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Direct lender address | Phone number |
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8914 W Oakland Park Blvd, Sunrise, FL 33351, USA | +1 754-666-7941 |
Payday Loans in Sunrise, FL: What Residents Should Consider Before Borrowing
When financial emergencies arise in Sunrise, payday loans may seem like a quick solution. However, these short-term, high-interest loans often create long-term financial challenges for Broward County residents. This guide explains Florida's payday lending laws, reveals the true costs, and presents safer alternatives for Sunrise borrowers.
Florida's Payday Loan Regulations
Sunrise lenders operate under Florida's Deferred Presentment Act, which includes:
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Maximum Loan Amount: $500
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Loan Term: 7-31 days (typically until next paycheck)
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Finance Charge: 10% of loan amount ($50 max on $500 loan)
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APR: Approximately 304% for 14-day loan
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Cooling Off Period: 24 hours between loans
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No Rollovers: Extensions prohibited (but new loans allowed after payoff)
Florida maintains a statewide database to prevent borrowers from having multiple payday loans simultaneously.
Where to Find Payday Loans in Sunrise
Several licensed lenders operate in Sunrise:
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Amscot (13673 W Sunrise Blvd)
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Check Into Cash (10171 W Oakland Park Blvd)
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Advance America (13650 W Sunrise Blvd)
Always verify lenders are licensed with the Florida Office of Financial Regulation.
The True Cost of Payday Loans in Sunrise
A typical $500 payday loan carries significant costs:
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Initial Fee: $50 (10% of $500)
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Total Repayment: $550 after two weeks
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Effective APR: 304%
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Potential NSF Fees: $35+ if payment fails
The Consumer Federation of America reports most Florida payday loan borrowers take out 8+ loans per year.
Better Alternatives for Sunrise Residents
1. Credit Union Solutions
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Sunrise Credit Union offers Payday Alternative Loans
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Power Financial Credit Union emergency small-dollar loans
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JetStream Federal Credit Union low-rate personal loans
2. Community Assistance Programs
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Sunrise Community Assistance Program (utility/rent aid)
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Feeding South Florida (Sawgrass location)
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Salvation Army Broward County emergency assistance
3. Employer-Based Options
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Paycheck advances (common at Sawgrass Mills/Sunrise sportsplex)
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Earned Wage Access programs (DailyPay, PayActiv)
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401(k) loan options (last resort)
4. Side Income Opportunities
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Sawgrass Mills retail/hospitality jobs
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BB&T Center event staffing
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Gig economy (Uber, DoorDash) in western Broward
Florida's Borrower Protections
Key safeguards include:
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Statewide database prevents multiple loans
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Mandatory payment plan option
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Right to cancel by next business day
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Clear disclosure requirements
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Military personnel APR cap (36% under federal law)
Smart Borrowing Tips
If considering a payday loan:
✔ Borrow minimum needed
✔ Avoid consecutive loans
✔ Calculate total repayment
✔ Set payment reminders
✔ Explore all alternatives first
Escaping the Debt Cycle
For those already struggling:
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Florida's extended payment plan option
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Nonprofit credit counseling (GreenPath, Apprisen)
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Debt management plans
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Legal aid services
Local resources:
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Legal Aid Service of Broward County
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Sunrise Senior Center financial counseling
The Bottom Line
While payday loans provide quick cash, their high costs make them risky for Sunrise residents. With numerous credit unions, community resources, and abundant employment opportunities in this thriving suburb, better solutions exist for financial emergencies.
Before borrowing:
✅ Contact Sunrise Social Services (954-746-3670)
✅ Visit Broward County Financial Empowerment Center
✅ Explore credit union alternatives
Remember: In a community with Sunrise's economic opportunities, payday loans should always be a last resort. Building even a small emergency fund can prevent the need for these high-cost loans.