Tennessee Payday Loan Laws and Regulations in (TN)

(last updated 01/14/2016)
Payday loans and cash advances are legal in Tennessee. The Tennessee Department of Financial Institutions has been regulating Payday Loans and Cash Advances since 1997. As of 01/21/2015 there were 139 licensed lenders and 594 licensed locations in Tennessee.
 
The maximum payday loan allowed in Tennessee is $500. The maximum payday loan as a percentage of income is not specified. The number of loans that can be open at one time is 3 (only 2 per lender). The maximum permissible fees allowed in Tennessee is 15% of the face amount of the cash advance or $30 whichever is less. $17.65 for a $100 14 day loan, the maximum APR for a $100 14 day loan is 459% . The cooling off or waiting period for obtaining another loan is 0 days. The number of rollovers that are permitted is 0 (cannot renew or otherwise consolidate). The minimum loan term is not specified. The maximum loan term is 31 days.
 
This information is for informational purposes only. Although care has been taken to accurately describe the laws and regulations in Tennessee, no guarantees are implied or expressed about its accuracy. This is not legal advice. If you need legal advice, please consult an attorney or the Tennessee Department of Financial Institutions.
 
The following classes of lending organizations may be exempt from some, all, or none of the regulations and laws set by the state of Tennessee. Federally chartered banks, state chartered banks, credit unions and some entities organized under the laws of a sovereign nation (for example) a Native American Tribe or the country of Antigua.

Tennessee Payday Lending Regulator (TN)

Regulating Authority
Tennessee Department of Financial Institutions
400 Deaderick Street
6th Floor
Nashville, TN 37243
(615) 741-2236
www.tennessee.gov/tdFi

Agency for Handling Complaints
Tennessee Department of Financial Institutions
Consumer Resources Division
400 Deaderick Street, 6th Floor
Nashville , TN 37243
(615) 741-2236
http://www.tennessee.gov/tdfi/article/file-a-complaint

 


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Flag of the State of Tennessee With all the bills and expenses you deal with nowadays, your money is out the door faster than a turpentined cat. So if you need a little bit of cash to carry you through until your next paycheck, where in Tennessee can you turn for a cash advance – even if your credit is bad?

Here’s the MLGW bill again – and you haven’t paid last month’s yet. You know you need to pay soon, but your Tri-State Bank of Memphis account is empty and you don’t get paid until next week. Letting them shut off your electricity certainly isn’t an option. After a lovely afternoon at the Tennessee Aquarium, you come out to a flat tire – and you can’t budge those lug nuts. You’re going to have to call a tow truck – but you’re broke until payday. A short-term cash advance would sure be handy right now!

What if your commode backs up and you need a plumber in Paris? Or maybe your house is infested by spiders, and you need a fumigator in Franklin. While frying up a mess of catfish in Clarksville, the oil catches fire and you end up with a big black spot on the ceiling. You definitely don’t want your landlord to see that, so you’re going to have to prime and paint that over fast. But you weren’t planning on any of these expenses, and your next paycheck doesn’t come fast enough. A payday loan would be the perfect solution to your problems.

When Murphy shows up and camps out on your couch, making whatever can go wrong go horribly wrong, a payday loan can be just what you need to show him the door. But where can you find the right cash advance to meet your needs? It seems like there are payday lenders on every corner. How do you choose one?

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When your vehicle is in for expensive repairs, your paycheck was short, your utility bill was way higher than normal, or some other financial emergency is making your life miserable, our no cost, no obligation consumer-to-lender pairing process can help ease your pain. Even if you have bad credit or no credit, you may qualify for $100 to $1,000. Most lenders approve and fund payday loans online and in less than 24 business hours, giving you fast access to the cash you need. Give Murphy the boot! Complete our form today!


 

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Tennessee Debt Relief, Financial Counseling, and Consumer Credit Information


If you would like to look into the possible benefits of these services, Consumer Credit Counseling Service of the Midwest, Inc. is a leading provider of financial counseling services in Tennessee.