL - Online cash advance in 24 Hours!
https://paydayloanshollywoodfl.com/
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Frequently Asked Questions about Trust Payday Loans
Payday lending in Florida has a long regulatory history aimed at curbing triple-digit rates while allowing short-term credit. Florida passed the Deferred Presentment Act in 2001 to regulate payday loans, but controversy over rates and practices persisted, prompting reforms and ongoing enforcement efforts. In 2018, installment-style versions of payday loans were introduced under SB 920, expanding repayment terms up to 60–90 days, while standard payday loans remain subject to state usury limits and consumer protections.
Key points for context:
- Florida’s statutory framework limits fees and interest and requires licensing and disclosures for payday lenders.
- Oversight has included action from the Florida Office of Financial Regulation and consumer advocacy groups highlighting debt traps and high fee totals over time. For more, see state regulatory resources and consumer protection analyses.
Key points for context:
- Florida’s statutory framework limits fees and interest and requires licensing and disclosures for payday lenders.
- Oversight has included action from the Florida Office of Financial Regulation and consumer advocacy groups highlighting debt traps and high fee totals over time. For more, see state regulatory resources and consumer protection analyses.
Payday lending in Florida is legal but tightly regulated. Lenders must be licensed by the Florida Office of Financial Regulation and follow state limits on loan amount, term, fees, and repayment. In Florida, payday loans are capped at $500, due in 7–31 days, with a maximum finance charge of 10% per $100 plus a $5 verification fee (APR can be high).
Key protections and steps
- Check lender licensing: only operate legally if licensed in Florida; verify on the OFR website.
- Be aware of fees and terms: loan cannot exceed $500; terms are short; fees are regulated to limit cost to the borrower.
- Avoid unlicensed operators: unlicensed lenders may not be answerable to OFR consumer protections; report concerns via OFR if issues arise.
Key protections and steps
- Check lender licensing: only operate legally if licensed in Florida; verify on the OFR website.
- Be aware of fees and terms: loan cannot exceed $500; terms are short; fees are regulated to limit cost to the borrower.
- Avoid unlicensed operators: unlicensed lenders may not be answerable to OFR consumer protections; report concerns via OFR if issues arise.
Florida regulates payday lenders at the state level under Florida Statutes Chapter 560, requiring all lenders to be licensed as deferred presentment providers and to disclose fees, terms, and repayment details. The Florida Office of Financial Regulation (OFR) licenses and supervises these entities and enforces compliance, including consumer protections and reporting requirements. Local rules may vary by city or county, but state licensure and Chapter 560 protections are the core framework; verify lender licensing status on the OFR site for up-to-date legitimacy. For additional guidance, consult the OFR license verifier and the Florida statutes cited above.
Payday loan companies typically use a multi-tier structure that centers on centralized compliance and operations, with local storefronts handling lending and collections. Key roles include store managers, loan officers, collections specialists, and a regional or national support team responsible for underwriting guidelines, compliance, and vendor management. Corporate offices set policy, risk controls, finance, marketing, and IT, while third-party debt buyers may handle defaulted accounts.
For more information, see industry overviews on payday lending structures and governance practices from regulatory and scholarly sources.
For more information, see industry overviews on payday lending structures and governance practices from regulatory and scholarly sources.
Payday loan providers primarily offer short-term, unsecured cash advances to cover urgent expenses until the next payday. These loans typically come with high fees and quick approval, often with little to no credit checks.
Common services include online application, rapid funding to a bank account, and loan referrals or network connections to lender partners. Some providers also offer payday loan alternatives with lower costs, such as PALs (Payday Alternative Loans) through credit unions.
Common services include online application, rapid funding to a bank account, and loan referrals or network connections to lender partners. Some providers also offer payday loan alternatives with lower costs, such as PALs (Payday Alternative Loans) through credit unions.