- Payday loans in Palmetto Bay 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.
- The nearest larger city is Cutler Bay, about 3 miles away.
Palmetto Bay at a glance
| Palmetto Bay | |
|---|---|
| Population (2024 Census estimate) | 25,402 |
| Change since 2020 | +4.4% (growing) |
| County | Miami-Dade County |
| Size rank among 393 Florida places we cover | 103rd |
| Nearest larger city | Cutler Bay (about 3 miles) |
| Credit unions headquartered in town (NCUA) | None |
| Credit unions headquartered in Miami-Dade County | 11 |
| Other towns within 25 miles | 30 (about 1,658,086 residents) |
| Typical payday APR statewide (CRL 2023) | 293% |
Payday lending in Palmetto Bay follows Florida state law. Lenders that serve Palmetto Bay, in a store or online, must be licensed by the Florida Office of Financial Regulation.
Credit unions near Palmetto Bay
No credit union has its main office in Palmetto Bay, but these are based elsewhere in Miami-Dade County (NCUA, June 2026):
- Educational Federal Credit Union in Miami (federal charter — may offer payday alternative loans (PALs))
- Miami Firefighters Federal Credit Union in Miami (federal charter — may offer payday alternative loans (PALs))
- Compass Financial Federal Credit Union in Hialeah (federal charter — may offer payday alternative loans (PALs))
- Hialeah Municipal Employees Federal Credit Union in Hialeah (federal charter — may offer payday alternative loans (PALs))
- Miami Federal Credit Union in Miami (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.
Payday loan rules that apply in Palmetto Bay
The main Florida rules for a payday loan in Palmetto Bay: 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 Palmetto Bay
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
- Call or text 211 for help with rent, utilities and food in Miami-Dade County.
- Ask a federal credit union about a PAL: $200–$2,000 at no more than 28% APR (how PALs work).
- Check your bank app for a small-dollar loan or early pay (bank options).
- Try a cash advance app if you have direct deposit (apps compared).
Towns near Palmetto Bay
- Pinecrest · 3 mi
- Cutler Bay · 3 mi
- Coral Gables · 6 mi
- South Miami · 6 mi
- West Miami · 10 mi
- Key Biscayne · 11 mi
The nearest larger city is Cutler Bay, about 3 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 Palmetto Bay?
Yes. Payday loans are legal in Palmetto Bay under Florida state law, and lenders must be licensed by the Florida Office of Financial Regulation.
How much does a payday loan cost in Palmetto Bay?
At Florida’s maximum fee, borrowing $300 costs $30 (10% fee) plus a small verification fee. The typical statewide APR was 293% in 2023.
Where is the nearest credit union to Palmetto Bay?
No credit union is headquartered in Palmetto Bay, but Educational Federal Credit Union is based in Miami, also in Miami-Dade County.
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