Learn how much you can borrow and what it may cost you.
Nashville and its surrounding area can be an expensive place to live. If you’re struggling to make ends meet and considering borrowing a payday loan, take a moment to learn about Tennessee’s regulations. And when you’re ready to apply, compare your options to find a lender that meets your needs.
Can I get a payday loan in Nashville?
Yes, payday lending is legal in Nashville and throughout Tennessee under the Deferred Presentment Services Act and the Tennessee Revised Statutes 45-17-101 et seq.
The exact amount you can borrow will depend on where you choose to get a loan. Online lenders can only extend payday loans up to $425, while lenders running physical storefronts have a higher maximum of $500. Whichever you choose, your loan term can be no more than 31 days. In addition, lenders may only charge a financing fee of 15% for any loan amount.
The total cost of your loan will depend on how much you borrow and where you get your loan from. With a 15% financing fee, you’ll pay $63.75 in fees for loans of $425. Likewise, you’ll pay $75 for a $500 loan. This can make borrowing quite costly, especially if you receive a short repayment period, so make sure you budget before borrowing.
A selection of online lenders for residents of Nashville
What do I need to apply?
Although all lenders have different requirements, you must have a regular source of income, be a citizen or permanent resident of the US and be at least 18 years old to meet most lenders’ minimum eligibility criteria. You should also be prepared to provide some personal information — such as your date of birth and Social Security number — when you apply.
Then, you can follow these general steps to keep the application process quick.
- Visit a store location or compare your online options above.
- Once you find a lender that meets your needs, click the Go to Site link to be redirected to its application.
- Fill out the forms as accurately as possible, supplying your personal information where needed.
- Review your application and make sure all information is correct.
- Click submit and wait for the lender’s decision.
Most lenders take a few minutes to process your application. If you’re approved, you can generally receive your loan funds the same day if you applied at a physical location or the next business day if you applied online.
Where to find short-term loan locations in Nashville
Short-term loan locations near me in Nashville, TN
- 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
Must read: Be cautious of short terms
Tennessee limits the length of a payday loan to just 31 days. While this can stop fees from piling up, it also means you may face a quick due date — sometimes less than two weeks. For larger loans, you may find it difficult to repay the full amount. This can lead to default, adding more fees to an already expensive loan.
If you don’t think you’ll be able to repay your loan by the due date, consider your other short-term loan options below and read our guide to payday loan alternatives.
What are my other short-term loan options in Nashville?
Tennessee allows lenders to offer installment loans and auto title loans, but the exact regulations differ.
- Installment loans. Installment loans are legal in Tennessee under the Flexible Credit Act. Lenders can charge an APR of up to 24% in addition to a number of fees. You’ll be able to borrow up to $4,000, and there’s no upper limit for how long an installment loan can last.
- Auto title loans. You can borrow up to $2,500 through an auto title loan, which is governed by the TN Title Pledge Act. Lenders can’t charge more than a 2% monthly rate — not including fees. And while a title loan can be renewed, the initial term is only 30 days.
Payday loans can be a quick option when you’re struggling to make ends meet, but it’s important to know Tennessee’s state regulations before you borrow. And while loan amounts and financing fees are capped, the short loan term can make it difficult for some borrowers to repay.
When you’re ready to apply, read our guide to payday loans to learn more about your options and how to spot a legit lender.