Finder makes money from featured partners, but editorial opinions are our own. Advertiser disclosure

Short-term loans in Memphis, Tennessee

Take the time to get the facts before you borrow.

Editor's choice: OppLoans Installment Loans

  • Easy online application
  • Quick approval
  • Long repayment terms
See my rate
Name Product Filter Values Loan amount Turnaround time Requirements
EarnIn
Finder Score: 4.7 / 5: ★★★★★
EarnIn
Up to $750 per pay period, but only $100 per day
1 to 3 business days or instant for a fee
Direct deposit sent to a checking account, a regular pay schedule, a fixed work location or an online timekeeping system at work
No mandatory fees, no interest and no credit checks. Subject to EarnIn terms & conditions.
LendYou Short-term Loans
Finder Score: 2.5 / 5: ★★★★★
LendYou Short-term Loans
Up to $1,000 for payday loans and up to $5,000 for installment loans
1 business day
$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.
Cleo
Finder Score: 4.1 / 5: ★★★★★
Cleo
Up to $250
3 to 4 days standard transfer. Same day with $3.99 to $9.99 express fee.
Not stated
Automatically monitor your spending plus access cash advances up to $100 at a time.
Sorbet
Not rated yet
Sorbet
Based on the amount of accrued PTO
Up to 5 business days for approval and 5 business days for funding, or instant for a fee
18 years of age, W-2 employee, US citizen or permanent resident, employer must carry over PTO and payout upon termination
Tap your unused PTO for a cash advance so you can access that money early. Available in : CO, FL, IL, MA, NY, NJ, TX, VA, OR, AR, NE, TN, ME, CT, WV
Go to site
Dave ExtraCash
Finder Score: 4.2 / 5: ★★★★★
Dave ExtraCash
Up to $500
Up to 3 business days or instant for a fee
At least two direct deposit paychecks to your bank account from your employer, extra money in your bank account
Borrow up to $100 to avoid hefty overdraft fees.
Fast5kLoans Short-term Loans Connection Service
Finder Score: 0.2 / 5: ★★★★★
Fast5kLoans Short-term Loans Connection Service
$100 to $35,000
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.
Go to site
Fig Loans Installment Loans
$50 to $100, varies by state
As soon as the same business day
3 months of direct deposits, $1400 per month income, positive bank account balance
Get an affordable installment loan that comes with no fees, flexible terms and predictable monthly repayments.
loading

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

Name Product Filter Values Loan amount Turnaround time Requirements
EarnIn
Finder Score: 4.7 / 5: ★★★★★
EarnIn
Up to $750 per pay period, but only $100 per day
1 to 3 business days or instant for a fee
Direct deposit sent to a checking account, a regular pay schedule, a fixed work location or an online timekeeping system at work
No mandatory fees, no interest and no credit checks. Subject to EarnIn terms & conditions.
LendYou Short-term Loans
Finder Score: 2.5 / 5: ★★★★★
LendYou Short-term Loans
Up to $1,000 for payday loans and up to $5,000 for installment loans
1 business day
$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.
Cleo
Finder Score: 4.1 / 5: ★★★★★
Cleo
Up to $250
3 to 4 days standard transfer. Same day with $3.99 to $9.99 express fee.
Not stated
Automatically monitor your spending plus access cash advances up to $100 at a time.
Sorbet
Not rated yet
Sorbet
Based on the amount of accrued PTO
Up to 5 business days for approval and 5 business days for funding, or instant for a fee
18 years of age, W-2 employee, US citizen or permanent resident, employer must carry over PTO and payout upon termination
Tap your unused PTO for a cash advance so you can access that money early. Available in : CO, FL, IL, MA, NY, NJ, TX, VA, OR, AR, NE, TN, ME, CT, WV
Go to site
Dave ExtraCash
Finder Score: 4.2 / 5: ★★★★★
Dave ExtraCash
Up to $500
Up to 3 business days or instant for a fee
At least two direct deposit paychecks to your bank account from your employer, extra money in your bank account
Borrow up to $100 to avoid hefty overdraft fees.
Fast5kLoans Short-term Loans Connection Service
Finder Score: 0.2 / 5: ★★★★★
Fast5kLoans Short-term Loans Connection Service
$100 to $35,000
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.
Go to site
Fig Loans Installment Loans
$50 to $100, varies by state
As soon as the same business day
3 months of direct deposits, $1400 per month income, positive bank account balance
Get an affordable installment loan that comes with no fees, flexible terms and predictable monthly repayments.
loading

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.

Frequently asked questions

Rhys Subitch's headshot
Written by

Editor

Rhys Subitch is a personal finance editor at Bankrate and former loans editor at Finder, specializing in consumer and business lending. Rhys has nearly a decade of experience researching, editing, and writing for startups, Fortune 500 companies, universities and websites. They hold a BA in sociology and a certificate of editing from the University of Washington. See full bio

Rhys's expertise
Rhys has written 57 Finder guides across topics including:
  • Personal, business, student and car loans
  • Credit scores and alternative data
  • Debt consolidation and management

More guides on Finder

Ask a question

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and finder.com Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Go to site