Fast Payday Loans in Tennessee
Are you in need of cash to pay your bills, financial needs, or unexpected expenses in your family today? Good news—you don’t have to wait until your next payday. If you live in Nashville, Memphis, Knoxville, or any part of Tennessee, payday loans might be the solution for you. All you need to do is apply online, get approved, and receive the loan today. Borrow from trusted payday lenders, get approved for up to $500 loan amount, and have it delivered into your account within 24 hours.
Why Choose MoneyZap for Payday Loans in Tennessee
|Fast and Hassle-Free||Flexible Loan Amount||Regulated and Legitimate Lenders||Wide Range of Products|
|Only soft credit checks, approval in up to a few hours, and money deposited into your bank account within one business day.||People have different needs, so they need different amounts of money to borrow. Whether you need $50 or $10,000, we have a wide range of loan options for you.||You can be rest assured that you are not dealing with loan sharks but legitimate lenders. Our terms and conditions are compliant to state laws.||We have a wide range of loan solutions. Note that each loan type is subject to different terms and conditions.|
How to Apply for Payday Loans in Tennessee?
- Apply for a loan. Our requirements are pretty simple and straightforward. Fill out the online form on our website and provide the requested information, such as your name, source of income, address, email, phone number, and the loan amount you are applying for.
- Pre-approval. We will review your application, taking into consideration all the information you provided. After that, we will find the loan provider that matches your needs. The loan application process only takes a few hours. We will message you, once approved.
- Loan Approval. We will forward your information to the lender for review. Then, they will conduct a soft credit check before deciding whether or not you passed.
If you meet the requirements, they will ask you to e-sign a loan agreement to confirm that you agree with the terms and conditions. After that, they will deposit your loan to your bank account within the day.
Are Payday Loans Legal in Tennessee?
Just like in Cleveland, payday loans in Tennessee are legal according to the Tennessee Code Ann. 45-17-101 et seq and regulated by the Department of Financial Institutions. In fact, payday loans originated here and are called deferred presentment services loans. Finance rates of payday lending should not be more than 15% of the amount of the check.
Any company that wants to set up a loan business in Tennessee should obtain a license from the agency. Anyone who has plans of borrowing money from payday lenders should check the agency’s database if the lending agency has a license or not.
Is MoneyZap a Direct Lender?
No. MoneyZap is a loan brokerage company. We have an extensive network of lenders who lend short term and long term. We match borrowers with lenders operating within the laws set by the state of Tennessee. Our role is to match borrowers with reputable lenders that offer the best loan rates and repayment terms. All the financial providers in our network operate under the lending laws of Tennessee. We make sure that we link our customers to lenders who can address their needs quickly, even if they have a poor credit rating.
How Much Are the Fees for Using MoneyZap?
MoneyZap renders its services 100% free of charge. We do not provide loan services nor are we a direct lender. All loans and fees when you apply for flexible loans, quick cash, or payday loans in Tennessee will be determined by the lender. Fill out the form you will receive with your complete information and we will match you with the best loan option.
What Are the Things to Consider Before Getting a Tennessee Payday Loan?
There are a few things you need to consider when trying to get approved for a payday loan in Tennessee. Determine how much money you need to borrow before asking for additional details. You can borrow for as low as $50 up to $35,000 in cash. But the question is whether you will be able to pay back on time. A short-term loan in Tennessee allows you to repay the full amount between 2 and 4 weeks after. That gives you enough time until you receive your next salary. You can also choose a long-term with a longer repayment plan. Most professional lenders, however, give their customers a discount when they repay their loans early.
Can I Apply for a Payday Loan Online in Tennessee?
You can apply for a payday loan in Tennessee online in the convenience of your home.. MoneyZap makes it fast and easy for you. You can inquire for a payday loan from any Tennessee locations. We have an extensive network of licensed lenders in Tennessee who have flexible payment options, including for those who have a low credit rating. Apply for a payday credit loan today and receive a confirmation quickly.
Can I Get a No Credit Check Loan in Tennessee?
Yes. Lenders usually perform only a quick soft credit check if you’re borrowing a small amount. This process does not negatively impact your credit score. The most important factor that will greatly affect your approval is whether you have a regular paycheck or not. If you do and have the documents to prove it, your application will be processed fast.
How to Get a Payday Loan With Bad Credit in Tennessee?
We will connect you to a licensed lender in Tennessee that will give you access to short-term personal loans quickly. A lot of borrowers with bad credit won’t be able to qualify for a loan through traditional credit institutions. These companies would usually disapprove loan requests because of a poor or zero credit history. But our job is to check your application form and find a lender who could offer you the best loan option.
What Is the Maximum Amount I Can Get from My Payday Loans in Tennessee?
First of all, you should have no other outstanding loans at the time you decide to borrow. Under the Tenn. Code Ann. § 45-17-112, the maximum loan amount for payday or personal loans is $500 in principal and interest. Whether that amount is split between two or multiple lenders, your payday advance is limited to only $500. So for example you got approved for $250, you can go to another lender and apply for another $250.
Any licensed lender caught violating this will be prosecuted under the Deferred Presentment Services Act. The state will revoke their license and have them pay at least $1000 in fines and charges.
How Fast Can I Get a Payday Loan in Tennessee?
Some of our partners have a fast lending process. Some offer a same-day approval on a loan application in Tennessee. If you meet the requirements, they will send the funds to your account the same day. But you will be able to withdraw it by the next business day. Compare loan options from different lenders and choose the advance with the least annual percentage rate.
Is Payday Loan Approval Guaranteed?
If you meet all the credit requirements during your loan application, you’ll get a same day approval. For example, if you present a proof of a regular monthly income and have a good credit history, you’ll get immediate approval. But if you have a bad credit history but meet the required minimum income limit, we will find a lender in any Tennessee locations that will most likely approve your loan.
Can I Apply for Several Payday Loans?
For one, the state of Tennessee only allows a maximum amount of $500 payday loans with a maximum term of 31 days. You can have two (2) outstanding loans at the same time but it should not exceed $500. After you settle any outstanding loan payments, there’s a one-day cooling period before you can apply for another loan in Tennessee.
Do I Need Collateral for a Payday Loan?
You don’t need any collateral when applying for loans but generally you must provide a post dated check. If none, you have to give access to your prepaid card, credit union, or bank account.
If there’s not enough funds in your account when the lender collects the payment, your bank or credit union might charge fees.
What Are the Costs Associated With Online Payday Loans in Tennessee?
The annual percentage rate (APR) essentially tells you how much your loan cost over time. The state of Tennessee has a maximum APR of 460% on a $100 loan.Also, payday loans in Tennessee have an interest or finance charge based on the amount you borrow, which greatly impacts the APR. So every $100 loan incurs a $17.65 service fee.
For example, if you loaned $100 and you plan to repay it in a month, you will have to pay $135.30. That’s because you paid the lender within a two 14-day pay period. So the longer the payment terms are, the more expensive it becomes. To further visualize it, here are some calculations:
Interest rate within a 14-day period
$100 + $17.65 = $117.65
Interest rate for one month
[$17.65 X2] + $100 = $135.30
A lender should disclose the APR and any finance charge before you agree or sign any documents to a loan. They should not also charge more than 460% on any outstanding balance you might have. If nothing like this happens, it is most probably a scam. Conversely, find a credit offer that offers the lowest charges and interest rates.
What Happens If I Cannot Pay on Time?
The maximum loan term for a payday advance in Tennessee is 31 days and rollovers are not allowed. In other words, you cannot pay a fee just to delay the loan payment. However, customers can rewrite their loan which means rewriting another check to pay the previous loan.
What Happens If I Fail to Repay My Payday Loan in Tennessee?
Always remember that extensions to repay your loans are not permitted in Tennessee. So only take a loan that you can repay at the end of the month. Consider borrowing from family and friends. Or you can visit the Financial Empowerment Center to discuss other options.
Also, your loans might not affect your credit scores. But if you start to have debts because you failed to pay, those debts will definitely hurt your credit scores.
What Is the Statute of Limitations on Payday Loans in Tennessee?
A lender can pursue a civil action against you if you failed to settle outstanding loans. The period within which they can do that is indicated in the statute of limitations. In Tennessee, the period in which a lender can sue you for non-payment of an outstanding debt is six (6) years after your last payment.
The statute of limitations does not mean that you’re free from debt after 6 years. It simply means that the lender cannot sue you anymore. Also, the creditors can still try to collect the loan amounts you borrowed from them.
The only way to erase your loans is to declare bankruptcy or just pay back your creditor with the full amount of what you owe them.