Tennessee Payday Loans Quick Cash Online

It is legal to lend money in Tennessee for payday.

Payday loans in Tennessee are limited to $500. The maximum loan term is 31 days. The check amount should not exceed 15%. The actual APR of the state is approximately 460%*. It is not permitted to commit criminal acts.

Tennessee was the first state to create payday loans. Despite this state’s noble reputation, it has set up more or less strict regulations over the years. Unlicensed online lenders continue to make high-cost loans a problem.

Tennessee Payday Lending Statutes


Tenn. states that payday lending is legal in Tennessee. Code Ann. 45-17-101 et seq.

Payday loans can also be known as deferred present services loans.

A license must be obtained from the Department of Financial Institutions to open a Tennessee payday lender. To be eligible for the permit, the company must have $25,000 net wealth. Records for anyone who owns more than 5% of the lending business are required.

This page lists payday loan companies with a Tennessee license as of April 2019.

Any lender operating in Tennessee who violates these laws will be prosecuted, and their license may be revoked. A $1,000 fine will be imposed on the lender for violating state law.

Loan Amounts In Tennessee

The maximum amount of a Tennessee loan is 0. One loan per person is permitted at a time.

The Deferred Presentment Services Act states that licensed payday lenders can only have two outstanding checks at a time. Tenn prohibits payday lenders from having more than two outstanding checks at once. Code Ann. SS 45-17-112(o).

Fees, Rates, and Other Charges in Tennessee

$17.65 for a $100 loan

Payday loans and online payday loans are subject to a 15% charge (Tenn. Code Ann. SS 45-17-112 b.

The maximum term of a payday loan is in Tennessee.

  • The minimum term should not exceed 3 days. (Tenn. Code Ann. SS 45-17-112 d
  • A cooling-off period of one day should be allowed after the repayment of two consecutive loans before another loan is approved.

Consumer Information

After July 2020, lenders are no longer required by law to verify the ability of borrowers to repay loans.
Take control of your finances and avoid falling into debt traps.
The CFPB has changed the rule.

  • The state of Tennessee is exempt from criminal charges

The Department of Financial Institutions regulates the state of Tennessee’s payday loan industry.

The History of Payday Loans in Tennessee

  • 1990s, Allan Jones started Check Into Cash, Tennessee’s first payday loan company. The payday loan industry was born.
  • 2006 In effect, the Military Lending Act caps payday loans for military personnel at just 36% APR. No lender is permitted to lend to military personnel in Tennessee at more than 36% APR.
  • 2010 Tennessee Legislation is one of 25 states that have passed legislation regarding payday loans. The deferred Presentment Services Act established a cap of 15% on finance charges and a maximum loan amount of $500.
  • 2014 In an ordinance, the Metro Council of Nashville prohibited payday lenders from being within 1/4 miles of another location.
  • June 2, 2016 – The Consumer Financial Protection Bureau proposed a Payday loan rule. However, it has yet to take effect. The federal rule will take effect in November 2020.
  • So far, Tennessee’s situation has remained unchanged. For a long time, lawmakers have imposed a 36% annual limit on payday loan lenders. It is being looked at.


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Content Manager at ZaxLoans.com | Website

As the content manager for ZaxLoans.com, Charlotta Robel is keen to assist you to learn about the specifics of financial matters and help you search for the most suitable solution for your needs whether it's borrowing money or making money through other ways, or enhancing the quality of your credit score.

She holds earned an MD with a specialization in Philology is one of the most renowned universities. Certified Member of New York State Business Valuation and Digital Assets Committee. Charlotta holds an undergraduate education from a top European school. She speaks fluently English, German, Italian and Russian. For more than 10 years, Charlotta has been involved in blog writing and content writing, feature or article writing reviewing, editing and many more.