Secure Loan Options in Tennessee
Trusted lending solutions with transparent terms for Tennessee residents.
Tennessee Loan Options
If you're a Tennessee resident looking for reliable financing solutions, taketheloan.com connects you with trusted lenders offering competitive rates and flexible terms. Our network includes lenders who specialize in serving Tennessee borrowers with various credit backgrounds.
Important: Tennessee regulates payday loans under the Deferred Presentment Services Act, with a maximum loan amount of $500 and terms up to 31 days. Lenders can charge a fee of up to 15% of the face amount of the check ($75 on a $500 loan), plus a verification fee of 0.2% (maximum $4). Borrowers can have up to two loans at one time with a combined total not exceeding $500, and the state maintains a real-time database to enforce these limits. Our lending partners are fully licensed to operate in TN and comply with all state regulations.
Loan Types Available in Tennessee
Personal Loans
Flexible funding for Tennessee residents with rates based on creditworthiness. Perfect for consolidating debt, home improvements, or major purchases.
- Amounts from $1,000 to $50,000
- Fixed monthly payments
- Terms from 12 to 60 months
Payday Loans
Short-term loan options for Tennessee residents who need quick cash for unexpected expenses.
- Amounts up to $500 in Tennessee
- Terms up to 31 days
- Fast funding, often same-day
Installment Loans
Larger loan amounts with longer repayment periods for Tennessee residents, providing manageable monthly payments.
- Amounts from $500 to $5,000
- Scheduled repayment plans
- Build credit with on-time payments
Title Loans
Use your vehicle as collateral for a loan in Tennessee. These loans can provide larger amounts based on the value of your vehicle.
- Higher loan amounts based on vehicle value
- May qualify with poor credit history
- Keep driving your car during repayment
Getting a Loan in Tennessee
As a resident of Tennessee, you have access to various loan options that can help you address your financial needs. Here's what you need to know about obtaining a loan in Tennessee:
Tennessee Loan Requirements
Valid ID and Tennessee Residency
You must be a Tennessee resident with a valid government-issued ID
Regular Income
Verifiable source of income from employment, benefits, or other sources
Active Bank Account
Checking account for receiving funds and making payments
Age Requirement
Must be at least 18 years old
Contact Information
Valid phone number and email address
Tennessee Lending Regulations
Tennessee has specific regulations governing various loan products to protect consumers. These regulations impact interest rates, loan amounts, and terms offered by lenders:
Deferred Presentment Services Act
Tennessee's Deferred Presentment Services Act regulates payday loans in the state. This legislation provides important consumer protections while allowing access to short-term credit options. All payday lenders must be licensed by the state Department of Financial Institutions.
Loan Amount and Term Limitations
Payday loans in Tennessee are limited to a maximum of $500, and can have terms up to 31 days. Interestingly, Tennessee is where the modern payday loan industry began when businessman Allan Jones founded Check Into Cash in Cleveland, Tennessee in 1993, which then expanded nationwide.
Fee Structure
Lenders can charge a fee of up to 15% of the face amount of the check ($75 on a $500 loan), plus a verification fee of 0.2% (maximum $4). When calculated as an APR for a two-week loan, this can exceed 400%, but the fee structure is straightforward and transparent to borrowers.
Multiple Loan Restrictions
Tennessee maintains a real-time database that tracks all payday loans issued in the state. Borrowers can have up to two payday loans outstanding at the same time from different lenders, but the combined total cannot exceed $500. This helps prevent consumers from taking on excessive short-term debt.
Consumer Protections
The state offers several consumer protections, including a prohibition on rollovers (extending loans by paying only the fees) and a requirement that lenders offer extended payment plans to borrowers who cannot repay their loan when due. This plan allows borrowers to repay in four equal installments over their next four paydays with no additional fees.
Apply for a Loan in Tennessee
Ready to explore your loan options in Tennessee? Our simple online application connects you with multiple lenders who serve Tennessee residents, allowing you to compare offers and choose the best loan for your needs.
Frequently Asked Questions about Tennessee Loans
Common questions about obtaining loans in Tennessee
Major Cities Served in Tennessee
Our lending network serves residents throughout Tennessee, including these cities:
Need Financial Assistance in Tennessee?
Apply now to connect with trusted Tennessee lenders and get the funding you need as soon as tomorrow.