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Payday Loans in Tennessee

What can you do if you are in a financial crisis and your next paycheck is still weeks away? You can always receive help by way of a personal loan.  Cash advances are short term loans that are guaranteed for repayment with the borrower’s next check. A lender will require that the borrower is employed and receives regular monthly payment so that the loan can be repaid at the time of the next paycheck. These types of loans can help an individual recover from a financial emergency or just an unexpected bill that pops up when a paycheck is still far away.

Throughout the United States of America, personal and small loans are regulated on a state government level. Each state is in charge of creating their own legislature and laws in regards to these small cash loans. The laws tend to vary from state to state, with some states making small personal loans illegal, some states legalizing, yet highly regulating them and still other states having very little legislature regulating the loans at all. While some states do have laws makings these loans illegal, the majority of states do allow small personal loans. Tennessee has passed laws specifically legalizing the loans and also has laws that regulate the loans, making them safer for both lender and borrower.  The laws in the state of Tennessee regulate things such as maximum amount and number of times an individual is able to borrow from a lender, interest rate caps, and if the loans are allowed to rollover or not.

How To Apply For A Payday Advance

As payday advances are legal and protected in the state of Tennessee, there are payday lenders that operate in the state and have local storefronts. For an individual seeking a cash loan, the first step in the process is to find the lender that best suits your individual needs. Once the correct lender has been found, the borrower can expect to be required to provide a few items to prove identification, employment and to secure repayment. Although the exact requirements will vary each company, a potential borrower can generally expect that the lender will ask for the following:

  • Personal identification (a state issued driver’s license or other type of photo identification).
  • A valid checking account (some lenders will require that the checking account has been open for at least three months in order for it to be considered valid).
  • You are employed and receive regular paychecks (this can be verified through the presentation of pay stubs of bank receipts).
  • You can provide a form of repayment security in case the loan is not repaid (this is done with a postdated check or the authorization for the funds to be withdrawn from your checking account).

Payday Loan Laws in Tennessee

Payday loans are legal and regulated in the state of Tennessee and the borrower should be aware of the state’s laws. Rollovers are not allowed in the state of Tennessee, meaning that if the borrower is unable to repay the loan at the time of the next paycheck, the lender is not allowed to extend the loan for an additional month. The maximum loan amount is $500 and the maximum time of the loan is thirty-one days.