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Short-term loans in Memphis, Tennessee

Take the time to get the facts before you borrow.


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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.

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

Data indicated here is updated regularly
Name Product Filter Values Max. Loan Amount Turnaround time Requirements
OppLoans Installment Loans
1 business day
Direct deposit, meet minimum income requirements, live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
 Check Into Cash Installment Loans
1 to 2 business days
Bank account, email address, phone number, US citizen or permanent resident, ages 21+, $3,500 minimum income in California
Borrow money with lower payments and more time to pay than a traditional payday loan.
Fast5kLoans Short-term Loans Connection Service
As soon as the next business day
Regular source of income, verifiable bank account, US citizen, ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
LendYou Short-term Loans
Same business day to 1 business days
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
Possible Finance Mobile Installment Loans
As fast as 1 business day
Checking account with 3+ months of banking history, $750+ monthly income, live in eligible state, ages 18+
Borrow up to $500 with just a few swipes — but only for residents of 5 states.
Depending on lender requirements, people from all 50 states may not be eligible for a personal loan.
With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.
CashNetUSA Loan
Varies by state
As fast as same business day
Regular source of income, bank account, US citizen or permanent resident, age of majority in your state
Sign up for its discount program to get access to coupons and deals on everything from dining out to tax services.

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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 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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