Tennessee Payday Loans Law

Tennessee Payday Loans Law

  • Tennessee law does provide payday loan consumers with some protections against the cycle of debt.

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.

Important Disclosures. Please Read Carefully.

Persons facing serious financial difficulties should consider other alternatives or should seek out professional financial advice.

This website is not an offer to lend. Paydayloanonline.com is not a lender or lending partner and does not make loan or credit decisions. Paydayloanonline.com connects interested persons with a lender or lending partner from its network of approved lenders and lending partners. Paydayloanonline.com does not control and is not responsible for the actions or inactions of any lender or lending partner, is not an agent, representative or broker of any lender or lending partner, and does not endorse any lender or lending partner. Paydayloanonline.com receives compensation from its lenders and lending partners, often based on a ping-tree model similar to Google AdWords where the highest available bidder is connected to the consumer. Regardless, Paydayloanonline.com’s service is always free to you. In some cases, you may be given the option of obtaining a loan from a tribal lender. Tribal lenders are subject to tribal and certain federal laws while being immune from state law including usury caps. If you are connected to a tribal lender, please understand that the tribal lender’s rates and fees may be higher than state-licensed lenders. Additionally, tribal lenders may require you to agree to resolve any disputes in a tribal jurisdiction. You are urged to read and understand the terms of any loan offered by any lender, whether tribal or state-licensed, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.

This service is not available in all states. If you request to connect with a lender or lending partner in a particular state where such loans are prohibited, or in a location where Paydayloanonline.com does not have an available lender or lending partner, you will not be connected to a lender or lending partner. You are urged to read and understand the terms of any loan offered by any lender or lending partner, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.

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Lender’s or Lending Partner’s Disclosure of Terms.

The lenders and lending partners you are connected to will provide documents that contain all fees and rate information pertaining to the loan being offered, including any potential fees for late-payments and the rules under which you may be allowed (if permitted by applicable law) to refinance, renew or rollover your loan. Loan fees and interest rates are determined solely by the lender or lending partner based on the lender’s or lending partner’s internal policies, underwriting criteria and applicable law. Paydayloanonline.com has no knowledge of or control over the loan terms offered by a lender and lending partner. You are urged to read and understand the terms of any loan offered by any lenders and lending partners and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.

Late Payments Hurt Your Credit Score

Please be aware that missing a payment or making a late payment can negatively impact your credit score. To protect yourself and your credit history, make sure you only accept loan terms that you can afford to repay. If you cannot make a payment on time, you should contact your lenders and lending partners immediately and discuss how to handle late payments.

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