Payday Loans in Five Points, Tennessee

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

Company nameAddressZip codePhone number
Cash Express 8 Tipton St S, Munford, TN 38058 +1 (901) 840 - 4925
Peoples Bank and Trust Company 19 Courthouse Square, Byrdstown, TN 38549 +1 (931) 864 - 3168
Advance Financial 2465 Highway 43 North, Lawrenceburg, TN 38464 +1 (931) 202 - 9223
Central Bank 485 Wayne Rd 1944, Savannah, TN 38372 +1 (731) 925 - 9046
Tennessee Title Loans, Inc. 7 S Congress Pkwy N, Athens, TN 37303 +1 (423) 507 - 8285
Security Finance 634 N Broadway # C, Portland, TN 37148 +1 (615) 325 - 5795
Covington Credit 129 N Locust Ave Ste F, Lawrenceburg, TN 38464 +1 (931) 762 - 7678
World Finance Corporation 777 W Poplar Ave #102, Collierville, TN 38017 +1 (901) 861 - 8070
TriStar Bank-Spring Hill 4930 Main St, Spring Hill, TN 37174 +1 (615) 446 - 7100
Service Loans 3035 Rhea County Hwy 210, Dayton, TN 37321 +1 (423) 570 - 7106

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Five Points, TN, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Mount Juliet, TN, Payday Loans in Murfreesboro, TN, Payday Loans in Smyrna, TN, Payday Loans in Spring Hill, TN, Payday Loans in Brentwood, TN, No Credit Check Loans in Chattanooga, TN, Guaranteed Loans in Clarksville, TN and Payday Loans in Cleveland, 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 Five Points, TN.

Are Payday Loans Legal In Five Points, 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

Five Points, TN payday loan calculator

Payday Loans: Understanding Regulations and Guidelines in Five Points, Tennessee

Payday loans are short-term loans that borrowers take to bridge the gap between paychecks or cover sudden unexpected expenses. It’s a convenient way to get cash quickly, even if you have bad credit. However, before taking a payday loan, it’s essential to know the regulations and guidelines in your state to avoid falling victim to predatory lenders. In this article, we’ll talk about payday loans’ regulations in Five Points, Tennessee.

What are payday loans, and how do they work?

Payday loans are small loans that are usually taken for a short duration, typically two weeks. The principal amount borrowed is usually between $100-$500, with higher amounts also available based on the lender and the borrower’s income. The application process is simple and straightforward, and borrowers can complete it online or in-store. The lender usually evaluates the borrower’s income and checking account status to determine the loan amount.

The interest rates and finance charges on payday loans are higher than traditional loans, making them a more expensive form of credit. Therefore, it is advisable to take payday loans only in case of emergency or urgency. In Tennessee, the annual percentage rate (APR) on payday loans can reach up to 459%, which is much higher than in other states.

Regulations on payday loans in Tennessee

Payday lending is legal in Tennessee, but regulations limit the amount a borrower can borrow and the fees and interest a lender can charge. The following are the main regulations in Five Points, TN.

Loan Amounts and Terms

Borrowers can borrow up to $500 in payday loans in Tennessee, and the lending term is between 14-31 days. The loan amount should not exceed the lesser of $500 or 2.5 times the borrower’s monthly income. Borrowers are not allowed to have more than one outstanding payday loan at a time.

Interest and Fees

The finance charges on a payday loan in Tennessee are capped at 15% of the check’s face value, with a maximum limit of $30. For example, if you borrow $200, the maximum finance charge would be $30. The Annual Percentage Rate or APR for payday loans in Tennessee can reach up to 459%. This rate is higher than in other states.

The Cooling-Off Period

Tennessee law mandates a cooling-off period of one business day between consecutive payday loans. The cooling-off period applies to the same lender or an affiliate of the lender. During the cooling-off period, borrowers cannot take out another payday loan from that lender or affiliate.

Lending Limits

Payday lenders in Tennessee must be licensed and are subject to certain lending limits. Lenders can only charge up to $30 for NSF (non-sufficient funds) fees if a borrower’s check bounces. Lenders cannot pursue criminal action against borrowers for defaulting on a payday loan.

Interesting Facts about Payday Loans in Five Points, Tennessee

  • The average payday loan in Five Points, TN, is $375
  • 37% of payday loan borrowers in Tennessee default on their loans
  • Tennessee is among the top 5 states with the highest number of payday lenders per capita
  • In Tennessee, payday lenders make an average of $46 million in fees annually
  • Most Tennessee payday loan borrowers use the loans to cover monthly expenses or unexpected expenses.

Apply Now on TheGuaranteedLoans

At TheGuaranteedLoans, we understand that unexpected expenses can arise at any time and stretch your budget. That’s why we serve as a connector service, partnering with reputable lenders across the country to help you find the best loan offers, including payday loans in Five Points, TN. We offer a simple and secure application process that takes a few minutes to complete. Apply now on our website, and let us help you access the cash you need conveniently and safely.

Conclusion

Payday loans in Five Points, TN, offer a convenient way to access cash when you need it most. However, it’s essential to understand the state’s regulations and guidelines to avoid falling victim to predatory lenders. Remember to borrow only what you need, repay the loan on time, and seek financial counseling if you struggle with debt or unexpected expenses.

F.A.Q.

What are the consequences of defaulting on a payday loan in Five Points, Tennessee?

If you default on a payday loan in Five Points, Tennessee, the lender may pursue legal action to collect the unpaid amount. This can result in wage garnishment, collection calls, and damage to your credit score. It is important to repay your payday loan on time to avoid these consequences.

Can I take out multiple payday loans in Five Points, Tennessee at the same time?

Yes, you can take out multiple payday loans in Five Points, Tennessee at the same time. However, it is important to consider your ability to repay all of the loans before taking on more debt. Taking out multiple loans can also increase the overall cost of the loans due to additional fees and interest charges.