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Everything You Need to Know About Payday Loans in Iron City, Tennessee
If you need cash quickly, payday loans can be a lifesaver. But what is a payday loan, and how do they work in Iron City, Tennessee?
Payday loans are a type of short-term loan that people use to cover unexpected or emergency expenses. The loans typically range from $100 to $1,500, and you must pay back the loan in full plus interest on your next payday. In Tennessee, payday loans are legal and regulated under the Deferred Presentment Services Act.
How Do Payday Loans Work in Iron City, Tennessee?
To qualify for a payday loan in Iron City, Tennessee, you must be at least 18 years old and have proof of income, such as a paycheck stub or government benefits statement. You also need a valid government-issued ID and a checking account that is in good standing.
When you apply for a payday loan, you give the lender a post-dated check for the loan amount plus interest fees. On your next payday, the lender will cash the check. If you can’t pay the full amount on your payday, you can roll over the loan for another two weeks for an additional fee.
Keep in mind that payday loans have high interest rates, often around 400 percent. This means that if you borrow $100, you may end up paying back as much as $400 or more.
Pros and Cons of Payday Loans in Iron City, Tennessee
Pros:
- They are easy to qualify for: Because payday lenders don’t check your credit, you can qualify for a payday loan even if you have bad credit or no credit history.
- You get your money quickly: If you’re approved for a payday loan, you can often get your money the same day you apply.
- You can use the loan for any purpose: Unlike some other loans that are earmarked for specific uses, payday loans can be used for anything you need.
Cons:
- High fees: Payday loans have very high interest and fees, meaning you could end up paying back much more than you borrowed.
- Risk of debt cycle: Because of the high fees and short repayment terms, many people end up rolling over their loans, which can lead to a dangerous cycle of debt.
- Scams and predatory lenders: Unfortunately, some dishonest lenders may take advantage of people in need, charging exorbitant fees and trapping them in debt.
Interesting Facts and Statistics About Payday Loans in Iron City, Tennessee
- According to the Tennessee Department of Financial Institutions, there were 1,219,422 payday loans in Tennessee in 2020, totaling more than $455 million in loan volume.
- The average payday loan in Tennessee is $221, with an average interest rate of 391 percent.
- Nearly 50 percent of payday loan borrowers in Tennessee take out more than 12 loans per year.
Apply Now for a Payday Loan in Iron City, Tennessee
If you need money quickly and think a payday loan may be right for you, visit TheGuaranteedLoans.com to fill out an online application. We are a connector service that matches you with potential lenders based on your information, and we do not directly lend money. Our application process is fast and easy, and you could get approved for a loan in just minutes. Apply now and get the cash you need.