Payday Loans in Tennessee

Payday Loans in Tennessee

When life hits you with unanticipated expenditures, you should have something to fall back on: that’s where payday loans come to play. Payday loans are essential because unexpected expenses are always looming around the corner, waiting to wreck your paycheck.

By going through a hassle-free loan process, you can receive the amount you need to sort out any financial obligations you might have accumulated. With payday loans, you don’t have to leave the necessary bills unattended because your payday is still three weeks away. 

Loan Packages Available in Tennessee

  • Payday Loan 

Payday loans are temporary loans payable once you receive your subsequent paycheck. You use your checking or savings account as collateral. It is a quick fix for financial emergencies.


Law Status Permitted 
Minimum Loan Amount $100
Maximum Loan Amount $500
Minimum Loan Term 14 days (2 weeks)
Maximum Loan Term 31 days
Maximum Annual Percentage Rates (APR)% 459%
Additional Fees 20% including database fee
Collateral or guarantor  None
Non-Sufficient Fund (NSF) Fees None
Number of Simultaneous Loans 3 (must not surpass $500) 
Cooling-off Period Three (3) days
Rollover  Not allowed
Extension, repayment plan Not permitted 
Default Penalties Criminal activities are not allowed.  
Credit Score Requirements Accessible for bad credit 


  • Installment Loan 

These types of loans are usually unsecured loans, and the repayment is made based on what is agreed to be the monthly installment amount. The monthly amount is flexible. You can obtain this loan regardless of your credit score, and it is payable over three months to three years. 


Law status Authorized
Minimum Loan Amount $1, 000
Maximum Loan Amount $5, 000
Minimum Loan Term 90 days 
Maximum Loan Term 36 months (three years)
Annual Percentage Rates (APR%)(Minimum) 6.63%
Collateral or Guarantor None
Credit Score Requirements Unrestricted for low credit score.


  • Personal Loan 

Like the name, personal loans can be obtained for personal use. What this loan is used for is not important to the lender. Personal loans can be paid over five years. 


Law status Approved
Loan Amount (Minimum) $1,000
Loan Amount (Maximum) $35,000
Minimum Loan term  90 days
Maximum Loan term  60 months/5 years
Minimum Annual Percentage Rates (APR%) 4.99%
Collateral or Guarantor None
Credit Score Requirements Your credit score doesn’t matter


Payday Loans Legality in Tennessee.

In Tennessee, payday loans are legal and regulated by the state’s department of financial institutions. 

Other Alternatives to Payday Loans obtainable in Tennessee

  1. Title loans

This loan gives you the opportunity to use your car or motorcycle as collateral. You can get up to $2,500 just by providing a lien-free title and a replica of your car/motorcycle keys. 

  1. Flex loans

This loan type permits you to take up to your credit limit with zero charges and no punishment or yearly expenses. Regardless, this advance accompanies extravagant loan fees.

  1. Assistance from family and friends.

The most plausible way to sort out short-term expenses is to borrow from the people we are familiar with. However, endeavor to pay as at when due to avoid future issues. 

How to get a payday loan online in Tennessee? 

To obtain a payday loan in Tennessee,

  • Visit a trusted website like ours and ensure you meet all the requirements. 
  • If you do, fill out the application form. Provide only the correct information to evade your application’s disapproval. Ensure your phone number, SSN and email are all accurate. 
  • After form submission, your application will be reviewed. Once approved, a credible creditor will send your money to your account. 
  • Your loan will be processed the same day you apply.

Requirements to Obtain a Payday Loan in Tennessee 

Before you can obtain a payday loan in Tennessee, you must,

  • Be 18 and above.  
  • Have a steady income proof.
  • Provide a valid email address, a valid government-issued ID, and your social security number (SSN). 
  • Own an active bank account with recent activities.

An example of Tennessee’s payday Loan fee

A $200 payday loan with a minimum of 14 days will have an interest rate of:

Annual Percentage Rate (APR%): 459%

Loan procured: $200

Finance charge (for 14 days):$17.65 * 3= $35.3

To return: $235.3

APR% Calculation= $35.3/14 days = 2.521* 365 days

= 920.3% in Tennessee. 



Are payday loans legal in TN?

Yes. Payday loans are authorized in Tennessee. 

How much can I get a payday loan for in Tennessee?

In Tennessee, the maximum amount you can get for a payday loan is $500. 

How many payday loans can you have in Tennessee?

You can procure three payday loans simultaneously, but the total of these loans must not exceed $500, and you can’t have more than two with one lender. 

That means, if you must take out three payday loans, you can only obtain two from one lender and the last one from another lender, and the total of these loans must not surpass $500. 

What will stop you from getting a payday loan?

Your income. If you do not have a steady income, you will be denied a payday loan.