Interest on unpaid invoices in Florida: a floating rate if no rate was agreed; the most you can set depends on the deal

Florida's rate when no rate was agreed

See the state's words below. Fla. Stat. 687.01: where interest accrues without a special contract for the rate, the rate is the s. 55.03 judgment rate.

How the rate moves: Fla. Stat. § 55.03: 12-month average NY Fed discount rate + 400 bp, set quarterly.

• “In all cases where interest shall accrue without a special contract for the rate thereof, the rate is the rate provided for in s. 55.03.” — Fla. Stat. § 687.01 Rate of interest in absence of contract, read November 6, 2026
• “On December 1, March 1, June 1, and September 1 of each year, the Chief Financial Officer shall set the rate of interest that shall be payable on judgments or decrees for the calendar quarter beginning January 1 and adjust the rate quarterly on April 1, July 1, and October 1 by averaging the discount rate of the Federal Reserve Bank of New York for the preceding 12 months, then adding 400 basis points to the averaged federal discount rate.” — Fla. Stat. § 55.03(1) Judgments; rate of interest, generally, read November 6, 2026
• “October 1, 2026 7.87%” — Florida CFO, Current Judgment Interest Rates (Fla. Stat. § 55.03), read November 6, 2026

The most you can set in Florida

For homeowners and businesses alike: 18% a year simple interest (obligations over $500,000: the s. 687.071 rate). The statute covers 'any obligation whatever', not only loans. However, if the obligation exceeds $500,000 in amount or value, no contract to pay interest thereon is usurious unless the rate of interest exceeds the rate prescribed in s. 687.071.

• “All contracts for the payment of interest upon any loan, advance of money, line of credit, or forbearance to enforce the collection of any debt, or upon any obligation whatever, at a higher rate of interest than the equivalent of 18 percent per annum simple interest are hereby declared usurious.” — Fla. Stat. § 687.02(1) "Usurious contracts" defined, read November 6, 2026
• “However, if such loan, advance of money, line of credit, forbearance to enforce the collection of a debt, or obligation exceeds $500,000 in amount or value, then no contract to pay interest thereon is usurious unless the rate of interest exceeds the rate prescribed in s. 687.071.” — Fla. Stat. § 687.02(1) "Usurious contracts" defined, read November 6, 2026

Late fees in Florida

What the text says: Retail installment contracts: delinquency charge only on an installment at least 10 days in default, max 5% of the installment, and only if the contract provides for it. Retail installment contracts for goods or services bought for personal, family or household use (services include repair and improvement of real property). Fla. Stat. § 520.37 is written for a retail installment contract, and its services are those furnished for personal, family, or household use.

• “A retail installment contract may provide for payment by the buyer of a delinquency charge on each installment in default for a period not less than 10 days. Such charge may not exceed 5 percent of such installment.” — Fla. Stat. § 520.37 Delinquency charges, attorney's fees and court costs, read November 6, 2026
• “Work, labor, or other personal services furnished for personal, family, or household use, including but not limited to the delivery, installation, servicing, repair, or improvement of goods, and includes such work or labor furnished in connection with the modernization, rehabilitation, repair, alteration, improvement, or construction upon or in connection with real property.” — Fla. Stat. § 520.31 Definitions ("Services"), read November 6, 2026

Does Florida want it agreed in advance?

Agreed in advance: Florida's text read does not say so in general. It depends: see Fla. Stat. § 520.37. A delinquency charge on a retail installment contract applies only where the contract 'may provide' for it; for interest with no agreed rate, § 687.01 points to the legal rate.

• “A retail installment contract may provide for payment by the buyer of a delinquency charge on each installment in default for a period not less than 10 days.” — Fla. Stat. § 520.37, read November 6, 2026

Homeowners and businesses in Florida

The ch. 520 retail installment delinquency-charge cap (5%, after 10 days) applies only to goods/services for personal, family or household use. Ch. 520 Part II definitions limit 'services' to personal, family or household use.

• “Work, labor, or other personal services furnished for personal, family, or household use” — Fla. Stat. § 520.31 Definitions, read November 6, 2026

Prompt payment on private construction in Florida

What the text says: Late payments bear interest at the s. 55.03 rate plus 12% a year, from the 14th day after payment is due. Written contracts to improve real property entered into after Dec 31, 1992 for which a construction lien is authorized under ch. 713 part I. Construction Contract Prompt Payment Law.

• “Any payment due under the provisions of subsection (4), excluding any amounts withheld pursuant to subsection (7), shall bear interest at the rate specified in s. 55.03 plus an additional 12 percent per annum, computed beginning on the 14th day after payment is due pursuant to subsection (4).” — Fla. Stat. § 715.12 Construction Contract Prompt Payment Law, read November 6, 2026
• “This section applies only to written contracts to improve real property entered into after December 31, 1992, and for which a construction lien is authorized under part I of chapter 713.” — Fla. Stat. § 715.12 (scope), read November 6, 2026

Work out a late charge in Florida

Set your own rate.

Check Florida's own text

Before you charge: read Fla. Stat. § 687.01 Rate of interest in absence of contract and the other Florida texts quoted on this page, or ask a lawyer. As of November 6, 2026.

This is a plain-words summary of each state's own laws as of November 6, 2026, not legal advice. Rules have exceptions. Check the state's own text, linked on every state's page, or a lawyer before you charge a late fee or interest.

Compare Florida with every state's answer, or with its neighbours just below.

Next door to Florida

• Alabama: 6% if none agreed, depends by agreement
• Georgia: 7% if none agreed, depends by agreement (not fully confirmed)

Official sources for Florida

• Fla. Stat. § 687.01 Rate of interest in absence of contract — read November 6, 2026
• Fla. Stat. § 55.03(1) Judgments; rate of interest, generally — read November 6, 2026
• Florida CFO, Current Judgment Interest Rates (Fla. Stat. § 55.03) — read November 6, 2026
• Fla. Stat. § 687.02(1) "Usurious contracts" defined — read November 6, 2026
• Fla. Stat. § 520.37 Delinquency charges, attorney's fees and court costs — read November 6, 2026
• Fla. Stat. § 520.31 Definitions ("Services") — read November 6, 2026
• Fla. Stat. § 715.12 Construction Contract Prompt Payment Law — read November 6, 2026

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