Legal Status: Legal
Citation: Tenn. Code Ann. 45-17-101 et seq.
Tennessee State Licensed Online Lenders:
Maximum Loan Amount: $425 ($500 check)
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of the face value of the check
Finance Charge for 14-day $100 loan: $17.65
APR for 14-day $100 loan: 459%
Collection Fees: Court Costs
Criminal Action: Prohibited
Regulator: Tennessee Department of Financial Institutions
Address: 511 Union Street, Suite 400 Nashville TN 37219
Tennessee Department of Financial Institutions
Licensed Deferred Presentment Companies
Consumer Services – File a Complaint
Deferred Presentment Services
Predatory Lending Fact
The table below will display a representation of different loans with an annual interest rate of 35%*. Interest rates are set after assessing each customer's credit worthiness through traditional credit checks.
|Borrowed Amount||Loan Period||Monthly Payments||Total Payable Amount|
* The interest rate displayed in the examples table above is only representative. Not all customers will be eligible for a loan with the lowest interest rate. The APR and loan amount is determined by several factors such as: credit history, employment history, even state law.