Looking to quickly borrow a small amount of money and pay it back just as fast? You might be considering payday loans. Payday loans are legal in Memphis but these predatory loans can easily have you paying triple digit APR’s on top of additional fees.
Payday loans can be dangerous. But you don’t need to settle to get fast cash. We’ll review safer alternatives in our guide to payday loans in Memphis.
How To Get a Cash Advance Loan in Memphis TN
Payday loans are usually not the best option for fast cash. There are safer and cheaper short-term lending alternatives available. One example is cash advances. Here’s our take on the best cash advances in Memphis, Tennessee.
Instacash
Max Advance Amount: $250
APR: 0%
Credit Affects: None
Instacash from MoneyLion is a safe, affordable alternative to payday loans. While payday loans put you in debt for money you don’t have, Instacash is an advance on the money you’ve already worked for. Instacash deducts the amount you borrow from your next paycheck at 0% APR. It’s the easiest and fastest way to get a quick burst of cash.
Best of all? Instacash is free to use with your RoarMoney account or external bank account and you can get your money deposited within a couple of days. Need your money right now? Pay a small fee for instant deposits.
How to Qualify:
You must be 18
Steady income or deposits
A bank account that has been open for 60 days or more
Your bank account must have a positive balance
In-Person Lender Payday Loan Lender
Max Payday Loan Amount: $500
APR: As high as 460%
Credit Affects: Potentially, payday lenders typically will not pull credit but they will report you to the credit bureaus immediately if you are late.
Payday lenders can be in-person or online. In both scenarios, you’ll need to fill out an application and provide your personal information and financial information. Each lender might have different requirements, but we’ll go over that in just a bit.
If you decide to go with a payday lender, make sure to read the fine print and understand exactly what you are signing up for. You’ll want to know how much money you’ll owe including interest so you can prepare to pay it off immediately.
Keep in mind that if you miss any payments, it can negatively affect your score and push you further into debt. For these reasons, payday loans are not a recommended lending option. You can read more about payday loans in Memphis, Tennessee here.
How to Qualify:
You must be 18
American citizen or permanent resident
Steady Income or deposits
You must provide your name, date of birth, Social Security number, and a valid ID
Your bank account information
Instant Loan Options in Memphis
Cash advances are one way to access quick cash. But you can also opt for instant loan. Take a look at our top choice for instant loans in Memphis.
Credit Builder Loan
Loan Amount: You could qualify for up to $1,000
Credit Affects: The average Credit Builder Loan user can boost their credit score by 60 points in 60 days!
MoneyLion offers a Credit Builder Loan that’s a safe alternative to traditional payday loans. Not only can you access cash instantly, but you’ll also have the opportunity to boost your credit score! That’s right, MoneyLion’s Credit Builder Loan is designed with a low APR to boost your score – unlike payday loans which can actually hurt your score. Plus, qualifying is simple.
How to Qualify:
You must be 18
American citizen or permanent resident
You must provide personal information such as your name, address, social security number, etc.
Have a bank account, debit card, or prepaid card to make payments
There are NO credit checks and you don’t even need credit history to qualify
What’s Included?
Loan up $1,000 – Approval within minutes!
Weekly credit updates
Credit improvement – Up to 60 points in 60 days!
Additional Instacash benefits
12-month loan term with affordable payments
Credit Reserve Account – This account holds some of your funds to help you save while you build credit
Comparing Your Cash Advance Loan Options in Memphis TN
We’ve done the research so you don’t have to. Here’s what you can expect from different cash advance options in Memphis.
Instacash | Credit Builder Loan | In-Person Payday Lender | |
|---|---|---|---|
How Much Can You Borrow? | $250 | $1,000 | $500 |
Fees & Interest | Free0% APR | Competitive APR, $19.99/month fee | Often as high as 460% APR |
Impacts Your Credit? | No | Yes, it builds your credit score. | Will hurt your score if you miss a payment – won’t ever improve your credit |
Availability | Online & Mobile | Online & Mobile | Online & Mobile |
Wait Time | Instantly* | Instantly | Usually the next business day |
Next Steps | Sign Up | Sign Up |
Find Better Alternatives to Predatory Payday Loans in Memphis TN
Payday loans are predatory lending options that hurt more people than they help. You risk harming your credit score, sinking into debt, and even facing harassment from lenders if you don’t meet their requirements. MoneyLion is designed to be a safe alternative so you can avoid payday loans altogether.
MoneyLion also offers more than just low-cost, fast lending options. You can even get paid up to 2 days early when you open a RoarMoney account. You’ll also be able to access weekly spending reports to keep your financial goals on track.
All in all, use MoneyLion as a one-stop-shop to improve your financial health!
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Disclosures
Credit Builder Plus membership ($19.99/mo) unlocks eligibility for Credit Builder Plus loans and other exclusive services. This optional offer is not a Pathward product or service. A soft credit pull will be conducted which has no impact to your credit score. Credit Builder Plus loans have an annual percentage rate (APR) ranging from 5.99% APR to 29.99% APR, are made by either exempt or state-licensed subsidiaries of MoneyLion Inc., and require a loan payment in addition to the membership payment. The Credit Builder Plus loan may, at lender’s discretion, require a portion of the loan proceeds to be deposited into a reserve account maintained by ML Wealth LLC and held by Drivewealth LLC, member SIPC and FINRA. The funds in this account will be placed into money market and/or cash sweep vehicles, and may generate interest at prevailing market rates. You will not be able to access the portion of your loan proceeds held in the credit reserve account until you have paid off your loan. If you default on your loan, your credit reserve account may be liquidated by the lender to partially or fully satisfy your outstanding indebtedness. May not be available in all states. Credit Reserve Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclaimers relating to the MoneyLion Credit Reserve Account, see Investment Account FAQs and FORM ADV.
Credit score improvement is not guaranteed. A soft credit pull will be conducted which has no impact to your credit score. Credit scores are independently determined by credit bureaus, and on-time payment history is only one of many factors that such bureaus consider. Your credit score may be negatively impacted by other financial decisions you make, or by activities or services you engage in with other financial services organizations. MoneyLion is not a Credit Services Organization.
With direct deposit. Faster and easier access to funds is based on comparison of traditional banking policies and deposit of paper checks versus deposits made electronically and the additional methods available to access funds via a card as opposed to a paper check.
Instacash® is an optional service offered by MoneyLion. Your available Instacash Advance limit will be displayed to you in the MoneyLion mobile app and may change from time to time. Your limit will be based on your direct deposits, account transaction history, and other factors, as determined by MoneyLion. Expedited delivery requires Turbo Fee. See Instacash Terms and Conditions for more information and eligibility requirements.
MoneyLion does not provide, nor does it guarantee, any third-party product, service, information, or recommendation. The third parties providing these products or services are solely responsible for them, as well as all other content on their websites. MoneyLion is not liable for any third party's failure with regard to those advertised products, services, and benefits. These advertised products and services may not be FDIC insured or bank-guaranteed, and may be subject to a different privacy policy than MoneyLion’s. You should check individual offers, products, and services to become familiar with any applicable restrictions or conditions that may apply. MoneyLion may receive compensation from third parties for referring you to the third party, their products or to their website.
MoneyLion is a financial technology company, not a bank. RoarMoney℠ demand deposit account provided by, and MoneyLion Debit Mastercard® issued by, Pathward®, National Association, Member FDIC. RoarMoney is a service mark of MoneyLion. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International. Funds are FDIC insured, subject to applicable limitations and restrictions, when we receive the funds deposited to your account.
Instacash is a 0% APR cash advance service provided by MoneyLion. Your available Instacash advance limit will be displayed to you in the MoneyLion mobile app and may change from time to time. Your limit will be based on your direct deposits, account transaction history, and other factors as determined by MoneyLion. This service has no mandatory fees. You may leave an optional tip and pay an optional Turbo Fee for expedited funds delivery. For a $40 Instacash advance with a Turbo Fee of $4.99, your repayment amount will be $44.99. Generally, your scheduled repayment date will be your next direct deposit date. An Instacash advance is a non-recourse product; you will not be eligible to request a new advance until your outstanding balance is paid. See Membership Agreement and help.moneylion.com for additional terms, conditions and eligibility requirements.