Many people, for various reasons, cannot get a loan from a bank. In such cases, a speedy payday loan comes to the rescue. What is a payday loan and what are the advantages of this product? The essence of payday lending does not differ significantly from traditional bank lending, still there are some differences: a small loan amount and a short loan duration.
Table of contents:
- What Are Payday Loans?
- How Much Can You Borrow?
- Reasons You Should Get a Payday Loan
- How to Apply for a Payday Loan in TN
- Advantages of Taking Out a Payday Loan in Tennessee
- The Costs and Regulations of Tennessee Payday Loans
- Repayment Options
- What Do I Need To Consider Before Getting A Payday Loan?
- Can I Get a Payday Loan in Tennessee with Bad Credit?
- Why Choose Speedy Payday Loans?
- Tennessee Cities with Best Payday Loans
- FAQs on Tennessee Payday Loans
- Learn More About Tennessee Loans
What Are Payday Loans?
Online payday loans are short, secure, and fast funding loans of $1,000 or less. They are fee-based loans, so you know exactly how much you will have to repay. No calculators needed!
The online payday loan process is very simple. You just need to fill out a short online loan application form and submit it. Wait a few minutes and get an answer. If you are approved, and 94+% are, you are immediately matched with your direct lender. You should carefully review the loan offer, get your questions answered, and e-sign off on the loan. You are never obligated to accept a loan offer if you are not satisfied with its terms and conditions.
Tennesee payday loans are available to residents of Memphis, Nashville, Jackson, Clarksville, Murfreesboro, Chattanooga, Springfield, Knoxville, Smyrna, Johnson City, Dickson, Bristol, Lebanon, Columbia, Morristown, Millington, Cookeville, Athens, Gallatin, Sevierville, Dyersburg, and rural areas of Tennessee.
How Much Can You Borrow in TN?
Payday loans in Tennessee usually do not exceed the maximum limit of $500, while the minimum loan amount you can borrow is not defined. Here are the amounts our clients request in 9 of 10 cases:
- 100 dollar loan;
- 200 dollar loan;
- 300 dollar loan;
- 500 dollar loan.
The approved amount will depend on your ability to repay the loan and income. Previous failure to pay off loans can influence the lending decision, too. In general, if you meet all eligibility criteria, you can apply for any of the amounts mentioned above.
Reasons You Should Get a Payday Loan
Situations in which you may need online payday loans can be very different. But most often – TN residents apply for payday loans due to delayed paychecks. But each situation is individual and the need can be very diverse:
- utility bills;
- car repairs;
- an urgent purchase (a smartphone or computer for work);
- rest or medical treatment;
- wedding or another celebration;
- debt consolidation;
- home improvement;
- education costs.
How to Apply for a Payday Loan in TN
We make it easy and hassle-free to get a speedy payday loan in Tennessee. First of all, make sure you comply with basic borrower requirements:
- You must be at least 18 years old. It is illegal to lend money to someone under 18 in Tennessee;
- Tennessee residency is required. To get a payday loan in TN, you must prove your legal residence by providing your home address;
- You don’t need good credit, but you must have a source of a stable income and earn at least $1000 per month. Then, the lender can be sure that you will be able to pay off your loan;
- To get approved, you will need a valid email address as well as a phone number;
- If in bankruptcy, you can’t be a debtor.
If you meet the given eligibility criteria, feel free to apply for a speedy payday loan online:
Advantages of Taking Out a Payday Loan in Tennessee
Consider the obvious benefits of getting a payday loan in TN:
- payday loans are issued even to borrowers who have been declined for a bank loan due to bad credit history;
- high speed of loan processing and funding – often this only takes 30 minutes;
- it is easy to get a loan online – you do not need to visit the lender’s in-store location;
- the borrower only needs some kind of identity verification (government-issued ID, SSN ) and a source of income (incl. social benefits, scholarship, wages, etc.);
- simple loan repayment options;
- opportunity to get fast cash around the clock;
- money can be used for whatever purpose.
Payday loans are issued to a very wide audience of potential borrowers, such as:
- people without official employment and income;
- those who cannot prove their income;
- students, military personnel, pensioners, freelancers, private entrepreneurs;
- those who have a bad credit history;
- consumers who receive social benefits or disabled people, etc.
The Costs and Regulations of Tennessee Payday Loans
These are the fees you can expect when applying online for a speedy payday loan in Tennessee.
✔Legal Status: Legal
✔Interest Rate (APR): approx. 460%
✔Maximum Loan Amount: $500
✔Minimum Loan Term: Not specified
✔Maximum Loan Term: 31 days
✔Number of Rollovers Allowed: None
✔Number of Outstanding Loans Allowed: 2 (not more than $500 combined)
✔Finance Charges: 15% of the amount of the loan. $17.65 for $100 borrowed (includes processing fee)
When your loan is due the lender will automatically withdraw the total loan from your checking account via an authorized electronic withdrawal or the debit card associated with your checking account. If you need an alternative loan repayment method, you can discuss it with the lender you got matched with. Please remember that payday loans must be always repaid on time, otherwise, they can become very expensive. Refinances are not allowed in Tennessee.
What Happens If I Cannot Repay My Payday Loan?
You should consider carefully whether you will be able to repay the loan before signing the agreement. If you are unsure whether this will be possible, look at alternatives such as borrowing money from family or friends. If you take out a payday loan and cannot meet the repayments, interest may be added. Missing or making late payments could hurt your credit score. If you cannot repay your current loan in full on the due date given in the agreement, you should contact your lender at least one banking day before your loan is due.
What Do I Need To Consider Before Getting A Payday Loan?
The procedure for getting online payday loans differs significantly from personal lending in banks. Despite the practically guaranteed approval, a number of serious nuances should be taken into account:
!Evaluate the offer. Even if you need money urgently, do not rush to make decisions. Analyze the terms and conditions of the offer, decide whether it is the most preferable option. Look at the interest rate, individual lending conditions and the possibility of loan renewal. All these data are usually indicated on the lender’s website, as well as in the agreement. Carefully study all the terms and conditions because they all affect the total loan amount;
!Due date. Remember: the faster you repay the loan, the less you will have to overpay;
!Penalties and fees for late payment. Default on your loan will lead to fines, penalties and additional interest. Late payment or non-payment will also damage your credit history.
It should be noted that a payday loan is considered closed only at the moment when the money is received by the lender.
Can I Get a Payday Loan in Tennessee with Bad Credit?
Often people need a fast loan but do not have a good credit score. In this case, you can forget about borrowing from a bank. The thing is that banks prefer to lend to consumers with good credit. What can you do if you have a low credit score? Often, a person may consider that poor credit history is an obstacle for getting a loan. But this is far from true. Microfinance companies from our network understand the situation perfectly and meet the borrower halfway.: if you have a bad credit history, you can still receive a payday loan via our referral service. Terms and conditions are usually the same.
Most payday lenders are more loyal to customers, which is confirmed by the trend – an online payday loan is approved n 94% of cases. In many ways, the lender understands that the loan will be used to pay off other debts and solve current financial problems. A number of companies require certain guarantees to insure their risks, while others do not require any collateral. There are many trouble-free companies that do not take into account the borrower’s bad credit history – instead, they focus only on the data provided in the application form.
We have collected the best offers from companies that issue bad credit loans with high approval rates. These are very loyal lenders who understand the borrower; existing debts do not affect the lender’s decision. These are companies that sometimes lend money to cover other debts. Thanks to them, people with poor credit history can expect to get support and solve their current financial problems.
Why Choose Speedy Payday Loans?
Our company has been operating for many years. And over these years, we have been able to accumulate valuable experience in providing quality service to our customers. Each of those who have applied for a loan via our website managed to find the best loan offer for their unique needs. The key advantage of cooperation with us is the ability to receive a speedy payday loan online in Tennessee without having to go anywhere and standing in lines.
What are the other benefits of using our services?
✔secure transfer of funds to the borrower’s bank account;
✔quick funding – you can get the money as soon as the same day;
✔loans are issued without income proof certificates and guarantors;
✔you can apply online from the comfort of your home;
✔no need to submit originals and copies of documents;
✔fully transparent and understandable lending conditions;
✔profitable offers and bonuses for new and regular customers;
✔various methods of loan repayment.
A wide network of credible lenders will allow you to choose the most suitable lender for your needs. We offer you the opportunity to save time and effort in finding a source of financing that can eliminate urgent financial difficulties. With our help, you can get a small-dollar loan for a short period of time, and thus solve unexpected financial problems.
The activity of our company is aimed at building trusting relationships with customers that are mutually beneficial for each of the parties. We strive to make loans even more accessible and convenient for every Tennessee resident. Use our referral service and we will help you in solving your financial problems!
Tennessee Cities with Best Payday Loans
We offer a simple application and quick funding across the state of Tennessee:
- Johnson City
FAQs on Tennessee Payday Loans
Q: Are payday loans legal in Tennessee?
A: Yes. Payday lending is legal in this state.
Q: How many payday loans can I have in TN?
A: You can have no more than 2 payday loans in the state.
Q: Can I go to jail for not paying a payday loan?
A: No, you cannot be arrested for defaulting on a payday loan.
Q: What is the maximum payday loan interest rate allowed by law in Tennessee?
A: It is approximately 460% (APR) but this is based on the maximum fees allowed for a loan in the state.
Learn More About Tennessee Loans
- Interested in bad credit loans? Learn more about bad credit loans and consider applying for a loan today;
- Read about the differences between short-term loans and payday loans;
- Consider a debt consolidation loan as a way to save money and manage your debt.