Tennessee Payday Loan Laws and Regulations in (TN)

(last updated 11/13/2019)
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

Agency for Handling Complaints
Tennessee Department of Financial Institutions
Consumer Resources Division
400 Deaderick Street, 6th Floor
Nashville , TN 37243
(615) 741-2236


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