Tennessee Short-term Loan Terms and Rules in 2025

Common Capital is a Help Organization dedicated to providing the public with comprehensive, accurate, and accessible online information about payday loans in Tennessee.

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Short-term Loans Terms in Tennessee

Legal Status Legal
Maximum Loan Amount $500
Finance Charges 15% of the amount of the check; $17.65 for $100 borrowed
Interest Rate (APR) 460%
Minimum Loan Term Not Specified
Maximum Loan Term 31 days

Short-term Loan Calculator

$250 Your Loan + $6.73 Your Fee =
$256.73 Total Cost

This loan calculator is provided as an estimator only. The details of your loan will depend on several factors including, but not limited to: loan amount, term, annual percentage rate (APR), fees, the state you live in, and the lender’s conditions. These details vary lender to lender and are subject to change at any time. The details of your loan will be provided to you by your lender.

Tennessee Lender's Statistics

Year No. of Stores No. of Clients No. of Loans Value of Fees Value of Loans
2018 923 - 3,300K $141.7M $665.8M
2017 983 - 3,800K $141.7M $767.7M
2016 1,036 - 2,900K $134.3M $797M
2015 1,211 - 3,500K $194.9M $983.6M
2014 1,323 - 4,100K $233.3M $1,174.9M
2013 1,299 - 4,500K $233.1M $1,279M
2012 1,178 - 4,600K $256.6M $1,048.8M
2011 1,208 - 4,600K $177.7M $1,124.7M
2010 1,512 - 4,600K $157.2M $1,011.8M
Statistics provided by Tennessee Department of Financial Institutions

Top Licensed Short-term Loan Lenders in Tennessee

Discover our meticulously selected range of the top licensed payday loan lenders in Tennessee, chosen to offer reliable and quick financial solutions for your immediate requirements.

Lender
User Ratings
Branches
Cities
Category
World Acceptance
User Raiting:
5.00
Branches: 3
Cities: 3
Category: Loan agency
Americash
User Raiting:
5.00
Branches: 3
Cities: 3
Category: Check cash
Cash Depot
User Raiting:
5.00
Branches: 3
Cities: 2
Category: Check cash
State Finance
User Raiting:
4.97
Branches: 3
Cities: 3
Category: Loan agency
Wallace Finance
User Raiting:
4.94
Branches: 20
Cities: 19
Category: Loan agency
745 Cash
User Raiting:
4.92
Branches: 8
Cities: 3
Category: Loan agency
Franklin Financial
User Raiting:
4.84
Branches: 17
Cities: 17
Category: Loan agency
World Finance
User Raiting:
4.79
Branches: 83
Cities: 68
Category: Loan agency
Check Into Cash
User Raiting:
4.78
Branches: 26
Cities: 24
Category: Loan agency
ACE Cash Express
User Raiting:
4.74
Branches: 25
Cities: 3
Category: Loan agency
Advance America
User Raiting:
4.72
Branches: 144
Cities: 76
Category: Check cash
Advance Cash
User Raiting:
4.70
Branches: 2
Cities: 2
Category: Loan agency
Appalachian Lending
User Raiting:
4.67
Branches: 3
Cities: 3
Category: Loan agency
Mariner Finance
User Raiting:
4.66
Branches: 13
Cities: 11
Category: Loan agency
Cash City
User Raiting:
4.65
Branches: 2
Cities: 2
Category: Loan agency
Heights Finance
User Raiting:
4.58
Branches: 54
Cities: 47
Category: Loan agency
Quick Cash
User Raiting:
4.57
Branches: 5
Cities: 5
Category: Loan agency
American Trust Cash Advance
User Raiting:
4.45
Branches: 14
Cities: 11
Category: Loan agency
Cash Now Advance
User Raiting:
4.40
Branches: 4
Cities: 4
Category: Loan agency
OneMain Financial
User Raiting:
4.28
Branches: 16
Cities: 14
Category: Loan agency
Credit Central
User Raiting:
4.26
Branches: 34
Cities: 34
Category: Loan agency
Farm Credit Mid-America
User Raiting:
4.17
Branches: 4
Cities: 4
Category: Financial institution
Beacon Finance
User Raiting:
4.15
Branches: 2
Cities: 2
Category: Loan agency
Citizens Savings & Loan
User Raiting:
4.10
Branches: 3
Cities: 3
Category: Loan agency
3D Financial
User Raiting:
4.06
Branches: 15
Cities: 15
Category: Loan agency
Superior Financial Services
User Raiting:
4.05
Branches: 2
Cities: 2
Category: Loan agency
Regional Finance
User Raiting:
4.05
Branches: 6
Cities: 6
Category: Loan agency
Service Loan Co
User Raiting:
4.02
Branches: 6
Cities: 6
Category: Loan agency
Security Finance
User Raiting:
3.92
Branches: 43
Cities: 42
Category: Financial institution
Courtesy Finance
User Raiting:
3.83
Branches: 3
Cities: 2
Category: Loan agency
Cash Express
User Raiting:
3.71
Branches: 33
Cities: 32
Category: Check cash
T & M Investments
User Raiting:
3.70
Branches: 2
Cities: 1
Category: Loan agency
Community Choice Financial
User Raiting:
3.10
Branches: 9
Cities: 6
Category: Financial institution
Truist
User Raiting:
3.03
Branches: 18
Cities: 15
Category: Bank
Family Check Advance
User Raiting:
3.00
Branches: 7
Cities: 6
Category: Loan agency
1st Heritage Credit
User Raiting:
2.79
Branches: 8
Cities: 8
Category: Financial institution
Speedee Cash
User Raiting:
2.70
Branches: 4
Cities: 4
Category: Loan agency
Service Loans
User Raiting:
2.20
Branches: 3
Cities: 2
Category: Loan agency

Tennessee Short-term Loan Regulations

In Tennessee, payday loans are regulated under the Tennessee Deferred Presentment Services Act. This act sets forth the rules for payday lending in the state. Under these regulations, payday lenders can offer loans up to $500 with a maximum loan term of 31 days. The fees charged by payday lenders are also regulated: lenders can charge up to 15% of the face value of the check as a fee. Additionally, borrowers are limited to having three outstanding payday loans at any one time and are not allowed to have more than two payday loans from the same lender.

Furthermore, payday lenders in Tennessee must comply with federal regulations, including the Truth in Lending Act, which mandates that lenders disclose the terms of the loan, including the finance charge and the annual percentage rate (APR). The Fair Debt Collection Practices Act also applies, governing how debts are collected and prohibiting abusive, deceptive, and unfair collection practices. These federal laws, along with Tennessee's state regulations, provide a framework to protect consumers in the payday lending market.

What Are the Alternatives for Short-term Loans in Tennessee?

When searching for alternatives to payday loans, residents have several options to consider. These include installment loans, which offer structured repayment plans, and personal loans, providing flexibility and potentially lower interest rates. Exploring these alternatives can help borrowers manage their finances more effectively and avoid the high costs associated with payday lending

Guaranteed Installment Loans

In Tennessee, guaranteed installment loans provide a structured repayment plan, ideal for those needing predictable monthly payments. Unlike payday loans, these loans require a credit check and proof of income, offering longer terms and potentially lower interest rates. They are suitable for Tennesseans looking to manage larger expenses or consolidate debts more effectively.

Fast Title Loans

Fast title loans in Tennessee offer immediate funding using a vehicle as collateral. Different from cash advances, they require ownership of a car but can offer larger loan amounts based on the vehicle's value. This option is a quick solution for urgent cash needs without the stringent credit checks of traditional loans.

Emergency Loan without a Bank Account

For Tennessee residents without traditional banking, an emergency loan without a bank account offers a crucial alternative. These loans differ from short-term loans as they don't always require a checking account for approval, ideal for those facing unexpected expenses but lacking standard banking services.

Debt Consolidation Loan

A debt consolidation loan in Tennessee is designed to combine multiple debts into a single loan. Unlike payday lending, it offers longer repayment terms and potentially lower interest rates, making it an excellent strategy for Tennesseans looking to streamline their finances and reduce overall debt costs.

Instant Personal Loans

Instant personal loans provide quick financial relief in Tennessee, often with same-day approval. Unlike payday loans, they may require a credit check but offer more flexibility in loan amounts and repayment terms, making them an ideal solution for immediate personal financial needs.

Cash Loans with No Credit

In Tennessee, cash loans with no credit cater to individuals without a strong credit history. Unlike payday loans, these loans don't always require a credit check, making them accessible to a broader range of people in need of immediate cash but with limited credit options.

Bad Credit Loans

Bad credit loans in Tennessee offer individuals with poor credit scores a chance to borrow, despite past financial challenges. Different from short-term loans, these loans may have more favorable terms and focus on the borrower's ability to repay, providing a valuable opportunity for those aiming to rebuild their credit history.

Quick P2P Loans

Quick P2P (peer-to-peer) loans in Tennessee connect borrowers directly with individual lenders, bypassing traditional financial institutions. These loans differ from payday loans by offering potentially lower interest rates and more flexible terms, appealing to those in Tennessee seeking alternative lending options outside of conventional banking systems.

How to Get a Short-term Loan with Bad Credit?

Easy Steps to Get Payday Loans With Bad Credit in Tennessee

For residents of Tennessee grappling with financial challenges and less-than-ideal credit scores, payday loans can offer a convenient solution. The application process is straightforward, involving minimal paperwork. Locate a reputable payday lender in Tennessee and complete their application, providing personal and financial information. Approval primarily depends on your income and repayment ability rather than your credit score. Once approved, you can access the funds within hours, promptly addressing your financial emergencies.

Requirements to Get Paycheck Loans With Low Credit Score in the Volunteer State

Tennessee payday loans are accessible even for those with a low credit score. Qualification typically entails Tennessee residency, a stable source of income, a valid ID, and an active checking account. These criteria are more lenient than those for traditional loans, making payday loans a practical choice for many Tennesseans facing unexpected expenses. Nevertheless, it's crucial to use payday loans responsibly and ensure timely repayment to avoid additional fees and financial stress.

Basic Information about Tennessee State

Metrics
Value
State Capital
Nashville
Population
Approximately 7.1 million (as of 2021)
Location
Tennessee is located in the southeastern part of the United States, known for its diverse landscapes, including the Great Smoky Mountains, music scene, and historic sites.
Largest City by Population
Memphis
Biggest National Parks
Great Smoky Mountains National Park, Chickamauga and Chattanooga National Military Park, Shiloh National Military Park

Submit a Complaint Against a Lender in Tennessee

If you need to submit a complaint against a payday lender in Tennessee, the primary regulatory body is the Tennessee Department of Financial Institutions. They ensure compliance with state laws governing payday loans. You can reach them at:

  • Tennessee Department of Financial Institutions, 312 Rosa L. Parks Avenue, 26th Floor, Nashville, TN 37243
  • (615) 741-2236
Submit a Complaint

FAQ

Are Payday Loans Legal in Tennessee?

Yes, payday loans are legal in Tennessee, but they are subject to regulations to protect consumers. The Tennessee Department of Financial Institutions oversees and enforces these regulations to ensure fair lending practices.

Can Payday Loan Debt Be Forgiven?

Payday loan debt can be challenging to manage, and complete forgiveness is not common. However, borrowers facing difficulties can explore options like debt consolidation or repayment plans to make the process more manageable. Communication with the lender is essential if you're struggling to repay the loan.

Can You Get a Payday Loan Without a Bank Account?

In most cases, obtaining a payday loan in Tennessee requires having a bank account. Lenders typically use bank accounts for loan disbursement and repayment. While some alternative financial services may offer payday-like loans without a bank account, they often come with higher fees and risks.

Are Payday Loans Fixed or Variable?

Payday loans in Tennessee typically involve fixed fees, meaning the cost of borrowing remains consistent throughout the loan term. However, the annual percentage rate (APR) can vary depending on the loan amount and term. It's crucial to review the loan terms and understand the total cost before borrowing.

Is a Payday Loan Secured or Unsecured?

Payday loans in Tennessee are unsecured loans, meaning they do not require collateral. Approval for a payday loan is primarily based on the borrower's income and employment status. Unlike secured loans, such as auto title loans, payday loans do not put assets at risk.

How Long Do Payday Loans Stay in the System?

Information about payday loans can remain in the financial system for several years. Late payments or defaults on payday loans may be reported to credit bureaus, impacting your credit score and making it more challenging to secure new loans in the future. Timely repayment is crucial to avoid long-term consequences.

Tennessee Short-term Loans Near Me

Adamsville Alamo Alcoa Alexandria Algood Andersonville Antioch Apison Ardmore Arlington Ashland City Athens Atoka Atwood Bartlett Bean Station Bells Benton Berry Hill Big Sandy Blaine Blountville Bolivar Bon Aqua Bradyville Brentwood Brighton Bristol Brownsville Bruceton Bulls Gap Bumpus Mills Burlison Burns Byrdstown Calhoun Camden Carthage Caryville Castalian Springs Celina Centerville Chapel Hill Chattanooga Chuckey Church Hill City Clarkrange Clarksville Cleveland Clifton Clinton Coalmont College Grove Collegedale Collierville Collinwood Columbia Cookeville Copperhill Cordova Cornersville Corryton Cosby Counce Covington Crockett Mills Cross Plains Crossville Crump Culleoka Cumberland City Cumberland Furnace Dandridge Dayton Decatur Decaturville Decherd Dickson Dover Dresden Ducktown Dunlap Dyersburg Eads Eagleville East Ridge Elizabethton Englewood Erin Erwin Estill Springs Etowah Fairfield Glade Fairview Farragut Fayetteville Frankewing Franklin Friendsville Gadsden Gainesboro Gallatin Gates Gatlinburg Germantown Gibson Gleason Goodlettsville Gordonsville Grand Junction Gray Graysville Greenbrier Greeneville Greenfield Gruetli laager Halls Harriman Harrogate Hartsville Heiskell Helenwood Henderson Hendersonville Hermitage Hickory Valley Hill Hixson Hohenwald Hollow Rock Hornbeak Humboldt Huntingdon Huntland Huntsville Jacksboro Jackson Jamestown Jasper Jefferson City Jellico Joelton Johnson City Johnsonville Jonesborough Juliet Kimball Kingsport Kingston Kingston Springs Knoxville Kodak La Vergne Lafayette Lafollette Lakeland Lawrenceburg Lebanon Lenoir City Lewisburg Lexington Liberty Linden Livingston Lobelville Lookout Mountain Loretto Loudon Louisville Lyles Lynchburg Lynnville Madison Madisonville Manchester Martin Maryville Mascot Mason Maury City Maynardville Mcewen Mckenzie Mclemoresville Mcminnville Memphis Michie Middleton Milan Millington Monteagle Monterey Morrison Morristown Mosheim Mountain City Mt Carmel Mt Pleasant Mt. Juliet Munford Murfreesboro Nashville New Johnsonville New Market New Tazewell Newbern Newport Niota Nolensville Norris Oak Ridge Oakland Obion Old Hickory Oliver Springs Oneida Ooltewah Orlinda Palmer Paris Parrottsville Parsons Pegram Pigeon Forge Pikeville Piney Flats Pittsburg Plains Pleasant View Portland Powell Pulaski Puryear Reagan Red Bank Red Boiling Springs Riceville Rickman Ridge Ridgely Ridgetop Ripley Roan Mountain Rockwood Rocky Top Rogersville Rossville Rutledge Sardis Savannah Scotts Hill Selmer Sevierville Sewanee Seymour Shelbyville Signal Mountain Smithville Smyrna Sneedville Soddy Daisy Somerville South Fulton South Pittsburg Sparta Speedwell Spencer Spring City Spring Hill Springfield Stanton Summertown Surgoinsville Sweetwater Talbott Tazewell Tellico Plains Tennessee Ridge Thompson's Station Tiptonville Toone Townsend Tracy City Trenton Trezevant Trimble Troy Tullahoma Tusculum Unicoi Union City Vanleer View Viola Vonore Wartburg Washburn Watertown Waverly Waynesboro White Bluff White House White Pine Whites Creek Whiteville Whitwell Winchester Winfield Withe Woodbury Woodland Mills