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Everything You Need to Know About Payday Loans in Auburntown, Tennessee
Payday loans are short-term loans that allow individuals to borrow money against their future paychecks. These loans typically have high interest rates and fees, making them a risky financial option. In Auburntown, Tennessee, payday loans are legal, but there are regulations in place to protect borrowers from exorbitant fees and charges. If you’re considering taking out a payday loan in Auburntown, Tennessee, here’s what you need to know:
What are the Laws and Regulations for Payday Loans in Auburntown, Tennessee?
Payday loan regulations in Tennessee are governed by the Tennessee Code Annotated Title 45 Chapter 17 Part 6. These laws limit the amount of interest and fees that payday lenders can charge and require them to disclose all terms and fees in writing to borrowers.
In Auburntown, Tennessee, individuals can borrow up to $500 for up to 31 days. Lenders are allowed to charge up to 15% of the face value of the loan in interest and up to $15 per $100 in loan fees.
Benefits and Risks of Payday Loans in Auburntown, Tennessee
While payday loans can provide quick access to cash, they come with significant risks. The high interest rates and fees associated with these loans can lead to a cycle of debt that is difficult to escape. Additionally, payday lenders often target low-income individuals who may not have stable employment or financial security.
However, payday loans can be a helpful financial resource in certain situations. They can provide a bridge for individuals facing unexpected expenses or emergencies, such as medical bills or car repairs. As long as borrowers are fully aware of the costs and risks associated with these loans, they can make an informed decision about whether or not to take out a payday loan in Auburntown, Tennessee.
Interesting Facts and Statistics About Payday Loans in Auburntown, Tennessee
- According to a report by the Tennessee Department of Financial Institutions, there were 1,233 licensed payday lenders in the state as of June 30, 2021.
- The average payday loan in Tennessee is $375 and carries an average interest rate of 279%.
- In 2020, Tennesseans took out 2.6 million payday loans, totaling $1.2 billion in loan volume.
Apply Now for a Payday Loan in Auburntown, Tennessee
If you find yourself in need of a payday loan in Auburntown, Tennessee, TheGuaranteedLoans can help. We are a connector service that can match you with potential lenders who can provide short-term loans. Applying for a payday loan through TheGuaranteedLoans is simple and secure. Just fill out our online application, and we’ll connect you with lenders who may be able to meet your financial needs. Remember, TheGuaranteedLoans is not a direct lender, and we do not make credit decisions. Instead, we facilitate connections between borrowers and potential lenders. Apply now and take the first step toward getting the cash you need.
Conclusion
Payday loans can be a risky financial option, but they can also provide quick access to cash in certain situations. If you’re considering taking out a payday loan in Auburntown, Tennessee, be sure to carefully read the terms and fees associated with the loan. Remember, payday loans should be used as a last resort, and borrowers should explore all other available options before opting for this type of loan.