Payday Loans in Tennessee
AdvanceSOS has been offering reliable and fast cash to a broad client base in Tennessee for quite some time. We approve payday loans you can use for any reason you wish.
Meeting the listed criteria is of primary importance to enable us to execute the cash transfer within hours. The repayment process is convenient and stretches up to 31 days or your next paycheck.
Moreover, we provide fast loans in almost any area code that serves the state of Tennessee, so feel free to apply right away. We also tailor our products to fit the unique needs of each customer.
Before committing, be sure to check the rates and terms. Bear in mind that the average APR is about 460% and depends on the loan amount and income.
Advantages Of Taking Out A Payday Loan In Tennessee
The primary feature that stands out and qualifies small loans as advantageous is the quick application process. Plus, most borrowers find it easy to meet the requirements and get the much-needed cash instantly. You only need to apply online. Within only several business hours, you’ll see the money in your account.
Another upside is that you can get money without any spending restrictions. While some take loans to cover utilities and car repairs, others borrow to celebrate or take a short trip. Besides being flexible, we approve payday loans online outside of regular banking hours. Plus, our soft affordability and credit checks ensure that customers don’t take on excessive debt.
Reasons to Get a Payday Loan in Tennessee
The factors that influence people’s lending decisions are diverse and depend on the financial background. The most common reasons to borrow money quickly are to address unexpected bills, repairs, and celebrations.
Whether your car has broken down or you’re organizing a baby shower, AdvanceSOS is always at your service. Our cash advance loans are the safety net that can support you when an urgent financial need strikes.
Plus, clients can apply from any place without the need to visit a branch or wait for its doors to open.
What Will You Need?
Applying for payday loans with AdvanceSOS is always efficient. Besides, we offer an approval process that is both lenient and fast. Ensure you submit proof of the following requirements to get considered:
- Be of legal age.
- Be a permanent Tennessee resident.
- Hold an active checking account.
- Have stable income or recurring benefits.
- Phone number and a valid email.
- Not to be in bankruptcy.
When you submit this information, our team can verify your eligibility and capacity to handle the repayment. Failing to present accurate data means we won’t be able to proceed with the transaction. If we need more details to approve the loan, we may call and request further data.
How Much Can You Borrow?
Advance payday loans in Tennessee must not exceed the maximum limit of $500. Conversely, the minimum loan amount a borrower can take is not defined. Here are the amounts our clients request in most of the cases:
- 100 dollar loan
- 200 dollar loan
- 300 dollar loan
- 500 dollar loan
The approved amount will depend on your eligibility, ability to service the debt, and income. Previous failure to settle debt can influence the lending decision, too. Overall, if you meet all criteria, you can apply for any of the amounts given above.
When Will You Receive Your Funds?
AdvanceSOS operates around the clock to cater to the urgent needs of its clients. Hence, you’ll likely receive the funds the same day you are approved. Depending on the time you signed the loan agreement, the money can sometimes become available the next business day. Above all, we try to deposit instant cash loans swiftly and reliably.
It’s best to apply earlier in the morning to allow time for the request to get processed. Applying in due course will also help you avoid banking cut-off times. Note that the 24-hour timeframe to receive your quick cash may face delays due to holidays or non-working days.
APR And Fee
The average APR of payday loans in Tennessee stands at 460%. This figure can vary depending on the amount you take and the repayment term. However, short-term lending is legal, and there’s no cap on the interest rate.
The limit for a single cash advance repaid in one lump sum is $500. The maximum finance charges a lender can impose must not exceed 15% of the check’s face amount. This fee serves to cover the operational expenses of loan companies. For instance, if you borrow $100 for two weeks, you should pay back $137.65.
Regulations Surrounding Payday Loans In Tennessee
Tennessee has rules imposed to ensure the protection of its residents from predatory lenders and scams. To that end, AdvanceSOS observes the regulations and charges reasonable rates to its clients.
The maximum loan amount a person can take at a given time is $500. There is no minimum amount specified. The number of outstanding loans allowed is two, with total debt from all loans not exceeding $500. Single short-term loans in Tennessee must get settled within 31 days at the latest.
There’s a cooling-off period of one business day after two continuous loans are repaid before taking another loan. As for rollovers and criminal surcharges, the state strictly forbids such actions.
AdvanceSOS strives to meet the needs of its customers on short notice. Hence, we have introduced a simple loan application and approval process. Our primary focus is to help clients faced with financial hardship get back on track.
Amanda is a senior writer at AdvanceSOS. She has more than six years of journalism experience, mostly in the finance sector. She graduated with a Bachelor’s Degree from Drew University.