When you’re under financial strain, the last thing you need is your hard-earned money going toward fees and extra charges. Short term lenders come into play when your credit is less than perfect and you’re in need of emergency funds. If you’re planning to apply for a short term loan, the guide below will tell you what you need to know. And always keep in mind that a payday loan is a temporary fix, not a long-term solution.
Compare short-term loans you can apply for in Nashville
Short term loans, also known as payday loans, are legal in Nashville. All cash advance lenders in Tennessee have to abide by provisions laid out in the Deferred Presentment Services Act, Tennessee Code Annotated 45-17-101. The most you can borrow through a cash advance or a payday loan is $500. The maximum loan term is 31 days. Tennessee payday loan laws state that cash advance lenders cannot initiate criminal action against borrowers who default. However, defaulters may be subject to civil action. As a borrower, you should make sure the lender you deal with has a valid license.
Why might you consider taking out a short term loan in Nashville?
Bad credit is OK. If poor or bad creditworthiness is getting in your way of getting a conventional loan, you can consider applying for a cash advance. In addition to looking at your credit score, payday lenders also take into account your ability to repay along with your existing financial situation.
Apply easily. Finding payday loan locations in Nashville is easy, given the number of cash advance lenders in this city. You can even apply for an online cash advance from the comfort of your home or office.
Get money quickly. Cash advance lenders tend to process applications and disburse funds quicker than regular banks. If you apply in-store, you can get your money soon after your application’s approval. With online applications, several lenders disburse approved funds by the next business day.
Use funds for any purpose. What you do with proceeds from a cash advance is basically up to you. You can use this money to get by a rough patch, to repair your car, to fix your home, to pay bills or to travel.
What fees and charges do Nashville payday loans come with?
Fees that lenders can charge for a cash advance in Nashville have to be in line with stipulations of the state’s payday lending laws. Here’s what you may have to pay:
Maximum finance rate and fees. Cash advance lenders cannot charge a finance charge exceeding 15% of a check’s face value. For a 14-day $100 loan the maximum finance charge you’ll have to pay is $17.65. The maximum APR for a 14-day $100 loan is 459%.
Collection fees. If you default on your loan, you may have to pay any court fees that your lender has to bear.
Rollover fees. State payday lending laws don’t permit cash advances to be rolled over.
Ready to apply for a short term loan in Nashville?
You can apply online by clicking “Go to Site” on your chosen lender above or by walking into your nearest short term lender’s store. Eligibility criteria will differ between Nashville lenders, but will generally include the following:
You are 18 years or older
You are an American citizen or a permanent resident of the U.S.
You have a steady source of income
To apply online, you should have an operational checking account
In order to complete the application successfully, you’ll have to provide some basic information:
Your name, home address, email address and phone number
Your date of birth, Social Security number and details from an acceptable form of identification document
Your employer’s name, address and phone number
Details about your income
If applying online, your bank account details
Frequently asked questions
Tennessee payday lending laws allow borrowers to have no more than three outstanding loans at one time. You’re also restricted to two loans from any one lender.
You can complete and submit an online application in a matter of minutes, provided you have all the required information close at hand.
You should file your complaint with the Tennessee Department of Financial Institutions.
Elizabeth Barry is lead editor for Finder's global financial niches which includes banking, crypto and investments. She has written about finance for 10 years and specialises in personal finance, including new and emerging areas of banking in Australia and globally. Elizabeth is regularly featured in a range of publications and media including Seven News, the ABC, MSN, the Irish Times and Singapore Business Review.
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