Payday Loans in Drummonds, Tennessee

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No payday loan companies in Drummonds, TN. Consider companies in other cities:

Company nameAddressZip codePhone number
FedTrust Federal Credit Union 9755 US-64 107, Arlington, TN 38002 +1 (901) 384 - 6673
Woods' Gun & Pawn Shop 1265 Poorhouse Rd, Lexington, TN 38351 +1 (731) 968 - 2897
Covington Credit 1907 Old Jacksboro Hwy, Jacksboro, TN 37757 +1 (423) 566 - 9821
World Finance 1430 Volunteer Pkwy Ste 12, Bristol, TN 37620 +1 (423) 764 - 2052
State Finance 1829 C Highway 46 South, Dickson, TN 37055 +1 (615) 441 - 5787
Cash Express 1234 US-51, Ripley, TN 38063 +1 (731) 635 - 4747
Cash Express 7885 TN-3, Millington, TN 38053 +1 (901) 872 - 8470
Covington Credit 207 Highland Square, Crossville, TN 38555 +1 (931) 707 - 7011
One Bank of Tennessee 416 E Central Ave, Jamestown, TN 38556 +1 (931) 879 - 7007
TN QUICK CASH La Vergne 5108 Murfreesboro Rd, La Vergne, TN 37086 +1 (615) 352 - 2274

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Drummonds, TN, you can try to find different companies in big cities near by. Check out the following pages here: Short-term Loans in Hendersonville, TN, Bad Credit Loans in Jackson, TN, Short-term Loans in Johnson City, TN, Emergency Loan in Kingsport, TN, Payday Loans in Knoxville, TN, Same Day Loans in La Vergne, TN, Payday Loans in Lebanon, TN and Bad Credit Loans in Memphis, TN. But also, you can apply for a loan online, not coming out of your home. Just fill out a simple application on our website and we will connect you with trusted direct lenders in Drummonds, TN.

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Payday Loans Available in Drummonds, TN By The Following ZIP Codes:

38023

Are Payday Loans Legal In Drummonds, Tennessee?

Loan Rates and Fees, Laws and Regulations in Tennessee.

Legal StatusLegal
Interest Rate (APR, %)460
Maximum Loan Amount$500
Minimum Loan TermNot Specified
Maximum Loan Term31 days
Number of Rollovers Allowed0
Finance Charges15% of the amount of the check

Drummonds, TN payday loan calculator

Advise to read before applying

Payday Loans in Drummonds, Tennessee: A Comprehensive Guide

Payday loans are a type of short-term loan that can help you cover unexpected expenses while waiting for your next paycheck. These loans are available in Drummonds, Tennessee, just like in other parts of the state. However, before taking out a payday loan, it’s essential to understand the regulations of this type of loan in Tennessee. This guide aims to provide you with a comprehensive overview of payday loans in Drummonds, Tennessee.

What Are Payday Loans?

A payday loan is a type of loan that allows borrowers to access small amounts of cash for a short period. The loan repayment is due on the borrower’s next payday. These loans are designed to help people with unexpected expenses that can’t wait until their next paycheck arrives. They are also called cash-advance loans, paycheck loans, or payday advance loans.

Payday Loan Regulations in Tennessee

Payday loans are legal in Tennessee and are governed by Tennessee Code Annotated Title 45 Chapter 15. The law requires lenders to adhere to specific regulations to protect consumers’ interests. Here are some of the regulations:

  • Maximum loan amount: The maximum loan amount a person can borrow is $425. The loan amount cannot exceed the borrower’s gross monthly income.
  • Loan term and fees: Payday loans in Tennessee have a maximum term of 31 days and are subject to the maximum finance charge of 15% of the loan’s total amount. For example, if you borrow $100, the finance charge can’t exceed $15.
  • Rollovers and extensions: Tennessee law prohibits rollovers, renewals, or extensions of payday loans. This means that the borrower must pay off the loan entirely before taking out another loan.

It’s essential to fully understand these regulations to avoid being taken advantage of by lenders offering payday loans in Drummonds, Tennessee. If a lender violates any of these regulations, the borrower can file a complaint with the Tennessee Department of Financial Institutions.

How to Apply for a Payday Loan

The application process for a payday loan in Drummonds, Tennessee, is straightforward and can be done online. Applicants must be 18 years or older, have a valid government-issued ID, and have an active bank account. Here are the steps to follow:

  • Fill out and submit an online payday loan application.
  • Wait for the lender’s approval.
  • Sign the loan agreement.
  • Receive the funds in your bank account.

The entire process can be completed within a few hours, and funds could be available as soon as the next business day.

The Pros and Cons of Payday Loans

Like any loan, payday loans have their advantages and disadvantages. Here are some of the pros and cons of payday loans:

Pros:

  • Quick access to cash for unexpected expenses.
  • Easy application process and approval.
  • No credit check required.
  • Flexible repayment terms.

Cons:

  • High costs and fees that can exceed the loan amount.
  • Short repayment terms that could lead to a cycle of debt.
  • Alternative options like credit cards or personal loans may provide better interest rates and terms.

It’s important to weigh the pros and cons of payday loans carefully and consider alternatives before applying for one.

Interesting Facts and Statistics about Payday Loans in Drummonds, Tennessee

  • The average payday loan amount in Tennessee is $221.
  • The average term for a payday loan in Tennessee is 15 days.
  • About 20% of payday loan borrowers in Tennessee renew their loans six times or more, resulting in increased fees.

These statistics highlight the high demand for payday loans in Drummonds, Tennessee, and the need for responsible borrowing practices to avoid financial hardship.

Apply Now for a Payday Loan in Drummonds, Tennessee

If you need quick cash for unexpected expenses, applying for a payday loan in Drummonds, Tennessee, could be an option. At TheGuaranteedLoans, we offer a convenient application process to connect you with potential lenders. As a connector service, we don’t provide loans directly, but facilitate the connection with lenders who can meet your financial needs. Apply now by filling out our easy-to-use online application for a fast and accessible solution to your financial needs.

F.A.Q.

What are the interest rates and fees associated with payday loans in Drummonds, Tennessee?

The interest rate for payday loans in Drummonds, Tennessee is capped at 459% APR, which is significantly higher than the interest rates charged by traditional lenders such as banks and credit unions. Additionally, payday lenders may charge fees for loan origination, application, or other services, so it's important to carefully review the terms and conditions of your loan before accepting it.

What should I do if I can't repay my payday loan in Drummonds, Tennessee?

If you're unable to repay your payday loan in Drummonds, Tennessee, you have several options. You can contact your lender and request an extension or payment plan, seek assistance from a nonprofit credit counseling agency, or consider refinancing your loan with a lower-interest personal loan or line of credit. However, if you're unable to find a solution, you may face late fees, damage to your credit score, or legal action from your lender.

Look for Short-Term Loans in Other Cities:

Brentwood Bristol Chattanooga Clarksville Cleveland Collierville Columbia Cookeville Dickson Franklin Gallatin Germantown Hendersonville Jackson Johnson City Kingsport Knoxville La Vergne Lebanon Maryville Memphis Mount Juliet Murfreesboro Smyrna Spring Hill
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Customer Notice: Cash advance loans should be used for short-term personal requirements primarily, not as long-term budgetary remedies. Clients together with credit score issues ought to look for credit advice. Subject to state regulations, qualification, credit check, underwriting and approval. Rates, terms and conditions apply

Client Guidance: Payday loans are generally designed as a temporary financial bridge that allows individuals to borrow a modest amount of money until their next paycheck arrives. This type of loan is often used as an immediate financial remedy for unforeseen expenses, especially for those lacking a financial cushion or significant savings. If you find yourself struggling to manage your finances and considering a payday loan, it's crucial to consult with a qualified financial advisor. It's also important to familiarize yourself with the specific payday loan laws in your jurisdiction.

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