How the Database Works

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These organizations can assist you depending on whether you’re a lender looking for technical support or a consumer trying to understand your payday loan status.

Whenever a consumer applies for a payday loan (deferred presentment transaction) in Florida:

The lender enters the consumer’s details into the database.

The system checks for existing outstanding thailand mobile phone number list payday loans.

If the borrower already has a loan that exceeds legal limits or hasn’t been paid back, the database flags it, and the lender cannot proceed.

Once a loan is approved, it’s recorded in the system.

Upon repayment, the lender updates the status to reflect that the loan is paid.

This process helps ensure borrowers don’t take on multiple high-interest loans simultaneously, reducing financial risk.

Florida Payday Loan Regulations You Should Know
The Florida Payday Loan Database helps enforce strict lending laws in the state, including:

Maximum Loan Amount: $500

Loan Duration: 7 to 31 days

Cooling-Off Period: A 24-hour waiting period between loans

Database Enforcement: Lenders must check the database before issuing new loans

These rules are designed to prevent consumers from falling into a cycle of debt, and the real-time nature of the database plays a key role in ensuring compliance.

How Consumers Can Check Their Status
Although the database is primarily intended for lenders, consumers have the right to request information about their payday loan records. To do so:

Contact the Florida Office of Financial Regulation
– Submit a formal request to check your payday loan history.

Speak to Your Lender
– Ask for a printout or digital confirmation of your loan transaction as recorded in the database.

Request Information from Veritec (if applicable)
– While Veritec primarily serves lenders, they may be able to provide guidance or direct you to the appropriate contact point.