Payday Loans in Milligan College, Tennessee: Everything You Need to Know
If you’re facing an unexpected expense and you need quick access to cash, a payday loan might seem like the answer. Payday loans are a type of short-term loan that typically has to be repaid within two weeks. They’re known for their high-interest rates and fees, but they can be helpful in certain situations. If you’re considering a payday loan in Milligan College, Tennessee, here’s what you need to know.
Legal Status of Payday Loans in Tennessee
First things first: payday loans are legal in Tennessee. This means that if you meet certain criteria, you can apply for and receive a payday loan from a licensed lender. In Tennessee, payday lenders are regulated by the Tennessee Department of Financial Institutions.
The Application Process
Applying for a payday loan in Milligan College, Tennessee is a relatively simple process. Most lenders require you to provide a valid ID, proof of income, and a checking account. You may also need to provide a post-dated check or authorize the lender to withdraw funds from your account on the due date.
Important Considerations
- Payday loans in Milligan College, Tennessee can have high interest rates and fees. The maximum annual percentage rate (APR) for a payday loan in Tennessee is 460%, so it’s important to read the fine print and understand the total cost of borrowing.
- You should only consider a payday loan if you have no other options. If you have a credit card or can borrow from friends or family, those options may be less expensive.
Interesting Facts and Statistics About Payday Loans in Milligan College, Tennessee
- As of 2019, there were over 1,200 payday lending locations in Tennessee.
- In 2016, the average payday loan in Tennessee was $221, and the average borrower took out nine loans per year.
- Between 2015 and 2017, Tennessee borrowers paid over $309 million in fees to payday lenders.
Apply Now
Need a payday loan in Milligan College, Tennessee? TheGuaranteedLoans can help connect you with potential lenders. Our process is fast, easy, and secure. Simply fill out our online application, and we’ll match you with a lender who can help meet your needs. Remember, we’re a connector service, not a direct lender. This means we don’t make lending decisions ourselves, but we’ll work to find you a lender who can help.
Conclusion
While payday loans can be helpful in certain situations, they’re not a long-term financial solution. If you’re in Milligan College, Tennessee and you’re considering a payday loan, it’s important to do your research and make an informed decision. By understanding the risks and costs, you can make a decision that’s right for you.