[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.fight13.com\/resources\/what-if-i-cant-repay-my-payday-loan#BlogPosting","mainEntityOfPage":"https:\/\/www.fight13.com\/resources\/what-if-i-cant-repay-my-payday-loan","headline":"What If I Can\u2019t Repay My Payday Loan?","name":"What If I Can\u2019t Repay My Payday Loan?","description":"Under Florida state law, borrowers are given a 60-day grace period if they are unable to repay a payday loan on the date of scheduled repayment. To qualify for this grace period, borrowers must: (1) make an appointment with a credit counseling agency within seven days of the loan\u2019s original...","datePublished":"2017-03-22","dateModified":"2025-09-19","author":{"@type":"Person","@id":"https:\/\/www.fight13.com\/attorneys\/matis-h-abarbanel#Person","name":"Matis Abarbanel","url":"https:\/\/www.fight13.com\/attorneys\/matis-h-abarbanel","identifier":55,"image":{"@type":"ImageObject","@id":"https:\/\/www.fight13.com\/wp-content\/uploads\/2025\/09\/matis-abarbanel_avatar-96x96.png","url":"https:\/\/www.fight13.com\/wp-content\/uploads\/2025\/09\/matis-abarbanel_avatar-96x96.png","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Loan Lawyers, LLC","logo":{"@type":"ImageObject","@id":"https:\/\/www.fight13.com\/wp-content\/uploads\/2020\/03\/icon-logo.png","url":"https:\/\/www.fight13.com\/wp-content\/uploads\/2020\/03\/icon-logo.png","width":600,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/www.fight13.com\/wp-content\/uploads\/2025\/09\/matis-abarbanel_avatar-100x100.png","url":"https:\/\/www.fight13.com\/wp-content\/uploads\/2025\/09\/matis-abarbanel_avatar-100x100.png","height":"100","width":"100"},"url":"https:\/\/www.fight13.com\/resources\/what-if-i-cant-repay-my-payday-loan","about":["Debt Relief"],"wordCount":519,"keywords":["debt solutions"],"articleBody":"Under Florida state law, borrowers are given a 60-day grace period if they are unable to repay a payday loan on the date of scheduled repayment. To qualify for this grace period, borrowers must: (1) make an appointment with a credit counseling agency within seven days of the loan\u2019s original due date, and (2) complete the credit counseling within the 60-day grace period. Borrowers may repay the loan without additional fees or costs pursuant to any repayment plan recommended by the credit counseling agency.Florida limits the fee that payday lenders may charge for a payday loan to 10% of the principal amount of the loan. Costs such as verification fees are limited to five dollars per loan. The payday lender charges an interest rate that is the rate for the specific loan term rather than an annual interest rate.If a payday loan is not repaid, i.e., the repayment check provided by the borrower to the payday lender fails to clear, the lender\u2019s recourse in this situation is limited by Florida law. A payday lender may not pursue criminal action against a borrower for passing a bad check. A lender may demand payment but is limited to the original 10% fee and $5 cost, in addition to bad check fees charged by the lender\u2019s bank.Payday lenders may proceed with a civil action against a borrower but the lender is limited to Florida\u2019s rate of interest (4.75%) on judgments rather than a rate based on the payday loan\u2019s fee (10%).This agreement may not contain terms whereby the borrower agrees to hold the lender harmless for any damages or actions, waives any rights under the law, agrees in advance to the entry of a judgment or wage garnishment, or waives any defenses to repayment.A lender may provide a loan\u2019s proceeds in a form other than cash only upon agreement of the borrower. The loan\u2019s fees may not be collected in advance, and the lender may not demand any additional security or guarantees. The lender must also provide a copy of the signed payday loan agreement to the borrower at the time of the loan transaction.To schedule a free consultation at any of our three conveniently located offices, contact Loan Lawyers today by calling 954-523-HELP (4357).About the AuthorLatest PostsMatis AbarbanelMatis Abarbanel is the founding partner and senior attorney at Loan Lawyers in South Florida. He focuses his practice on consumer rights, helping homeowners navigate issues such as foreclosure and financial hardship. Matis also brings a wealth of experience from his previous work in personal injury law. As a devout Chasidic Jew, he is committed to making a positive impact in his community and dedicates his efforts to charitable initiatives through his non-profit organization, The Center, which aids at-risk Jewish youth. Matis actively serves clients across South Florida and is passionate about empowering individuals to secure their rights and achieve a better future.When Foreclosure Errors by Lenders Lead to Legal Remedies for Homeowners in Fort LauderdaleWhat Homeowners Can Do When Loan Documents Contain Forged or Altered SignaturesUnderstanding Florida\u2019s Debt Forgiveness Programs and IRS Rules"},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Resources","item":"https:\/\/www.fight13.com\/resources\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"What If I Can\u2019t Repay My Payday Loan?","item":"https:\/\/www.fight13.com\/resources\/what-if-i-cant-repay-my-payday-loan#breadcrumbitem"}]}]