- Payday loans in Key West follow Florida law (Florida Statutes s. 560.404 (deferred presentment)).
- Borrowing $300 at the state maximum costs $30 (10% fee) plus a small verification fee.
- 3 credit unions are headquartered in Key West; ask about small-dollar loans before borrowing.
Key West at a glance
| Key West | |
|---|---|
| Population (2024 Census estimate) | 25,240 |
| Change since 2020 | -4.2% (shrinking) |
| County | Monroe County |
| Size rank among 393 Florida places we cover | 104th |
| Nearest larger city | Homestead (about 104 miles) |
| Credit unions headquartered in town (NCUA) | 3, 3 federal |
| Credit unions headquartered in Monroe County | 3 |
| Typical payday APR statewide (CRL 2023) | 293% |
Whether you borrow at a storefront in Homestead or online from Key West, the lender must hold a Florida license from the Florida Office of Financial Regulation and follow state limits.
Credit unions in Key West
These credit unions have their main office in Key West, according to NCUA call report data (June 2026):
- Keys Federal Credit Union (federal charter — may offer payday alternative loans (PALs))
- Monroe County Teachers Federal Credit Union (federal charter — may offer payday alternative loans (PALs))
- Southernmost Federal Credit Union (federal charter — may offer payday alternative loans (PALs))
Only federal credit unions can offer payday alternative loans (PALs), capped at 28% APR; state-chartered credit unions often have their own small-loan products. Membership rules apply, and only main offices are listed here; find branches near you with the NCUA Credit Union Locator. See how PALs work.
Need $100–$1,000 before payday?
- One free request, many lenders
- Bad credit and benefit income considered by many lenders
- See the APR and total cost before you sign
PaydayEase is not a lender. Requests go to lenders in our network; approval, rates and terms are set by the lender. Rates & fees
Payday loan rules that apply in Key West
Key Florida limits that apply to Key West borrowers: maximum loan: $500 (single-payment); $1,000 for installment deferred presentment; maximum fee: 10% of the amount provided, plus a verification fee; loan term: 7 to 31 days (installment: 60 to 90 days). See the full Florida payday loan rules.
What a $300 loan costs in Key West
At Florida’s maximum fee, borrowing $300 costs $30 (10% fee) plus a small verification fee. Statewide, the typical APR on a $400 payday loan was 293% (Center for Responsible Lending, June 2023). Check any offer with our payday loan calculator.
Other help in Monroe County before you borrow
- Credit union payday alternative loans (PALs): $200–$2,000 at no more than 28% APR. Search for a federal credit union in Key West that offers them. See how PALs work.
- Your bank’s small-dollar loan, if it offers one. See bank small-dollar loans.
- Cash advance apps for $20–$500 based on your direct deposits. See apps compared.
- 211: call or text 211 for local help with rent, utilities and food.
Towns near Key West
- Marathon · 49 mi
- Key Colony Beach · 49 mi
- Everglades · 93 mi
- Marco Island · 95 mi
- Florida · 102 mi
- Homestead · 104 mi
The nearest larger city is Homestead, about 104 miles away. See all 393 Florida cities.
Need cash before payday?Send one free request to our lender network. We are not a lender; offers and rates come from lenders.
Request a loanFrequently asked questions
Are payday loans legal in Key West?
Yes. Payday loans are legal in Key West under Florida state law, and lenders must be licensed by the Florida Office of Financial Regulation.
How much does a payday loan cost in Key West?
At Florida’s maximum fee, borrowing $300 costs $30 (10% fee) plus a small verification fee. The typical statewide APR was 293% in 2023.
Are there credit unions in Key West?
Yes. NCUA data lists 3 credit unions with a main office in Key West, including Keys Federal Credit Union and Monroe County Teachers Federal Credit Union. Federal credit unions can offer payday alternative loans capped at 28% APR.
Sources
- U.S. Census Bureau — City and town population totals, Vintage 2024
- U.S. Census Bureau — 2024 Gazetteer files (place locations)
- NCUA — Credit union call report data, June 2026 (FOICU)
- Florida Statutes s. 560.404
- Florida OFR — Payday lenders
- Center for Responsible Lending — Red Alert Rates: APRs on $400 single-payment payday loans (June 2023)
- CDFI Fund — NCUA payday alternative loans summary