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Payday and other short-term lenders must abide by the regulations of Tennessee when you borrow in Jackson. There are limits in place to help protect you, but you’ll still need to know what to look out for when you’re ready to borrow.
Yes. Payday loans are legal throughout Tennessee and are governed by Tennessee Revised Statutes 45-17-101 et seq. These regulations apply to all lenders, whether they’re located in Jackson or another city.
You’ll face a few limits when you borrow. Maximum loan amount depends on how you apply. Those who visit a store may qualify for as much as $500, while online applications can only borrow up to $425. Terms are set at 31 days or less, and lenders may only charge you 15% of the loan amount in financing fees. This means a payday loan of $500 will cost $575 when it’s due.
Although exact eligibility requirements will differ between lenders, you’ll have to meet some basic points when you want to apply.
Lenders also require you to provide some basic information about yourself, including:
Here are loan offices locations in Jackson:
Tennessee state law caps payday loan terms at 31 days. This can be convenient for some — after all, there won’t be time for interest to accumulate — but it can also make repaying your loan difficult. Some borrowers have a hard time making their payment, especially after borrowing a larger loan.
If you aren’t sure that you’ll be able to meet your payment, consider some short-term loan alternatives before borrowing.
Payday loans may be convenient, but with the short loan term and small amount, you may want to explore other short-term loans if you need more than $500 or 31 days.
Jackson doesn’t have any specific payday loan regulations that differ from Tennessee’s payday loan laws. You’ll face a limited loan amount and loan term, which can help you save money but may also make it more difficult to repay what you owe.
Before you borrow, make sure your lender is registered and check out our guide to payday lending so you know exactly how the process works.
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