Tennessee Payday Loans Law

Tennessee Payday Loans Law

Tennessee State Information

Legal Status: Legal

Loan Terms:

    - Maximum Loan Amount: $425 ($500 check)
    - Loan Term: Max: 31 days
    - Maximum Finance Rate and Fees: 15% of the face value of the check
    - Finance Charge for 14-day $100 loan: $17.65
    - APR for 14-day $100 loan: 459%

Debt Limits:

    - Maximum Number of Outstanding Loans at One Time: 3 (2 per licensee) to maximum $500 face value of check/s
    - Rollovers Permitted: None (cannot renew or otherwise consolidate)
    - Cooling-off Period:
    - Repayment Plan:

Collection Limits:

    - Collection Fees: Court Costs
    - Criminal Action: Prohibited

Where to Complain, Get Information:

    - Regulator: Tennessee Department of Financial Institutions
    - Address: 312 Rosa L. Parks Avenue, 26th Floor Nashville, TN 37243
    - Phone: (615) 741-2236

These Tennessee payday loans law are basic information to assist your decision to borrow money. This information may be added or modified or canceled by Tennessee government without prior notice.