Cash Advance and Payday Loans in Memphis, TN.

Payday and cash advance regulations in Memphis, TN, are straightforward. Nevertheless, we’ll cover the basics, so you feel confident in your financial decisions. Should you ever need financing in Memphis, completing a request form may connect you with lenders in the Volunteer State who are willing to help.

Advantages of Taking Out Payday Loans in Memphis

Despite living in a landlocked state, Memphis residents don’t need to feel limited in their funding options, especially during emergencies. Payday loans and cash advances may be ideal, given their quick and easy application processes. Here are some of the reasons consumers choose these financial products:

• Quick. Time is of the essence when faced with time-sensitive bills. Payday lenders aim to expedite the application process, so borrowers can focus on addressing their emergencies. These lenders typically require minimal information and offer a hassle-free application form. If approved, the funds may be directly deposited in as little as one business day.
• Convenient. As online lenders have increased, so has accessibility and convenience for consumers searching for financing. Online forms are easy-to-access and may only take a few minutes to complete. They can be submitted 24/7 from the comfort of your home or office.
• Flexible. Some online lenders may be willing to work with applicants who have lower income or less than stellar credit. They may consider credit scores alongside income to determine eligibility.

How to Get Cash Advances and Payday Loans in Memphis

Online lenders in Memphis try and simplify the application process. However, they still require some basic personal and financial information to get the request started. Prospective applicants can begin by completing the online form. The lender will review the information, and if the applicant is approved, funding may be provided in as little as one business day.

Cash Advance and Payday Loan Requirements

Most lenders in Memphis will have the same requirements for prospective applications. These may include that the applicant:

• Be at least 18 years old
• Have proof of U.S. citizenship or permanent residency
• Have proof of income

Additionally, Memphis applicants will need to provide the following personal and financial information to complete their applications:

• Name
• Address
• Contact information
• Social Security number
• Employment history
• Banking information

Costs and Regulations of Cash Advances and Payday Loans in Memphis, TN

In Memphis, TN, applicants can request up to $500 for 31 days. The state does not have a minimum loan amount or term. APR in Memphis is around 450%. Additionally, the state charges a 15% finance charge. However, these charges are capped at 15% of the total loan amount.

Memphis borrowers are not allowed any rollovers. But consumers can have more than one outstanding loan at a time. Individuals are allowed two loans from the same lender and three loans total. However, the total amount of all loans cannot exceed $500.

Installment Loans in Memphis

Some consumers may be faced with more expensive financial emergencies, and the $500 payday loan limit won’t cut it. Instead, these residents may turn to larger-sum installment loans to cover these costs. Prospective applicants may request $1,000 to $5,000 for a 12-month term.

Requesting Title Loans in Memphis

Car owners in Memphis who are looking for larger-sum loans may opt for title loans. Compared to other states, Tennessee has more defined regulations regarding these types of loans. Consumers may request between $100 and $2,500 for a 30-day term. Interest fees are capped at 2% per month, but lenders can charge additional fees. However, these added charges cannot exceed one-fifth of the total loan amount.

Memphis borrowers can renew their title loans for an additional 30 days after making a payment. However, after the third renewal, the borrower will need to pay 5% of the original loan amount, interest, and fees.

Consumers interested in title loans must remember that the lender will retain the vehicle’s title as collateral. If the borrower defaults, the financer may repossess the car and sell it to recoup their losses. As a result, you should assess your finances thoroughly before applying for a title loan.

Our Favorite Memphis, TN Cash Advance and Payday Loan Companies

We try to help consumers find financing when they are faced with unexpected expenses. Rather than searching for reputable lenders, we’ve included some of our favorites. Consider the following lenders in Memphis, TN:

Check Into Cash

Many lenders are limited in product and service offerings. Therefore, Check Into Cash can be a great alternative if you are looking for a wider range of options. Check Into Cash offers title loans, lines of credit, check cashing, and money orders. Additionally, if you prefer to complete your application in-store, Check Into Cash has seven locations in Memphis, TN.

Check ‘n Go

If you are hesitant to complete a loan application online, Check ‘n Go offers in-store options. The lender was founded in 1994 and has been in business for 25 years, servicing more than 50 million loans. Check ‘n Go has four locations in Memphis, TN. The products and service offerings include payday loans, installment loans, check cashing, and prepaid MasterCards.

Additionally, Check ‘n Go has several high ratings on Trustpilot along with an A- Better Business Bureau rating.

Advance America

In addition to cash advances and payday loans, Advance America also offers installment loans, title loans, and lines of credit. Additionally, Advance America provides prepaid VISA cards and Western Union services. The lender offers payday loans ranging from $100 and $1,800 with APR in the triple digits. Installment loans are between $200 and $2,500, whereas title loans are from $2,000 to $25,000. Advance America has eight locations in Memphis, TN.