Installment loans in Florida
An installment loan is a fixed amount, repaid in equal scheduled payments, over a fixed term, at a fixed rate. That is the whole idea — and it is what makes it different from a credit card, a payday loan, or a line of credit.
How the mechanics work
- Fixed principal. You borrow a set amount once. There is nothing to draw down again as you repay, which is a limitation and also the point.
- Fixed schedule. Equal monthly payments over a fixed term, with the first due about 30 days after disbursement.
- Daily simple interest. Interest accrues each day on the unpaid principal — never compounded, and never charged in advance. Florida § 516.031 requires it computed this way.
- A definite payoff date. On the schedule, the balance reaches zero on a date you know before you sign.
- No prepayment penalty. Paying ahead reduces the interest that accrues, so the loan costs less than the disclosed finance charge if you pay early.
Installment loan vs. credit card
A card is revolving: the balance moves, the minimum payment moves with it, and there is no end date. Carrying a balance at a card’s rate for years can cost more than a higher-APR installment loan repaid in eighteen months, because the term does as much work as the rate.
The card wins on flexibility and on cost if you already have available credit at a lower rate. The installment loan wins on structure — a payment that does not move and a date the debt ends.
What Florida law requires of the loan
Interest is capped: § 516.031(1) allows a licensee 36% on the first $10,000 of principal, computed as simple interest. Our product stays entirely inside that first tier.
Late charges are capped: no more than $15 per monthly payment, chargeable only after a payment is 12 days in default, and only if agreed in writing (§ 516.031(3)).
Interest cannot be compounded or collected in advance. Every figure in your Truth-in-Lending disclosure follows from those rules.
What it costs
| Loan amount | APR | Term | Monthly payment | Finance charge | Total of payments |
|---|---|---|---|---|---|
| $2,000 | 35.99% | 12 mo | $200.91 | $410.92 | $2,410.92 |
| $3,500 | 33.99% | 12 mo | $348.11 | $677.32 | $4,177.32 |
| $5,000 | 31.99% | 12 mo | $492.34 | $908.08 | $5,908.08 |
| $7,500 | 28.99% | 12 mo | $727.43 | $1,229.16 | $8,729.16 |
| $10,000 | 28.99% | 12 mo | $969.91 | $1,638.92 | $11,638.92 |
Representative examples only, not an offer of credit. Each row assumes a 12-month term, on-time payments, and the APR StrideFi currently quotes at that amount; your APR, term, and payment depend on underwriting. Interest accrues daily on the unpaid principal balance, so paying early reduces the finance charge below the figure shown, and paying late increases it. There is no prepayment penalty.
Frequently asked questions
- What is the difference between an installment loan and a payday loan?
- Size, term, and structure. A Florida payday loan — legally a deferred presentment transaction under Chapter 560 — is a small amount repaid in a single payment within weeks. An installment loan here is $2,000–$10,000 repaid in equal monthly payments under Chapter 516.
- Can I pay an installment loan off early?
- Yes, in full or in part, at any time, with no penalty. Because interest accrues daily on the unpaid principal, paying early reduces the total interest you pay.
- What happens if I miss a payment?
- A delinquency charge of up to $15 may apply once a monthly payment is more than 12 days in default, which is the maximum Florida § 516.031(3) permits. Continued non-payment is reported and can lead to collection activity. Contact us before a payment is missed rather than after.
- Is the interest rate fixed?
- Yes. The APR, the monthly payment, and the term are fixed for the life of the loan and disclosed in your Truth-in-Lending statement before you sign.
Related pages
StrideFi is an online lender — we have no branch locations. Loans made by Stride Financial LLC under the Florida Consumer Finance Act (Chapter 516) to Florida residents statewide. Amounts from $2,000 to $10,000; APR 28.99%–35.99%; terms up to 12months; no prepayment penalty. Approval, loan amount, APR, and term depend on underwriting, including identity, income, and bank-account verification — not every applicant qualifies, and applying is not a guarantee of credit. Funding times depend on your bank's ACH processing.