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Payday Loans in Bethel Springs, Tennessee: What You Need to Know
Payday loans are a type of short-term loan that can help borrowers cover unexpected expenses. In Bethel Springs, Tennessee, payday loans are legal, but there are regulations in place to protect consumers.
How Payday Loans Work
Payday loans are usually for small amounts, such as $500 or less, and are typically due on the borrower’s next payday. To get a payday loan, the borrower writes a post-dated check for the loan amount plus fees, or authorizes an electronic withdrawal from their bank account.
Payday lenders typically charge high fees and interest rates, often in the range of 400% APR or more. This can make it difficult for borrowers to pay back the loan in full on their next payday.
Regulations in Bethel Springs, Tennessee
The Tennessee Department of Financial Institutions regulates payday lenders in Tennessee, including Bethel Springs. Payday lenders must be licensed and adhere to certain regulations, including:
- Loan amounts cannot exceed $500
- Fees are limited to 15% of the loan amount
- Loan terms cannot exceed 31 days
- Borrowers can only have one outstanding payday loan at a time
These regulations are designed to protect borrowers from being trapped in a cycle of debt with high-interest payday loans.
Applying for a Payday Loan in Bethel Springs
If you need a payday loan in Bethel Springs, Tennessee, TheGuaranteedLoans can help connect you with potential lenders. We are not a direct lender, but a connector service that can help you find lenders who may be able to provide a payday loan.
It’s important to note that payday loans should only be used for emergencies or unexpected expenses. Ongoing reliance on payday loans can lead to financial difficulties and a cycle of debt.
Interesting Facts and Statistics
According to the Tennessee Department of Financial Institutions, there were 1,203 licensed payday lenders in Tennessee as of June 30, 2021. These lenders made over 5.8 million loans in 2020, with an average loan amount of $385.
A survey by the Pew Charitable Trusts found that 12 million Americans use payday loans each year, with the majority of borrowers using them for recurring expenses such as rent or utility bills. The same survey found that the average payday loan borrower spends $520 in fees to borrow $375.
Apply Now
If you need a payday loan in Bethel Springs, Tennessee, TheGuaranteedLoans can help you find potential lenders. Fill out our online application to get started.
Please note that we are not a direct lender. We will only connect you with lenders who may be able to provide a payday loan. Make sure to review the loan terms and fees carefully before accepting a loan.