Tennessee Payday Loans

The state of Tennessee allows for payday loans and this type of loan is completely legal. Loans Payday offers phenomenal Tennessee payday loans. It takes only a few moments of your time to fill out the loan application so you can begin this process anytime you want. You can see for yourself just how easy it is to receive money from Loans Payday.

Payday Loan Lending Laws in Tennessee

It is legal to practice payday loan lending in the state of Tennessee, but there are regulations and laws in place on the industry as a whole. Tennessee uses a similar method as other states when it comes to the term limits of a loan, with payday loans limited to 31 days. There is also a limit on how much the loan can be for a maximum of $500. The wording of the laws creates an odd loophole though. Since the law says that the maximum is $500 per check, the borrower can actually take out a multitude of payday loans from multiple companies. The lender can choose to charge $15 for every check or a fee of $17.65 for every $100 the borrower receives; usually whichever one is bigger is what is charged. Each loan has an APR or annual percentage rate of 459%.

Tennessee has a large number of payday lending organizations located within its borders. In terms of the number of lending institutions, it ranks just behind California for the second most in the country. There are at 1344 payday loan centers in the state of Tennessee and the chances are good that this number is actually higher given the rate of growth in this industry.

If you live in Tennessee, there is no reason to worry or stress over an unexpected financial situation. If you need some extra money, you can turn to us. There's no need to worry because our payday loans are available not just in Tennessee, but in every state in the United States. You pay us money when you get your next paycheck, but you get the funds you need right now. We believe in using a high level of professionalism and the services we provide are second to none in the world and no one even comes close to matching our speed at getting you the money you need.

Our payday loan advance services work for every person who lives in Tennessee and makes it easy to pay for those unexpected and surprising financial issues that arise out of the blue. This is a short term loan that you can get as an advance against your next paycheck. You then pay us back when you get that next paycheck.

Our goal is to give all citizens of the United States the ability to get the money they need right now; we guarantee that our website is secure because we don't want you to worry about privacy and security issues. We allow our customers to apply for a Tennessee payday loan online, using an easy to read and understand application. To get approved for a Tennessee payday loan, visit LoansPayday.info to fill out an application today.

There are 25 states in the country that have passed serious laws and legislation to regulate payday loans and Tennessee is one of those states. Tennessee payday loan companies are denoted in a special way in these laws and legislation as "person (s) who hold a check for a period of time prior to presentment for deposit."

Limits on payday loans, terms, and requirements of lenders are all regulated under Tennessee state law as is the licensing of the companies. Severe penalties are imposed on those payday lenders that do not follow those laws and those that violate the rules.

A license from the Department of Financial Institutions is required for any company that wants to give Tennessee payday loans in the state. To receive one of these licenses, the company must have $25,000 in net worth and records available for any individual who owns at least 5% of the company. The licenses can be renewed every month, though the company must pay a $500 fee to operate and this fee is for each location they operate. Customers must be able to see this license so it should be placed in a highly visible place within the office.

A limit of 15% or $30 is placed on all Tennessee payday advance loans, with the smaller of the two amounts counted. The maximum amount an individual can borrow in Tennessee is $500. Any individual can have three Tennessee payday loans in their name at any one time, but this limit is still $500. The maximum amount of time one of these loans can be allowed under law is 31 days. There is also a maximum annual percentage rate or APR of 459%. The customer should receive all the terms and fees in a written document that carefully explains how the process works. The customer should also be aware of the date their check is cashed and the fees they will receive and they should understand this before proceeding.

Any company that operates in the state of Tennessee and violates the terms of the law are apt to be prosecuted under the law and could have their license revoked or suspended. For each violation of Tennessee state law, the lender will face a fine of up to $1,000.

Unemployment Statistics for Tennessee

As of January 2006, the unemployment rate in Tennessee was 5.7 percent. Just a year before the unemployment was moderately higher at 6.3%. However, there are still more than 164,000 people living in Tennessee who do not have jobs. The rate of unemployment in Tennessee has remained constant for the last ten years, fluctuating between 3.5% and 6.3%.