Payday Advance Tennessee
The rapid cash that Tennessee payday advance loans provide can help residents overcome any number of sudden difficulties. Quite often, unexpected illnesses, car breakdowns, home system or appliance failures, overlooked bill due dates, and more, can leave you frantically trying to come up with the finances to cover them.
However, Tennessee payday loans are good solutions to problems that tend to crop up between paydays when they are least expected. Because payday cash advances can be obtained within hours with little information and rarely any credit checks, they meet such emergencies effectively. Tennessee payday loans are also quickly repaid so they cause limited stress to your budget.
What Exactly Are Tennessee Payday Loans?
Payday advances are short-term loans that provided limited amounts of cash, usually $1,000 or less, in a very short period of time (usually no longer than 24 hours). They are designed to provide individuals with a rapid means of obtaining the funds necessary to cover emergency expenses.
Tennessee payday loans use your income or paycheck for collateral, so applying for payday advances requires only a brief application process and little information. The loans, plus finance charges and associated fees, are then repaid on a scheduled due date that, oftentimes, falls on the day you receive your next check.
Although short-term payday loans are normally provided at high rates of interest and include associated fees, they are paid off quickly, thus reducing the burden of repayment. On the other hand, long-term low-interest loans' repayment period lasts for months or even years, and adds a monthly payment burden to your budget.
How to Get Tennessee Payday Loans
Tennessee payday loans are easily acquired. First, you should locate either a licensed lender in the state or an online payday loan lender with whom to apply. A brief form is filled out providing the lender with personal and loan information. You then submit the application form with required ID, proof of income, and bank account information. The approval process is usually completed within hours or by the next business day.
The approved loan amount is deposited into your bank account and repayment is expected to be made on the determined due date. At in-state lender locations, you can make payments in person, by post-dated check, or via electronic withdrawal from your account. If you use an online payday loan lender, you can make payments via electronic payment. Credit checks are rarely made on Tennessee payday loans.
Laws and Guidelines Affecting Tennessee Payday Loans
Payday advance Tennessee loans are legal in the state, allowing residents to borrow up to $425 in cash or $500 if the loan amount is presented in check form. Tennessee payday loans must be repaid within 31 days, with no rollovers or loan extensions, so payday advances must be repaid by their due date.
Payday loan lenders can charge up to 15% of the loan value through finance charges and service fees. The maximum amount equates to $17.65 on a $100 loan taken out for 14 days, which is an APR of 459%.
No more than three Tennessee payday advances can be taken out at a time, and no more than two payday loans can be drawn from any one lender. Tennessee payday loan lenders are permitted to attach any court fees incurred in retrieving payday loans through litigation.
Further Information on Tennessee Payday Loans
If you require additional information on Tennessee payday loans, Tennessee payday loan laws, or Tennessee payday loan lenders, contact the following state department:
Consumer Resources Division
Tennessee Department of Financial Institutions (TDFI)
414 Union Street, Suite 1000
Nashville, TN 37219
Phone: 615-253-2023 or 800-778-4215