Payday Loans in Reagan, Tennessee

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

Company nameAddressZip codePhone number
Sun Loan Company 301 Cosby Hwy, Newport, TN 37821 +1 (423) 625 - 1664
1st Franklin Financial 3704 US-411 #3, Madisonville, TN 37354 +1 (423) 420 - 6503
EZMONEY Cash Advance Loans 840 Madison Square, Madison, TN 37115 +1 (877) 396 - 6639
Tennessee Quick Cash 4219 Lebanon Pike, Hermitage, TN 37076 +1 (615) 889 - 9500
3 D Financial 101 Reed St, Portland, TN 37148 +1 (615) 325 - 0880
Simmons Bank 347 W Church St, Lexington, TN 38351 +1 (731) 967 - 0050
Cash Express 405 S Tennessee Ave unit b, Parsons, TN 38363 +1 (731) 868 - 4435
The Peoples Bank 6011 TN-88, Maury City, TN 38050 +1 (731) 656 - 2310
Title Cash Title & Payday Loans 2235 Whitten Rd, Memphis, TN 38133 +1 (901) 373 - 9135
Simmons Bank 202 N Kentucky St, Kingston, TN 37763 +1 (865) 717 - 3400

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Reagan, TN, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loan for Brentwood, TN, Payday Loans in Chattanooga, TN, Payday Loan Companies in Clarksville, TN, Payday Loans in Cleveland, TN, Payday Loan Companies in Collierville, TN, 24-Hour Loan in Columbia, TN, Payday Loans in Cookeville, TN and Bad Credit Loans in Franklin, 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 Reagan, TN.

Are Payday Loans Legal In Reagan, 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

Reagan, TN payday loan calculator

Payday Loans in Reagan, Tennessee

When unexpected expenses arise, many people in Reagan, Tennessee, turn to payday loans for a quick financial boost. These small-dollar loans may seem like a feasible solution to short-term financial concerns, but it’s important to understand how they work and their associated risks before applying for one.

How Do Payday Loans Work?

A payday loan is a small-dollar loan provided by payday lenders, which are typically storefronts, but also available online. The borrower agrees to pay back the borrowed amount plus fees and interest by their next payday, typically within two weeks.

In Tennessee, payday lending is legal, so long as the lender abides by the state’s payday loan laws. Tennessee law requires payday lenders to:

  • Be licensed and registered with the state
  • Disclose loan terms and fees clearly in writing before the borrower agrees to the loan
  • Cap the loan amount at $500
  • Charge no more than 15% in interest and fees on the loan amount
  • Allow borrowers to rescind the loan by the end of the next business day

The Pros and Cons of Payday Loans

Like any financial product, payday loans come with advantages and disadvantages.

Pros:

  • Quick access to cash with no credit check
  • Can help in a financial emergency
  • Minimal documentation required for approval

Cons:

  • High fees and interest rates
  • Short repayment term can lead to a debt cycle
  • May not solve underlying financial issues

It’s essential to weigh the pros and cons carefully before applying for a payday loan. While one may provide a quick fix to a financial problem, it’s not a long-term solution.

Why Choose TheGuaranteedLoans for Your Payday Loan Needs?

TheGuaranteedLoans is a loan connector service that helps borrowers from Reagan, Tennessee, connect with trusted lenders who offer short-term loans. We understand that many people need an emergency loan in a hurry and can’t afford the time to apply at several lenders to find the best rate.

That’s why we offer a simple, fast application process that can be completed online from the comfort of your home. We’ll connect you with lenders who may be able to offer you a loan that fits your needs.

Please note that TheGuaranteedLoans is not a lender, and we don’t make lending decisions. Our role is to connect you with potential lenders. However, we can provide information and guidance throughout the process.

Apply Now for a Payday Loan from TheGuaranteedLoans

If you’re considering a payday loan for a financial emergency, we encourage you to fill out our online application form today. We’ll work to connect you with potential lenders quickly and efficiently.

Please remember that payday loans come with risks, and it’s essential to understand the terms and fees associated with each loan before borrowing. Make sure to read the contract carefully, ask questions, and only borrow what you can afford to pay back.

Interesting Facts and Statistics about Payday Loans in Reagan, Tennessee

  • Between October 2020 and September 2021, there were 697,080 payday loans taken out in Tennessee, totaling $225,409,462.
  • Payday loan borrowers in Tennessee are typically low-income and often have poor credit scores.
  • Research by the Consumer Financial Protection Bureau found that the average payday loan is rolled over eight times, with the borrower paying more in fees than the original loan amount.
  • The average payday loan in Tennessee is for $221, with an average fee of $51.
  • Tennessee’s 15% fee cap on payday loans is higher than many other states.

F.A.Q.

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

The interest rate for payday loans in Reagan, 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 Reagan, Tennessee?

If you're unable to repay your payday loan in Reagan, 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.