TENNESSEE PERSONAL LOAN RATES AND TERMS:

Personal Loans in Tennessee:

Tennessee Payday Loan Laws and Tennessee Loan Regulations

Legal Status: Legal

Citation: Tenn. Code Ann. 45-17-101 et seq.


Tennessee State Licensed Online Lenders:
CashNetUSA.com
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%


Debt Limits:
Maximum Number of Outstanding Loans at One Time: 3 (2 per licensee)
Rollovers Permitted: None (cannot renew or otherwise consolidate)
Cooling-off Period:
Repayment Plan:


Collection Limits:
Collection Fees: Court Costs
Criminal Action: Prohibited


State Regulatory Agencies for Payday Loans:

Regulator: Tennessee Department of Financial Institutions
Address: 511 Union Street, Suite 400 Nashville TN 37219
Phone:(615) 741-2236
Fax:(615) 532-1018
Regulatory Contact:
Tennessee Department of Financial Institutions
Licensed Deferred Presentment Companies
Consumer Services – File a Complaint
Online Resources:
Deferred Presentment Services
Predatory Lending Fact

The cost of a personal loan:

The cost of a personal loan

Personal Installment Loan Basic Terms:

  • Loan Amount: $1,000 - $10,000
  • Interest Rate: 25% - 95%
  • Lending Period: 12 Months-36 Months
  • Payment Frequency: Bi-Weekly or Monthly
  • The actual APR will be applied based on credit score and repayment history
  • No prepayment penalties or additional charges for early payments
  • The option to pay the loan in full before the due date and only pay the interest rate for the period the loan was outstanding

Installment Loan Examples:

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
$2,000 12 Months $199.93 $2,399.16
$4,000 24 Months $234.07 $5,617.68
$6,000 36 Months $271.41 $9,771.12
$8,000 36 Months $361.89 $13,028.04

* 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.



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