Tennessee Cash Advance Consumer information

Payday Loan usage info:

6% (six percents)

Short term loan permit:

Authorized

Legislation:

45-17-101 et seq.; 2011 Public Chapter 205

Maximum loan amount:

500$ (five hundred dollars)

Cash loan period:

Lender should not hold checks more then thirty-one day after chack was transferred to him.

Fees:

Information is currently under correction

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Tennessee residents considering getting a payday loan must consider several things before pursuing the transaction. For example, what kind of rates are they dealing with and what are the options in case the debt is not paid? We provide you with complete and understandable information on payday loans Memphis TN. Indian payday loans strive to keep all information stated here up to date and accurate to ensure the protection of clients.

Payday Loan Process in Tennessee

It only takes less than a week to process payday loans Memphis TN and have the borrowed amount deposited in your bank account. Prior to this happening however, individuals must first meet the basic requirements to pursue the transaction.

• Borrower must be of legal age and a resident of Tennessee
• Borrower must be employed within a set number of time
• Borrower must meet the minimum salary requirements
• Borrower must own a bank account, either savings or checking

The requirements for payday loans are not absolute. Some lenders may welcome borrowers on welfare while others accommodate retired seniors. More often than not, borrowers with bad credit can also avail of payday loans.

Tennessee Payday Loan Laws and Regulations

Laws and regulations on short term loans are put into operation to guarantee the protection of borrowers within the area. TN laws require that all lenders limit their rates and fees within these caps.

• Maximum Loan Amount: $425 ($500 check)
• Loan Term: Maximam of 31 days
• Finance Charge for a $100 Loan n 14 Days: $17.65
• APR for a $100 Loan in 14 Days: 459%
• Maximum Finance Rate and Fees: 15% check face value
• Maximum Number of Outstanding Loans at a Time: 3, 2 per licensee
• Rollovers Permitted: None
• Collection Fees: Court Costs

Policies regarding the cooling off period of payday loans are unspecified and may be up to the agreement between the involved parties. Borrowers are advised to keep the above limits in mind before signing any kind of document while applying for a payday loan. Any misunderstanding regarding the laws should be cleared up with the lender or the regulatory organization can be consulted for an official ruling.

Tennessee Consumer Protection

Consumers are encouraged to ask questions and clear up misunderstanding with the lender before signing the documents. For any problems or complaints, you can send your message to the Tennessee Department of Financial Institutions.

• Address: 511 Union Street, Suite 400 Nashville TN 37219
• Phone: (615) 741-2236
• Fax: (615) 532-1018
• Look For: Bart Daughdrill
• Web: www.tn.gov/tdfi/

The Tennessee Department of Financial Institutions can also be contacted online via their official website or through email.

Tennessee Payday Loan Alternatives

Borrowers have the option of getting other sources for cash in the event of financial problems. Aside from payday loans, they can utilize pawnshops or sell personal items through the internet. Most products and services today can be paid via credit card in case they run out of cash. If the problem persists, individuals can also borrow from friends or relatives, sans the interest rate. For larger financial woes, a bank loan might be the best option.

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