Piled up bills and unexpected expenses are never good news. Unfortunately, many American households head to their local payday lender to deal with this situation.
Payday loans are short-term, high-interest loans that are highly expensive and can even land you in an unending cycle of debt. Even if you have a bad credit score and payday loans seem like the only option that will save you from getting out of this scary situation – there’s another way out.
There are other better loan alternatives to payday loans out there that will save you from accumulating debt or landing in legal troubles.
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Getting A Cash Advance In Nashville
If you decide to go for a payday loan in Nashville, know that it can affect your credit score, deplete your savings and even lead to legal difficulties if you fail to make the payments on time. We recommended using Instacash to take an advance on your paycheck safely, but we will also give you the details on obtaining a loan from an in-person payday lender.
Max Advance Amount: $250
Credit Affects: None
MoneyLion’s Instacash is a safe alternative to payday loans. With no monthly fee, no interest, no credit check and 0% APR on cash advances. Instacash can work for you when unexpected expenses or when you are just short on cash in between paydays.
This cash advance presents an entire payment plan for you so that you can pay back the money easily without any interest. All you need to do is follow a simple procedure to get Instacash from MoneyLion.
Just download the MoneyLion app, create a free account, select “Instacash,” and get started. Link your primary bank account with the free MoneyLion app to get qualified so that you can see the transferred amount right away.
Want to qualify for the highest Instash amounts? Link direct deposits to a RoarMoney bank account. With a RoarMoney account, you can get your check direct deposited up to 2 days early every paycheck.
Moreover, with Instacash, you don’t have to worry about paying any overdraft fee or collecting late payment fines. This is one of the most important benefits that make Instacash stand out from traditional payday loans. After about two weeks, MoneyLion will automatically withdraw the amount you borrowed from your account.
How to Qualify:
- You must be 18 years of age or over
- You must have access to steady income or deposits
- It is necessary to have a bank account that has been operational for 60 days or more
- Your bank account must have a positive balance
Max Payday Loan Amount: $500
APR: average 460%
Credit Affects: payday lenders do not require your credit scores, but you risk harming your credit score if you do not make the payment on time.
The first payday loan chain was founded in Tennessee. This company came under mass scrutiny for charging exuberant fees on relatively small loans throughout the 90s.
Since then, there has been more regulation of payday loans, but you will still incur fees and charges when applying for and paying back a loan. The financial charges should not exceed 15% of the check amount borrowed.
For example, you will pay $75 for a loan of $500. This makes payday loans incredibly expensive, especially if you have a short repayment period.
Payday loans in Nashville are limited to be repaid within 31 days, which means that you do not have enough time to repay the money, especially if you have applied for larger loans.
To apply for a payday loan in Nashville, you need to provide complete personal information to confirm your identity, such as your birth date or your social security number.
How to qualify:
- You have to be at least 18 years old
- You must be a citizen or permanent resident of the U.S.
- You need a steady source of income
- You should have an active bank account
Instant Loan Options In Nashville From MoneyLion
If you are a Nashville resident and need a loan quickly, but you cannot go for Instacash due to its maximum limit of $250, you need to consider other instant loan options in Nashville.
Credit Builder Loan
Loan amount: You can qualify for up to $1,000
Credit Affects: The average Credit Builder Loan user can easily boost their credit score by 60 points in just 60 days.
Credit Builder Loans are low-interest and small loans that can lift your credit scores. If you decide to go with Credit Builder Loans, you need to apply for MoneyLion Credit Builder Plus membership.
With MoneyLion, you can get your Credit Builder Loan the same day you apply, which means that the amount is sent to your bank within no time. There are no hidden fees, and the loan even comes with a low-interest rate so that you can easily pay back the loan.
For $19.99/ month, you can become a Credit Builder Plus member with MoneyLion, you also get access to several advanced features at no additional costs.
- Loan of up to $1000 to be paid back over 12 months
- Weekly monitoring and updates on your credit
- A Credit Reserve Account that works like a savings account and earns interest
- Credit score lifted by 60 points in 60 days
- Additional benefits of Instacash
How to Qualify:
- You need to be at least 18 years old
- You should be a citizen or permanent resident of the U.S.
- You should have a social security number
- You should have an active bank account with a debit or credit card.
Comparing Your Cash Advance Loan Options In Nashville
If you are short on money and need to pay bills or need some cash until your next paycheck, you have good loan options.
|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||Nearly 460%15% financing fee for the loan amount you apply for|
|Impacts Your Credit?||No||Yes, it builds your credit score.||No harm to credit score with timely payments. Late payments might damage the credit score.|
|Availability||Online & Mobile||Online & Mobile||Online and in-person|
|Next Steps||Sign Up||Sign Up||Get in touch with lenders to fill out the application.|
Sign Up For MoneyLion’s Credit Builder Plus Membership
If you need cash fast and payday loans seem like the only option – Not anymore!
MoneyLion’s Instacash services and Credit Builder Loans are some of the best routes available to you if you need to apply for loans or get a quick advance on your paycheck. If you are looking for an alternative to payday loans in Tennessee, MoneyLion can help.