Best Payday Loan Lenders in Tennessee

Fun fact — Tennessee is the alleged birthplace of payday loans in the US. In the 1990s, a man named Allan Jones founded the first payday loan company — Check into Cash. Nowadays, Tennessee payday loans are strictly regulated. However, this wasn’t always the case. In 2010, before the government enforced strict laws, Tennesseans borrowed over $1 billion from payday lenders. Currently, that number is significantly lower, and it’s somewhere near $600 million. These strict regulations made many payday lenders jump ship, leaving Tennessee with only a few cherry-picked ones. As luck would have it, only the best remained. Continue reading to discover more about these excellent short-term loans.

Best Payday Loans Providers in Tennessee

Check into Cash Logo

Check into Cash

Your One Stop Money Shop

A true trailblazer, Check into Cash is among the best payday loans providers out there. The company was established in 1993, and they operate over 800 stores across 20 states. It is a well-established brand with numerous storefronts, which is quite reassuring to many customers. On the downside, they do run credit checks on new customers.

Available in: AL, AK, CA, DE, FL, HI, ID, IN, KS, MS, MO, NV, OK, OR, TN, TX, UT, WA, WI, and WY

Loan amount: $50-$1,000 (some states might have a lower cap)

Loan term: 14-30 days

APR: Depends on the loan term (261-782%)

Min. credit score: 300

Approval time: Almost instant

Funds available in: Same or next business day

Online application: Yes

ACE Cash Express Logo

ACE Cash Express

Empowering your financial success since 1968

ACE Cash Express was established in 1968 making them a household name in their niche. This company offers reliable online payday loans as well as in-store loans. Speaking of which, they run over 920 stores in 13 states. School of Ace is an interesting feature on their website that aims to help you manage your finances better.

Available in: CA, FL, ID, IN, KS, LA, MN, MO, OR, SC, TN, TX, VA

Loan amount: $50-$1,500 (some states might have a lower cap)

Loan term: 9-35 days

APR: Depends on the loan term (231-661%)

Min. credit score: N/A

Approval time: Almost instant

Funds available in: Same or next business day

Online application: Yes

Check'n Go Logo

Check ‘n Go

Real solutions for real people

Check ’n go opened its doors to customers in 1994. Their first storefront was in Kentucky, and they’ve since expanded their business to over 20 states. This company offers quick payday loans, with interest rates that fall well within the industry average. With 26 years of experience and 1,000 stores across the US, you can’t go wrong with Check ‘n Go.

Available in: AL, CA, DE, FL, HI, ID, IL, IN, IA, KS, KY, ME, MI, MS, MO, NE, NV, ND, OH, OK, RI, SC, TN, TX, UT, WI, WY

Loan amount: $50-$1,500 (some states might have a lower cap)

Loan term: 10-35 days

APR: Depends on the loan term (214.68-661.80%)

Min. credit score: N/A

Approval time: Almost instant

Funds available in: Same or next business day

Online application: Yes

Advance America

Advance America

Money today, momentum tomorrow.

One of the industry pioneers, Advance America has been in business since 1997. With over 1,400 physical stores across the continent and millions of clients served, Advance America offers some of the top payday loans on the market. They run a full-disclosure, no-nonsense kind of business where the customer always comes first.

Available in: AL, CA, CO, DE, FL, ID, IL, IN, IA, KS, KY, LA, MI, MS, MO, NE, NV, OH, OK, RI, SC, TN, TX, UT, VA, WA, WI, WY

Loan amount: Up to $1,000 (some states have a lower cap)

Loan term: 2-4 weeks

APR: Depends on the loan term (231-495%)

Min. credit score: N/A

Approval time: Almost instant

Funds available in: Same or next business day

Online application: Yes

Lending Bear Logo

Lending Bear

Cash When You Need It, Fast & Friendly!

Lending Bear operates as a sister company to Speedy Cash — one of the lenders that pioneered this industry. Their offer includes online payday loans and in-store cash advances. Their offer includes online as well as in-store payday loans. An excellent score (4.9/5) on Google Reviews and an A+ rating on the Better Business Bureau solidifies their spot among the best payday loan brands in the US.

Loan amount range: $100 to $500

Loan term: 10 to 31 days

APR: 456% for a 14-day loan

Min. credit score: N/A

Fees: $17.5 per $100 borrowed

Approval time: Almost instant

Funds available in: Same or next business day

Number of Alabama stores: 3

Online application: Yes

24/7 open: No

Tennessee Payday Loans Laws

If modern folklore is to be believed, Tennessee is the cradle of payday loans in the United States. Nowadays, the state is among the 25 that have passed serious legislation on these loans. The Deferred Presentment Services Act capped the loan amount to $500 (check face value) and financial charges to 15% of the principal amount.

State Law

Requirements for Tennessee Payday Loans

The requirements are straightforward — the applicant must:

Bad Credit Payday Loans

Tennessee borrowers with no credit history or a bad credit score are the target audience of these loans. Therefore, a bad credit score won’t be a detriment.

Failing to Repay a Payday Loan in Tennessee

Filing a criminal case is prohibited by state law, so borrowers cannot go to jail if they fail to pay a loan. However, civil lawsuits are legal. Lenders reserve the right to sell your debt to collection agencies.

Reviews of the Best Payday Loans Tennessee Has to Offer

LendUp

LendUp is among the best online payday lenders in Tennessee. Even though they lack brick-and-mortar stores, their offer is still great. This brand has amazing reviews on TrustPilot, accompanied by an A+ rating on the Better Business Bureau. LendUp has been licensed by the State of Tennessee Department of Financial Institutions since 2014.

Pros

Cons

Lending Offer Overview

This brand has some of the most affordable payday loans TN has to offer. The loan term is fixed, and cannot exceed 31 days, while rollovers are prohibited by state law. First-time customers can borrow a maximum of $300, while repeat borrowers can get up to $400. You can repay the loan in four different ways — via checking account, debit card, MoneyGram, and check. Early repayment is allowed without incurring additional fees. LendUp’s APR is the lowest in the state, capped at 432% for a two-week loan. They charge $16.6 for each $100 borrowed. Taking all of this into consideration, LendUp unmistakably belongs among the best online payday loans in Tennessee.

Other Features

LendUp provides its clients with state-of-the-art encryption, making the whole application process extremely safe. Apart from conventional means, customers can manage their accounts and funds via a smartphone app. LendUp is full of surprises, and their loyal clients will surely enjoy this one — repeat borrowers collect points by paying off their loans on time and by participating in free financial education courses offered by the company. The primary perks of these points are lower rates and larger loans. The most invested and devoted customers who climb up to the Platinum level can hope for a credit score increase. It’s no wonder that LendUp absolutely deserves a place among the best providers of Tennessee online payday loans.

Check into Cash

Check into Cash is the original Tennessee payday loan company. You can find one of their 79 stores across the state or choose to apply for an online loan. Check into Cash has been licensed by the State of Tennessee Department of Financial Institutions since 2012.

Pros

Cons

Lending Offer Overview

Check into Cash is the most readily accessible lender that grants Tennessee payday loans. The fees and terms they offer meet all the state’s regulations. This is what their offer looks like. Repayment is always due 31 days after the loan was issued, and they do not allow rollovers. Loan amounts start at $50 and cap out at $425 in-store, while online loans go from $100 to $425. The APR is always fixed at 460%, meaning the customer will have to pay $17.60 for each $100 borrowed. Once your loan is due, the principal amount will be debited from your bank account.

Other Features

Keeping up with industry standards, Check into Cash offers same-day loans to in-store applicants. Customers who choose to apply online will, unfortunately, have to wait a bit longer (up to 24 business hours). Borrowers will be able to complete either application in a matter of minutes. The entire process was made even more convenient with an introduction of Check into Cash mobile app. Customers can use it to access and manage their accounts and funds on the go. Their outstanding customer support is another notable feature, making them one of the top vendors for both in-store and online payday loans Tennessee residents can get.

ACE Cash Express

ACECashExpress occupies third place in terms of availability. They operate 35 brick-and-mortar stores statewide while simultaneously offering online loans. Their offer is excellent, and they abide by state law. ACECashExpress obtained its license from the State of Tennessee Department of Financial Institutions in 2011.

Pros

Cons

Lending Offer Overview

After the 2010 reform, there isn’t much variance in Tennessee payday loans. The rules apply equally to every lender, and ACE is no exception. They charge the same APR (460%) regardless of the loan term. This includes the fee of $17,60 for each $100 borrowed. The maximum loan term is 31 days with no exceptions. However, customers can repay it before the due date. As usual, rollovers are prohibited. Loan amounts range from $100 to $425. Customers can expect their funds to be deposited almost instantly. Each loan comes with a 72-hour satisfaction guarantee, so you’ll have three days to change your mind. In the event that you do, only the principal amount needs to be returned.

Other Features

This brand offers a clear-cut and convenient application process that you’ll have completed before you know it. This applies to both in-store and online applications. While ACE Cash Express doesn’t offer online payday loans in Tennessee, their in-store loans come with an instant deposit. You can reach their amazing customer support by phone, email, or in person. Note that they might perform a hard pull that could harm your credit score.

Check ‘n Go

Are you searching for a well-reviewed lender with decades worth of experience? Well then, you’ve found one. Check’n Go is a reliable lender with a straightforward application process. The company is a founding member of the CFSA (trade organization for payday advance best practices), bolstering their integrity even further. Check ‘n Go got their license from the State of Tennessee Department of Financial Institutions in 2011.

Pros

Cons

Lending Offer Overview

Check ‘n Go follows all the best practices of the lending industry, and their TN payday loans are of the highest quality. Due to strict legislation, their offer doesn’t differ much from the competition. The APR they charge is unchanging for a 14-day loan (460%) regardless of the amount borrowed and includes a fee of $17,60 per $100 received. The loan amount meanwhile ranges from $50 to $425 and needs to be paid off within 31 days. This lender doesn’t allow rollovers. The principal amount (with added fees) will be debited directly from your checking account once your loan is due. NSF fees can be charged once per check if you default on the loan. This is a single “once per check” payment of $15 or 17,65 for each $100 borrowed.

Other Features

This company is among the best ones that provide payday loans in TN with no credit check. Customers who apply in one of their storefronts can expect a same-day deposit. The only downside is that they don’t offer online payday loans in the state. About 10 minutes is all you’ll need to fill out the application form, which will most likely be approved instantly. If their reviews on Trustpilot are to be believed, the customer service they offer is second-to-none.

Advance America

Advance America’s storefronts are readily available for those looking for payday loans in Tennessee, so you’ll likely find one of their locations in your neighborhood as well. They have more than 23 years worth of experience in this industry. Combine that with their excellent reviews, and you have a clear winner. Advance America has been licensed by the State of Tennessee Department of Financial Institutions since 2014.

Pros

Cons

Lending Offer Overview

Advance America extends both in-store and online payday loans to Tennessee residents. It is common knowledge at this point that rates and terms are heavily regulated in the state, and this company is no exception. In Tennessee, payday loan amount options range from $100 to $425. The loan terms are standardized as well. The minimum length is not defined, but the loan has to be repaid in 31 days and cannot be rolled over since that’s against the law. The face value of the check will be withdrawn from your bank account on the due date. In the event that you have insufficient funds on your account, a one-time fee of $17,60 for every $100 borrowed will be added to your outstanding debt.

Other Features

Customers can opt for an online application, or they could apply in one of Advance America’s stores. As expected, the application process is simple and quick. It usually doesn’t take more than 5-10 minutes to fill out the form. Their support team is truly above and beyond, underscoring how much they care about their customers. Advance America runs a “giving back” project, which truly makes them stand out as one of the top TN online payday loans companies. Through this project, they help both local and national foundations and non-profit organizations.

Lending Bear

Lending Bear is a state-licensed lender in Tennessee. If you’re in the market for an online payday loan in Tennessee, then this company might be the perfect fit. One downside, however, is that Lending Bear doesn’t have physical stores in the state. They are licensed by the State of Tennessee Department of Financial Institutions.

Pros

Cons

Lending Offer Overview

Despite being one of the best online payday loans companies out there, Lending Bear doesn’t operate nationwide; however, that doesn’t make their offer any worse. On the contrary, their loans are among the best in the industry. The vendor’s Tennessee payday loans online come with a fixed 31-day term, and rollovers aren’t allowed. Customers can borrow as little as $100 or up to $400 (which is $25 less than the state law allows). The APR is 460% for a 14-day loan, and it includes a fee of $17.64 for every $100 borrowed. Repayment is always due once the loan term is up, and the principal amount will be debited from your bank account. In case the check bounces, a one-time late fee of $17.60 for each $100 borrowed will be added to your debt.

Other Features

This brand offers exclusively online payday to Tennessee residents since they don’t have any storefronts in the state. As is to be expected, the application process is quick and easy to complete. Regardless of your credit score, you’ll be approved for a loan in less than 15 minutes, provided all other requirements are met. They boast a second-to-none customer service, so you can expect to be treated like a king. All in all, Lending Bear is one of the best choices for an online loan in Tennessee.

Payday Lending Statistics in Tennessee

When it comes to payday loans in Tennessee, laws became very strict in 2010, and one would have thought that those regulations spelled doom for the industry. However, in the first several years after their implementation, things didn’t change much — it was business as usual. It took six years for a significant change to happen — 2016 was the first year that the collective loan amount went substantially below one billion dollars. If you’d like to learn more about how events developed, here’s a table for your viewing pleasure.

 

Year Number of Stores Number of Loans in Millions Value of Fees in Millions Value of Loans in Millions
2010 1,512 4.6 $157.2 $1,011.8
2011 1,208 4.6 $177.7 $1,124.7
2012 1,178 4.6 $256.6 $1,048.8
2013 1.299 4.5 $233.1 $1,279.0
2014 1,323 4.1 $233.3 $1,174.9
2015 1,211 3.5 $194.9 $983.6
2016 1,036 2.9 $134.3 $797.0
2017 983 3.8 $141.7 $767.7
2018 923 3.3 $141.7 $665.8

 

FAQ

Are payday loans legal in Tennessee?

Yes, Tennessee payday loans have been legal since the 1990s.

How many payday loans can you have in Tennessee?

Tennessee state law allows two simultaneous loans. That said, note that their combined value should not exceed $500.

Who regulates payday loans in Tennessee?

Payday loans are regulated by the State of Tennessee Department of Financial Institutions.

Conclusion

Tennessee belongs to a group of 25 states that have imposed heavy regulations on payday loans. Despite these strict laws, the APR in the state can still exceed 400%, so people should still be careful how much they borrow. All in all, Tennessee payday loans found on our list are all trustworthy and reliable so that,you won’t go wrong regardless of your choice. We hope that this article will help you find the best short-term loan to suit your needs.

Remember to always borrow responsibly and never take out more cash than you can reasonably pay back.

Your BalancingEverything Team

References:

LendUp

CheckIntoCash

ACE

Check’nGo

AdvanceAmerica

LendingBear

TennesseeStateLaw

OVLG

Sapling