Do you live in Nashville and need a payday loan? Find out your options with this guide.
Nashville payday lenders give residents of the city an easy means to get extra money when they need it, even if they don’t have the best credit. Read our guide to learn about your options and the potential costs of borrowing a payday loan in Nashville, Tennessee.
What payday laws impact Nashville residents?
The Deferred Presentment Services Act, the Tennessee Revised Statutes 45-17-101 et seq., govern payday lending in Tennessee and the Nashville area.
When you visit the website of an online lender, you won’t be able to borrow more than $425. Going to a physical storefront allows you to borrow more, up to $500. Whichever you choose, your loan must have a term of less than 31 days, and your lender can charge no more than 15% in financing fees.
A selection of online lenders for residents of Nashville
What are some positives of payday lending?
- Bad credit is accepted. Borrowers with a low credit score are still eligible to apply for a payday loan in Nashville. While lenders might look at your credit history, most pay more attention to your existing income and ability to repay.
- Apply in-store, online or through a connection service. Lenders in Nashville have storefront locations you can visit, and there are some lenders that only give loans online. If you’re struggling to find a suitable loan contract, you may want to consider a service that connects you with a lender to save time.
- Quick application process. It takes around 5 to 10 minutes to complete a typical payday loan application and all your information can usually be verified online. This means you’ll know if you’ve been approved within a few minutes.
- Receive your funds in around 24 hours. Storefront lenders often have a one-hour turnaround time for approved loans. If you’re applying online, you can have your loan transferred directly to your bank account as soon as the next business day.
Sophia fell ill right before moving
Sophia had just finished up the paperwork to move into a new home when she grew sick, The illness and her absence from work left her without the money she needed to move. Her credit card was already maxed out, and her low credit score meant she likely wouldn’t be approved for a personal loan. Sophia considered all her options and decided a payday loan would be her best option.
An online lender approved her $425 loan application with a loan fee of $75. In 14 days, the lender debited her account the full payment. If she didn’t have the available funds in her account she would’ve been charged a non-sufficient funds fee, but Sophia was able to repay the loan on time and successfully move to her new home.
The steps in applying for a payday loan
Before you borrow, you’ll have to be at least 18 years old, have a regular source of income and be a citizen or permanent resident of the US.
- Visit a store location or compare your online options above
- Once you find a lender you like, click the Go to Site link
- During the application, be prepared to give some personal information
- Fill out the forms as accurately as possible, supplying your Social Security number and employment information where needed
- Request a loan amount from the lender
- Review your application and make sure all information is correct
- Click submit and wait for approval
If you aren’t sure what to do, most lenders have live chats or associates at the store who can help you through the application process.
Payday loan stores near you in Nashville, Tennessee
Where to go in Nashville to get a payday loan
If you want to apply for a payday loan in Nashville by visiting a storefront, here are some of your options:
- ACE Cash Express. 5513 Charlotte Pike, Nashville, TN 37209
- First Cash. 2548 Lebanon Pike, Nashville, TN 37214
- Easy Money. 718 Gallatin Ave, Nashville, TN 37206
How much it costs to borrow a payday loan in NashvilleThe total cost of your loan will depend on how much you borrow and where you get your loan from. A storefront lender is legally allowed to lend you more, but the more you borrow, the more you have to repay in interest.
With a 15% financing charge, you’ll need to repay $75 for a loan of $500. Likewise, if you borrow the maximum amount from an online lender, you’ll be paying $63.75 for a $425 loan. This doesn’t include any database fees or extra charges, so it’s important to read over your loan contract to make sure you know exactly how much the lender expects you to pay before you sign.
Remember, you’re never obligated to take a loan offered to you. If you think you can get a better deal, look into your options above.