Write Your Lawmakers: Protect Florida Borrowers From Predatory Interest Rates | Opportunity For All Floridians

Background on this bill:

A coalition of loan companies that offer high-interest loans to low- and middle-income consumers are seeking to increase interest rates even further. The Florida Financial Services Association, which represents these lenders, failed to pass a predatory lending bill in the last session after Gov. DeSantis vetoed 2023’s SB 580 saying, “This increase in rates may result in additional consumer indebtedness and could exacerbate the pinch already being felt…”

But they are back again, advocating for a legislative change in Florida that would weaken consumer protections. The proposal seeks to eliminate Florida’s current tiered interest rate structure and jack up interest rates for those who can least afford it. We must protect consumers from predatory lending and the devastating effects of high interest rates.

Write your lawmakers to protect consumers from predatory lenders

This year, Senate Bill 1436 and its companion House Bill 1347 are being introduced as a means of allowing payday lenders to charge a 36% interest rate on loans of up to $10,000. The lenders are actively pushing for this change and have donated $190,000 to politicians from both political parties in 2022 to gain support for their agenda. Since loans below $25,000 are not subject to Florida’s usury laws that limit interest rates to 18%, there is a dire need to demand better safeguards from our lawmakers.

CURRENT Tiered loan

Interest rate

$0- $3000


$3001 – $4000


$4001 – $25,000




HB 1347 PROPOSED Tiered loan

Interest rate

$0 – $10,000


$10,001 – $20,000


$20,001 – $25,000


It is crucial that we make our voices heard and send a clear message to our elected representatives. We need more consumer protections from predatory lenders, not higher interest rates! Take action above and write to our lawmakers today to demand that they stand with us in protecting Floridians from these predatory high-interest lenders.

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