How to find a short-term loan in Memphis, Tennessee | finder.com
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Short-term loans in Memphis, Tennessee

Take the time to get the facts before taking out a short-term loan in Memphis.

If money is tight and your credit isn’t the best, it might be worth looking into a short-term loan. Before you borrow, be sure you know the laws of Tennessee and how much a loan will cost.

Check into Cash Payday Loan

Check into Cash Loans

Check into Cash allows you to directly apply for a payday loan and have your cash when you need it.

  • Min. Loan Amount: $50
  • Loan Term: Varies by state
  • Turnaround Time: 1–2 business days
  • Total Costs: Varies depending on the amount and your state of residency.
  • Must be 18+
  • No security needed
  • Confidential and secure

    What laws govern short-term loans in Memphis?

    The Tennessee Revised Statutes 45-17-101 et seq. states that short-term loans, also known as payday loans, are legal in all of Tennessee. Online loans are capped at $425 while loans taken out a storefront have a cap of $500. Both types of loans have terms that must be less than 31 days, and lenders can charge no more than 15% interest as fees.

    You can learn all about Tennessee’s regulations here

    Consider these options for a short-term loan in Memphis

    Rates last updated April 20th, 2018
    Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
    Name Product Product Description Maximum Loan Amount Term of Loan Turnaround Time Requirements
    Check into Cash Payday Loan
    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.
    $1,000
    Varies by state
    1–2 business days
    You must be at least 21 and an American citizen and have a bank account, email address and phone number.
    LendUp Payday Loans
    LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.
    $250
    7–30 days
    generally receive the money the next business day
    Be 18+ years of age and have a checking account that can accept electronic transfers.
    CashNetUSA Loan
    Apply for a short-term loan with an easy online application and dedicated customer service.
    Varies by state
    Varies by state
    1 business day
    You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
    ACE Cash Express Payday Loans
    Quick payday, installment and title loans with no prepayment penalty and a 72-hour satisfaction guarantee. Funds can be loaded on an ACE Elite™ Visa® Prepaid Debit Card.
    Varies by state
    Varies by state
    Generally receive the money the next business day
    Must be 18+ years old, have a steady source of income and a checking or savings account. Must not be a debtor in bankruptcy.
    LoanByPhone Payday and Installment Loans
    This mobile lender offers convenient cash loans. Apply online or by phone.
    $3,000
    Varies by state
    1–2 business days
    Must be 21 years old and have a Social Security number, a regular source of income, a valid email address, an active checking account and a phone number.
    BadCreditLoans.com
    With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.
    $5,000
    3 to 36 months
    Varies
    Depending on lender requirements, people from all 50 states may not be eligible for a personal loan.

    Compare up to 4 providers

    What are some reasons to get a payday loan?

    • Simple application process. A payday loan application only takes a few minutes to complete, and you won’t have to wait long to learn if you’ve been approved.
    • Get quick access to your funds. Unlike traditional loans, the transfer process is fast. Instead of waiting weeks for your funds, you’ll only have to wait a day or two at most. If you want a check or cash from a storefront, you may even be able to get it before you leave the store.
    • Bad credit is OK. Even if you don’t have the best credit, you may still qualify for a payday loan. As long as you have a regular source of income and can repay what you borrow, lenders will consider you for a loan.

    Isaac's motorcycle needed quick repairs

    Isaac had already maxed out his credit card for repairs to his motorcycle, but it wasn’t quite enough to cover the full cost. Since he needed the money as soon as possible to have everything fixed in time for his next shift at work, Isaac decided to take out a payday loan.

    He applied for a loan of $250 with a term of 14 days. The contract clearly stated that he would need to pay $44.11 in fees. Isaac opted to have the money withdrawn automatically from his bank account so he wouldn’t have to worry about whether or not the check would bounce.

    On the due date, Isaac made sure he had enough to pay off his loan. If he hadn’t, he would have been responsible for late fees and possible court costs.

    The steps to applying for a short-term loan

    All lenders have the same basic eligibility criteria when you go to apply. You’ll need to be at least 18 years old and a citizen or permanent resident of the US. In addition, most require that you have a regular source of income, although this doesn’t necessarily have to be from employment.

    When you’re ready to fill out your application, make sure you have all your personal information ready. Most lenders will want to know your Social Security number, information about your employment and gross monthly income, contact details and get access to your checking account.

    Once you’ve completed the forms, submit your application and wait for appproval.

    Payday loan locations near you in Memphis, Tennessee

    Lender offices in Memphis, Tennessee

    • 745 Cash. 3540 Summer Ave #100, Memphis, TN 38122
    • Advance America. 4690 Knight Arnold Rd, Memphis, TN 38118
    • American Cash Advance. 3750 Hacks Cross Rd #108, Memphis, TN 38125
    • Cash N Dash Title & Payday Loans. 3204 S Perkins Rd, Memphis, TN 38118
    • Check ‘n Go. 294 N Cleveland St, Memphis, TN 38104
    • Check Into Cash. Winchester Court, 6636 Winchester Rd #150, Memphis, TN 38115
    • Checkless Cash. 3024 Covington Pike #5, Memphis, TN 38128
    • Quik Lend Cash. 2830 Old Austin Peay Hwy #6, Memphis, TN 38128
    • Title Cash Title & Payday Loans. 2235 Whitten Rd, Memphis, TN 38133
    • Top Dollar Title & Payday Loans. Plum Tree Shops, 5818 Winchester Rd, Memphis, TN 38115

    How much will it cost to borrow a payday loan in Memphis?

    Tennessee sets the financing fee limit at 15%. This means if you borrow $100, you’ll have to pay back $115 to your lender on the loan’s due date, not including additional database fees. While it may not seem like much, this totals more than 400% in interest, making payday loans a costly form of credit.

    Keep in mind that how much you can borrow depends on how you receive your funds. Bank transfers through an online lender can’t exceed more than $425. With a 15% financing charge, you’ll need to repay $63.75. If you go to a physical store and receive a check or cash, you can borrow up to $500. At 15%, this means you’ll pay fees equal to $75.

    Compare your options to be sure you’re getting the best financing rate and loan terms.

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    US Payday Loans Offers

    Important Information*
    Slam Dunk Loans

    Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.

    LendUp Payday Loans

    LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.

    Check into Cash Payday Loan

    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.

    OppLoans Installment Loans

    Installment loans with competitive rates from a top-rated direct lender.

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