Payday Loans in Tennessee

Payday Loans
Explore our list of payday loan providers in Tennessee. Whether you're looking for $255 payday loans online, same-day options, or no credit check loans in TN, we provide detailed information to assist your decision. Learn about the regulations, limits, and most reliable online payday loans in Tennessee.
Offers: 6
Updated:
11.06.2024
15:38
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100.00 – 20000.00 $
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Interest rate

from 0.05 %
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Loan term for the financial product

5 days – 3 months
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3.09
(20 Ratings)
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Interest rate

from 4.00 %
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Loan term for the financial product

to 1 months
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Recommended FinScore™
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100.00 – 1000.00 $
Term
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Loan term for the financial product

1 days – 1 months
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4.06
(20 Ratings)
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50.00 – 1500.00 $
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Interest rate

208.04 – 782.14 %
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Loan term for the financial product

14 days – 31 days
Moneytree
Payday loan
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3.138
(13 Ratings)
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$100-$500
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Interest rate

up to 482.32%
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Loan term for the financial product

up to 14 days
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3.23
(41 Ratings)
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100.00 – 445.00 $
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Interest rate

to 0.92 %
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Loan term for the financial product

to 24 days

Payday loans in Tennessee is a type of short-term, high-interest loan that is typically due on the borrower's next payday. In Tennessee, payday loans are regulated by state law and are available at licensed lenders.

Tennessee law allows payday lenders to charge interest rates of up to 460% annually, which can make these loans very expensive for borrowers. The maximum loan amount in Tennessee is $500, and borrowers are not allowed to take out more than two payday loans at a time for a maximum of 31 days.

Payday Loans in Tennessee

What is the Payday Loan Limit in Tennessee?

In Tennessee, the maximum payday loan amount is $500. This is the highest amount that a payday lender can loan to a borrower in the state.

Tennessee law also limits the number of payday loans a borrower can have at any given time. A borrower cannot have more than two outstanding payday loans at a time. The overall loan amount for all loans should not exceed $500.

While payday loans may be a quick and easy source of cash, they come with very high interest rates and fees. This can make them difficult to pay off, and many borrowers end up trapped in a cycle of debt.

How to Borrow a Payday Loan in Tennessee?

Apply for a loan

  1. Find a licensed payday lender. Tennessee law requires that payday lenders be licensed by the state, so make sure to choose a lender that is authorized to operate in the state.
  2. Provide personal and financial information. You will need to provide the lender with your name, address, Social Security number, and other personal and financial information. This information will be used to verify your identity and determine whether you qualify for a loan.
  3. Receive your funds. Once you have provided all the information and written the post-dated check, the lender will give you the loan amount in cash minus the fees.
  4. Repay the loan. On your next payday, the lender will cash the check. If you cannot repay the loan in full, the lender may allow you to roll over the loan for an additional fee.

Pros and Cons

Pros

Quick access to cash. Payday loans are often approved and funded quickly, sometimes within hours, so they can be a good option if you need money urgently.

No credit check. Payday lenders typically don't require a credit check, so even if you have poor credit, you may be able to get a loan.

Easy to qualify. The requirements for a payday loan are usually minimal, and many people are able to qualify with just a regular source of income and a checking account.

Cons

High interest rates and fees. Payday loans are very expensive, with interest rates and fees that can add up to hundreds of dollars in costs for a single loan.

Risk of the debt cycle. Many borrowers find themselves trapped in a cycle of debt, where they must take out new loans to pay off the old ones, resulting in a cycle of borrowing and repaying that can be difficult to escape.

Limited loan amounts. The maximum loan amount in Tennessee is $500, which may not be enough to cover all of your financial needs.

Requirements

  1. Age. You must be a legal adult to take out a payday loan in Tennessee.
  2. Income. You must have a regular source of income, such as a job, and be able to show proof of income to the lender.
  3. Checking account. You must have an active checking account in your name to be eligible for a payday loan.
  4. Personal information. You will need to provide the lender with personal information, including your name, address, phone number, and Social Security number.
  5. Banking information. You will need to provide the lender with your bank account number and routing number so that they can deposit the loan funds into your account.

Interest Rates

In Tennessee, payday lenders can charge very high interest rates and fees on payday loans. According to state law, lenders can charge up to 15% of the face value of the check as a finance charge, plus additional fees of up to $17.65 per $100 borrowed. This means that on a $100 payday loan, the lender can charge up to $45 in fees, which equates to an annual percentage rate (APR) of 459% for a 14-day loan term.

Lenders in Tennessee

  • Check Into Cash is a national payday lender with an online platform that allows borrowers to apply for loans and receive funds quickly. They offer payday loans, title loans, and other financial products. Tennesseans can get $50 to $425.
  • Cash Central offers payday loans of up to $400 for a maximum of 31 days. A 14-day payday loan of $200 has an annual percentage rate of 459.90%. The finance charge is $35.28.
  • Lending Bear is a state-licensed lender in Tennessee. The maximum loan amount is $400, while the repayment term is 14 days. The APR can reach 459.90%.
  • Advance Financial is a Tennessee-based company that offers payday loans, title loans, and other financial products. They have over 100 locations across the state, with headquarters in Nashville.
  • Cash Express has over 50 locations in Tennessee, offering payday loans, title loans, and other financial services. They have been in business since 1997 and are based in Cookeville, TN.
  • Speedy Cash is a national payday lender with several locations in Tennessee, including Nashville, Memphis, and Knoxville. They offer payday loans, title loans, and other financial products.
  • Check 'n Go is a national payday lender with several locations in Tennessee, including Memphis, Nashville, and Knoxville. They offer payday loans, installment loans, and other financial products.

Alternatives

  1. Personal loans. These are installment loans that are repaid over time with fixed monthly payments. They have lower interest rates than payday loans and can be obtained from banks, credit unions, or online lenders.
  2. Credit cards. If you have a credit card, you may be able to use it to pay for unexpected expenses. While credit cards can have high interest rates, they may still be a better option than payday loans, which often have much higher rates and fees.
  3. Emergency assistance programs. There are many organizations in Tennessee that offer emergency assistance programs to help individuals and families in need. These programs may offer financial assistance, food assistance, or other types of support.
    1. Maximum loan amount. The maximum loan amount for a payday loan in Tennessee is $500.
    2. Maximum loan term. The maximum loan term for a payday loan in Tennessee is 31 days.
    3. Finance charges. Lenders are allowed to charge up to 15% of the face value of the check as a finance charge. For example, on a $100 loan, the finance charge cannot exceed $15.
    4. Annual percentage rate (APR). The APR for a 14-day $100 payday loan in Tennessee is 460%.
    5. Cooling-off period. Borrowers must wait at least one business day after paying off two payday loans before taking out another.
    6. Collection practices. Lenders are prohibited from engaging in abusive collection practices, such as threatening to arrest borrowers or garnish their wages.
    7. Database. Lenders are required to report all payday loans to a statewide database, which helps ensure that borrowers don't take out more than one loan at a time or exceed the maximum loan amount.

      Important

      Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

      How to Choose a Lender

      1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.

      2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.

      3. Carefully review all the terms and conditions of your payday loan contract.

      4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

      5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

      6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

      Other Loans

      FAQ

      Are online payday loans legal in Tennessee?

      Yes, online payday loans are legal in Tennessee. The state allows both brick-and-mortar and online payday lenders to operate within its borders as long as they comply with state regulations. Tennessee has specific regulations in place to protect consumers from predatory lending practices, such as limiting the loan amount and the finance charges that lenders can charge. 

      However, online payday loans can be very expensive and can lead to a cycle of debt if not repaid on time, so carefully consider all options before taking out a loan. Ensure that you are working with a reputable lender and that you fully understand the terms and fees of the loan before agreeing to borrow money.

      How many payday loans can I get in Tennessee?

      In Tennessee, borrowers are limited to one outstanding payday loan at a time and are not allowed to take out more than two payday loans in a period of 31 days. Additionally, there is a mandatory waiting period of at least one business day after paying off two payday loans before taking out another. 

      These regulations are in place to protect borrowers from taking on more debt than they can handle and to prevent them from getting trapped in a cycle of debt. Carefully consider whether a payday loan is a right choice for your financial situation, and only borrow what you can afford to repay on time.

      What do you need for a payday loan in Tennessee?

      To qualify for a payday loan in Tennessee, you will typically need to meet the following requirements:

      • Be at least 18 years old
      • Have a valid government-issued photo ID
      • Have an active checking account
      • Have a steady source of income, such as a job or government benefits.

      When you apply for a payday loan in Tennessee, you will typically need to provide some basic personal and financial information, such as your name, address, Social Security number, and employment information. You may also need to provide documentation to verify your income and checking account information. Some lenders may also require a post-dated check or electronic access to your checking account to secure the loan.

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