Payday loans are short term loans taken by a person usually to pay back when he receives his salary. Payday loans are a very useful service for individuals when they need comparatively small amounts of money for emergencies and are capable of paying it back in a few weeks. Payday loans are legal in most of the states of USA and twenty five of these including Tennessee have specific laws controlling different aspects of payday loans. So let us discuss these Tennessee payday loans.
Providing payday loans in Tennessee is a flourishing business. In fact, Tennessee payday loan providers outnumber all the other states of the USA except California in sheer number of locations. At the time this article was written there were approximately 1400 locations in the state offering this service and the number keeps increasing.
There is plenty of different types of Tennessee payday loans designed to fit different individuals for different possibilities as listed below:
No fax payday loan – Done entirely online
Online payday loan - Typical payday loan
Instant payday loan - Rapid-paying loan
No credit check payday loan - No credit checks done in processing
Bad credit payday loan - Ignores negative credit in processing
Military payday loan - Special loans for military personnel
Low fee payday loan - Low service fee loan
24-hour payday loan - Payment delivered to borrower within 24 hours
1-hour payday loan - Payment delivered to borrower within an hour
Paperless payday loan - Done entirely online or through the telephone, no printed documents of any kind are involved
30-day payday loan – Takes into consideration the payday of the borrower
Laws on payday loans in Tennessee:
Many laws effect on how Tennessee payday loans are offered, taken and paid for. First of all, if an organization is to offer payday loans in Tennessee, it should be licensed via the DFI (Department of Financial Institutions), provide proof of an individual with more than 5% ownership of the organization and possess a net value of $25000. There’s also an annual $500 “filling fee” for each location.
The maximum monetary value of a single Tennessee payday loan is limited to $500. As with all other states, the maximum duration is 31 days (or one month). The service fees are taken as 15% of the value of the check or $30- the lower mode taking precedence. A person can take as much as three payday loans in Tennessee simultaneously as long as they don’t sum up to a value exceeding $500. Payday loans of Tennessee can’t be renewed.
All the terms- especially those about when exactly the check is expected to be deposited and the fees that are charged from the borrower, should be mentioned to clients clearly and the Tennessee payday loans license should be prominently displayed.
An offending Tennessee payday loan provider can have legal action ranging from License revocation to receiving a maximum fine of $1000 imposed on them.
If a person needs to file complaints about a Tennessee payday loans provider or gain more information about them, they can contact the Tennessee DFI.
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