Find Payday Loans in Tennessee
Payday loans are legal in Tennessee, one of twenty-five states that have enacted specific statutes and regulations authorizing them. Tennessee law requires cash advance creditors to be licensed and to clearly display their license. Lenders must provide their clients with a written statement drafted in simple, understandable language explaining the fees they are charging and the date that the funds will be deposited. Under Tennessee law, a consumer can borrow up to three cash advance loans at one time, provided that the total is not greater than $500. Payday loan businesses are prohibited from bringing a criminal action against delinquent borrowers.
A borrower can request up to $500 in payday loan funds.
The loan term is 31 days.
The number of extensions or rollovers is not specified under Tennessee law.
A cash advance company can charge the lesser amount of either 15% of the loan amount or $30. It can also charge one $30 NSF (non-sufficient funds) collection fee. The finance charge for a two-week loan in the amount of $100 is $17.65.
The maximum APR (annual percentage rate) that a payday loan business can charge for a two-week loan valued at $100 is 459%.