Regulator Details

Tennesee Department of Finacial Institutions

414 Union Street, Suite 1000
Nashville, TN 37219
Phone: (615) 741-2236

Tennessee Payday Loan Laws

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Tennessee Payday Loan Laws Details

The data provided here is for general informational purposes and should not be used as legal reference. If you have questions regarding Tennessee payday loan laws contact the Tennesee Department of Finacial Institutions.

Payday loans are legal in Tennessee (see Tennessee Payday Loans or Tennessee Installment Loans to compare fees and requirements for individual lenders).

Feature Specification
Amount (max) Not to exceed $500
Rates or Fees (max) 15% fo face amount of check
Term Limitations Max:31 days
General Loan Terms

Tennessee regulations mention nothing about rollovers. Nothing is mentioned about cooling periods between loans. Tennessee has no requirements for extended repayment plans.

For example, in Tennessee the rates and fees on a 14 day, $100 loan are:

Terms Amount
Loan Amount $100
Sample Loan Terms
Finally, a more detailed excerpt from Tennessee's statutes on finance charges is listed below. In general the tables above summarize this.

See Tex. Fin. Code Ann. provisions in §342.251. An extension of consumer credit described by §393.602(a) that is obtained by a credit access business for a member of the United States military or a dependent of a member of the United States military or that the business assisted that person in obtaining must comply with 10 U.S.C. §987 and any regulations adopted under that law, to the extent applicable.

Citation: 45-17-101 et seq. and 2011 Public Chapter 205.