Online Payday Loans in Tennessee

It’s happened to all of us. An unexpected cost hits, and we feel stuck waiting for the next paycheck. If you need cash quickly, an online payday loan may seem like an easy solution. 

Tennessee residents have wide access to a range of lenders offering short-term loans, including payday loans. But before you apply, you want to understand the rules, costs, and what you’re agreeing to. Payday loans in Tennessee come with high fees, short repayment terms and state regulations that impact what and how you borrow.

Tennessee Payday Loan Regulations 

While payday loans are available in Tennessee, they are regulated. These are the key rules that will impact what you can borrow:

• The maximum check face value a lender can accept is $500, but lender fees are included in that total so the most you can receive is $425.

• There’s a maximum loan term of 31 days, though many loans will require repayment on your next payday.

• The current allowed APR rate is 460%. 

• Borrowers may have up to three payday loans at one time.

• Rollovers are not allowed.

• After two consecutive loans have been repaid, borrowers must wait one business day before taking out a new loan.

10 Lenders for Online Payday Loan in Tennessee 

1. Check Into Cash 

Check Into Cash serves Tennessee residents. It has an A+ rating from the Better Business Bureau and 25 years+ of industry experience. You’ll need to be at least 21 to borrow funds, which is older than some lenders’ requirement of being 18 years or older. You can visit a location in-person, but their SpeedyCash product is entirely online.  

• Borrowable amount: Up to $425

• Fees: APR is 459.90% 

2. Tennessee Title Loans 

Tennessee Title Loans offers multiple different funding options, including payday loans. You can borrow up to $400, but you must finish the application process in-person even if you start the initial inquiry online. The good news is that there are a variety of locations across Tennessee, and you can receive funding in as little as 30 minutes.

• Borrowable amount: $100 to $400

• Fees: Not disclosed online 

3. 1F Cash Advance 

1F Cash Advance offers a fully online application and funding process, allowing borrowers to access up to $425 without a credit check. In-store rates have a 458.86% APR. The due date is typically set for your next payday, and the maximum repayment period is 31 days per Tennessee’s regulations. 

• Borrowable amount: Up to $425

• Fees and APR: 458.86% APR 

4. A1 Cash Advance

A1 Cash Advance has payday loans for Tennessee residents. You can apply online, though you will need to go in-store to receive funding. Funding is transparent and repayment is required on your next pay day, and it’s worth noting that they offer slightly lower APR compared to some of their competitors. 

• Borrowable amount: Up to $425

• Fees and APR: 443.21% APR 

5. Speedy Cash 

Speedy Cash allows you to borrow up to $425 in an entirely online process, though you also have the option to apply by phone or go to a nearby location and apply in-person. You can receive your funding immediately in store or receive a direct deposit within one or two business days.

• Borrowable amount: $100 to $425

• Fees and APR: Not disclosed online 

6. Sunshine Loans

Sunshine Loans service the state of Tennessee, and allow you to borrow up to $400. There are 14-day and 30-day term loans available, which may vary depending on when you’ll receive your next paycheck. They allow you to wait until the second paycheck if your next payday is less than four days away. 

• Borrowable amount: $100 to $400

• Fees and APR: 459.900% for a 14 day loan; 214.620% for a 30 day loan

7. Max Cash 

Max Cash works like an online marketplace. You can apply online, and if you meet their eligibility requirements, they’ll partner you with a trusted lender in your state. While their site says you can access up to $1,000, state regulations in Tennessee cap true payday loans at $425. 

• Borrowable amount: Up to $425 for true payday loans 

• Fees and APR: Varies by lender 

8. ACE Cash Express 

Ace Cash Express allows you to apply for payday loans online or in-person at an ACE store. This is a straightforward product, allowing you to borrow between $100 and $425 in $25 increments that will be repaid on your next payday.  

• Borrowable amount: $100 to $400

• Fees and APR: 459.90% APR 

9.  Cash Central 

Cash Central has payday loans that can be deposited directly into your account, which means the loan can be paid back automatically through an authorized electronic withdrawal. Their website has a calculator that lets you view total costs of a loan based on the amount borrowed alongside the duration of the loan. 

• Borrowable amount: $100 to $400

• Fees and APR: 459.90% APR 

10. LendNation

If none of the payday lenders so far seem like a good fit, LendNation is a popular lender in Tennessee. However, you’ll need to visit one of the lender’s 26 in-person locations in Tennessee. 

• Borrowable amount: $50 to $425

• Fees and APR: Not disclosed online 

Alternatives To Online Payday Loans In Tennessee

Payday loans can seem like a fast and easy solution when you need cash fast, but the reality is that they can be extraordinarily expensive to the point where they’re difficult to repay. Make sure you consider all of your payday loan alternatives first, because there are options even for those with poor credit.

Your options may include:

• Credit union payday alternative loans (PALs): Many Tennessee credit unions offer small-dollar loans with rates that are capped. Terms are more flexible and fees are typically much, much longer than your standard payday loan.  

• Earned wage access (EWA) apps: Earned Wage Access apps allow you to access wages you’ve already earned before your next payday. These apps typically come with minimal or even no fees, so it’s a good option for employed borrowers who just need access to their next check a little early. 

• Negotiate with creditors: If you need money to cover a bill, you may want to contact the company first. Utilities, hospitals, and landlords may have hardship programs or payment plans to help you avoid debt. 

• Community assistance programs: Nonprofit organizations, churches, and local government agencies throughout Tennessee may offer emergency financial assistance for costs like rent, utilities, or food. 

• Credit cards or credit card cash advances: Cash advances may be available through your credit card. While they do carry high fees, the fees are much lower effective costs than payday loans, especially if you can repay them quickly.  

• Installment loans: Short-term installment loans may offer higher borrowable amounts and longer repayment terms. However, many have exceedingly high APRs, so these should also only be used if no other good options are available. 

Sources:

• Tennessee Payday Loans: Law, Stats and History. UStatesLoans.org.