Tennessee Payday Loans

Obtain payday loans in Tennessee with ease through zaving's user-friendly online application process.

Last updated by Zaving Editorial Team, on March 25th, 2024

Are you in need of payday loans in Tennessee? zaving understands that financial emergencies can happen to anyone. Our online platform provides a convenient and efficient solution, allowing you to access quick funds when you need them most. With a range of lenders available, zaving ensures a hassle-free application process. Take control of your financial situation by applying today through zaving's user-friendly platform.

What are payday loans and can I get them in Tennessee?

Payday loans serve as short-term, high-interest solutions for individuals facing immediate financial needs. Typically, borrowers repay these loans, along with fees and interest, on their next payday. These loans are commonly used for unexpected expenses or emergencies and usually involve smaller amounts.

In Tennessee, payday lending is legal, and individuals can obtain payday loans from licensed lenders, both in storefronts and online. To secure a payday loan, applicants must meet specific requirements, including being at least 18 years old, having a regular source of income, and being a resident of Tennessee, as well as a U.S. citizen or permanent resident. Additionally, lenders typically request supplementary information such as personal details, contact information, and details related to the applicant's bank account. Providing accurate and complete information is crucial for meeting these criteria and ensuring a successful loan application.

Before applying for a payday loan in Tennessee, it's important to review the terms and conditions, including fees and interest rates. While payday loans offer quick access to funds, the associated high costs should be carefully considered, and borrowers should ensure they can meet the repayment terms to avoid potential financial challenges.

What are the rules for payday loans in Tennessee?

In Tennessee, payday loans are subject to specific regulations.

Here are key rules outlining the terms and conditions for payday loans in the state:

Maximum loan amount: The maximum payday loan amount in Tennessee is $500.

Loan term: Payday loans must have a term of no more than 31 days.

Finance charges: Lenders are allowed to charge up to 15% of the face value of the check for the payday loan as fees.

APR: The APR for payday loans in Tennessee can be as high as 460%.

Rollovers: Loan rollovers are not allowed in Tennessee.

Please note that regulations can change, and it's recommended to check with the Tennessee Department of Financial Institutions or consult legal professionals for the most up-to-date information. Additionally, borrowers should carefully review loan terms, understand the costs involved, and consider alternative financial options before opting for a payday loan.

What are the pros and cons of payday loans in Tennessee?

When considering a payday loan in Tennessee, it’s important to weigh up the positives and drawbacks:


  • Quick access to cash: Payday loans offer fast approval and funding, often within the same day. This can be helpful for covering unexpected expenses like car repairs or medical bills.

  • Accessibility: Payday loans are widely available in Tennessee, both through storefronts and online platforms, making them accessible to a broad range of individuals.

  • Fewer eligibility requirements: Compared to traditional loans, payday loans in Tennessee often have fewer eligibility requirements, making them available to individuals with lower credit scores or those who may not qualify for other forms of credit.

  • No credit check: Unlike traditional loans, payday loans typically don't require a credit check, making them an option for people with bad credit or no credit history.


  • Extremely high APRs: The 460% maximum APR makes payday loans some of the most expensive forms of borrowing available. This can quickly trap borrowers in a cycle of debt as interest accumulates rapidly.

  • Short repayment term: The 31-day repayment period puts immense pressure on borrowers to repay the loan quickly, potentially leading to further financial difficulty if they cannot manage the repayment deadline.

  • Predatory practices: Some lenders may engage in unethical practices like hidden fees, deceptive advertising, or aggressive collection tactics.

  • Limited loan amounts: While payday loans can provide quick cash, the maximum amount is capped at $500 in Tennessee, which may not be sufficient for significant financial needs.

More of your frequently asked questions about payday loans in Tennessee

Can I take out multiple payday loans in Tennessee?

Yes, it is possible to have multiple payday loans in Tennessee, though there are regulations in place. The maximum number of outstanding payday loans is limited to two loans from a single lender, with the combined total not exceeding $500. Furthermore, borrowers are not allowed more than three payday loans in total at any given time. These regulations are designed to promote responsible lending practices. Still, borrowers should be cautious and consider the potential financial strain and consequences of managing multiple payday loans.

What happens if I can't repay my payday loan in Tennessee?

If you're unable to repay your payday loan in Tennessee, you may incur late fees and additional charges, leading to a higher overall debt. Lenders may initiate collection efforts, including calls and emails, to remind you of the overdue payment. While payday lenders usually don't report to major credit bureaus, the debt may be sold to a collection agency, impacting your credit score. Although criminal charges are not pursued for non-payment, lenders may resort to legal actions to recover the debt. It's crucial to communicate with the lender, explore possible extended repayment plans, and seek financial counseling to manage the situation effectively and avoid escalating consequences.

Can I get a payday loan in Tennessee with bad credit?

Yes, obtaining a payday loan in Tennessee with bad credit is generally possible. Payday lenders typically prioritize an applicant's income and ability to repay the loan over their credit history. While bad credit may not significantly impact the approval process, meeting the essential requirements, such as having a regular source of income and being a U.S. citizen or permanent resident, is crucial. It's important to note that payday loans are short-term, high-interest options, and individuals with bad credit should carefully consider the associated costs and ensure they can meet the repayment terms to avoid further financial challenges.

What are some alternatives to payday loans in Tennessee?

Instead of relying on payday loans in Tennessee, individuals facing financial challenges can explore various alternatives. These may include seeking assistance from local nonprofits or charities that provide financial aid or creating a budget to manage expenses more effectively. Additionally, credit unions and community banks often offer small-dollar loans with more reasonable terms compared to payday loans. Exploring government assistance programs, negotiating payment plans with creditors, or considering a cash advance from a credit card with lower interest rates are also viable alternatives.