Online Payday Loans in Tennessee – 0% APR Alternatives Available
Are you having trouble making your money last until payday? Maybe an unexpected expense caught you off guard or you don’t want to miss out on a special night out. Whatever the reason, you could probably use a cash advance.
You might have heard of payday loans and how dangerous they can be. Good thing they’re not your only option! We’ll go over payday loans in Tennessee and explore safer and affordable alternatives.
Options For Payday Loans in Tennessee
Payday loans can offer you cash quickly and without running a credit check – but be wary. The high interest rates on these loans make them incredibly risky. Although they are banned in many states – payday loans are legal in Tennessee. Here is what you’ll need to know before taking out a payday loan.
Requirements
You have to be at least 18 years old
You will need to show proof of regular income and have a bank account.
U.S. citizen or permanent resident
Credit Impact
There is no credit requirement to take out a payday loan. But you do risk harming your credit score if you can’t make your payments on time. If you do pay on time – your credit score won’t improve.
Number of Loans
In Tennessee, you are only allowed to take out one loan at a time.
Max Loan Amount
The maximum loan amount in Tennessee is $500. APR can be as high as 460% in Tennessee. There isn’t a maximum loan term is 31 days and there are no rollovers allowed.
Penalties
If you are unable to pay your loan back in full by the due date, you will be charged additional fees and risk harming your credit score. If you take out another loan to pay off the original – you’ll risk falling into a cycle of debt.
Payday Loan Alternatives in Tennessee
Payday loans come with high interest rates and have the potential to ruin your credit. Check out these safer and more affordable alternatives.
Instacash
Instacash by MoneyLion is the safer and more affordable alternative to payday loans. Get cash advances for up to $250 with no credit requirement, instant deposit, and best of all – 0% APR. When you use the MoneyLion app, you can borrow anytime, anywhere, and as often as you need.
Credit Builder Loans
A Credit Builder Loan allows you to borrow a larger amount and build up your credit score at the same time. Improving your credit is key to helping you achieve important goals and financial milestones.
With a Credit Builder Plus account, you can get a loan for up to $1,000 even if you have poor or no credit history. Up to the full amount you borrow will be deposited instantly into your bank account. You won’t need to worry about keeping up on payments because your loan will always come with a low APR.
Plus, MoneyLion members have access to financial tools and advice that helps them manage their finances and stay on top of payments. As long as you keep making your payments, your credit score will get a boost!
Instacash | Credit Builder Loan | Local Payday Lender | |
|---|---|---|---|
How Much Can You Borrow? | $250 | $1,000 | $500 |
Fees & Interest | Free membership, 0% APR | Competitive APR, $19.99/month fee | Can be as high as 460% APR |
Impacts Your Credit? | No | Yes, it builds your credit score. | Yes, will harm your score if you miss a payment – won’t ever improve your credit |
Availability | Online & Mobile | Online & Mobile | Sometimes In-Store, Sometimes Online |
Wait Time | Instantly* | Instantly | Next business day |
Next Steps | Sign Up | Sign Up |
Keep Your Financial Goals on Track
A cash advance should help you keep your financial goals on track – not jeopardize them. That’s why MoneyLion offers 0% APR cash advances and Credit Builder Loans with a host of other financial tools like investing and banking. We believe in helping you get your finances to roar like a lion – a MoneyLion.
Never settle for high interest rates loans. Take charge of your financial future instead.
Learn more about how MoneyLion can help you reach your financial goals.
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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.
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.
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.