- Payday loans in Miami 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.
- 7 credit unions are headquartered in Miami; ask about small-dollar loans before borrowing.
Miami at a glance
| Miami | |
|---|---|
| Population (2024 Census estimate) | 487,014 |
| Change since 2020 | +10% (growing fast) |
| County | Miami-Dade County |
| Size rank among 393 Florida places we cover | 2nd |
| Share of Florida’s population | 2.1% |
| Nearest larger city | Jacksonville (about 327 miles) |
| Credit unions headquartered in town (NCUA) | 7, 4 federal |
| Credit unions headquartered in Miami-Dade County | 11 |
| Other towns within 25 miles | 41 (about 1,854,806 residents) |
| Typical payday APR statewide (CRL 2023) | 293% |
There is no separate Miami payday law: Florida rules apply here, and any lender serving Miami residents, online or in person, needs a license from the Florida Office of Financial Regulation.
Credit unions in Miami
These credit unions have their main office in Miami, according to NCUA call report data (June 2026):
- Educational Federal Credit Union (federal charter — may offer payday alternative loans (PALs))
- Miami Firefighters Federal Credit Union (federal charter — may offer payday alternative loans (PALs))
- Miami Federal Credit Union (federal charter — may offer payday alternative loans (PALs))
- Baptist Health South Florida Federal Credit Union (federal charter — may offer payday alternative loans (PALs))
- Shaw-Ross Employees Credit Union (state charter)
- Miami Postal Service Credit Union (state charter)
- University Credit Union (state charter)
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.
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Payday loan rules that apply in Miami
| Rule | Florida |
|---|---|
| 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) |
| Loans at once | One, checked through the state database |
| Cooling-off | 24 hours after a loan ends |
| Rollovers | Not allowed |
| If you cannot pay | A 60-day grace period at no extra charge if you complete credit counseling |
What a $300 loan costs in Miami
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 Miami-Dade County before you borrow
Before a payday loan, Miami residents can usually find something cheaper:
- Local assistance through 211 covering Miami-Dade County.
- A credit union payday alternative loan (max 28% APR). See PALs explained.
- Your bank’s small-dollar loan, if offered (compare banks).
- A cash advance app for $20–$500 (apps compared).
Towns near Miami
- Miami Beach · 4 mi
- El Portal · 6 mi
- West Miami · 6 mi
- Miami Springs · 6 mi
- Virginia Gardens · 6 mi
- North Bay Village · 6 mi
The nearest larger city is Jacksonville, about 327 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 Miami?
Yes. Payday loans are legal in Miami under Florida state law, and lenders must be licensed by the Florida Office of Financial Regulation.
How much does a payday loan cost in Miami?
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 Miami?
Yes. NCUA data lists 7 credit unions with a main office in Miami, including Educational Federal Credit Union and Miami Firefighters 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