Tennessee is known as the Volunteer State and Tennesseans are very proud of the University of Tennessee Volunteers football team.В Tennessee is also steeped in the history of early America from pre-Revolution to modern times.
Tennessee is a state with restrictive payday cash advance loan regulations .В The state defines a payday cash advance lender as any person or entity who gives cash based on a check to be deposited at a later date.В Companies wishing to operate in Tennessee must show that they have a net worth of at least $25,000.00.В A record must be provided to the state of anyone who owns five percent or more of the company.В All lender licenses must be prominently displayed in the lender's place of business.В Customers are to be notified in writing of all
terms, fees, and other conditions and charges.В The customer must also be informed, in writing, of the date the check will be deposited.В Any violation of these laws and regulations is subject to a $1,000.00 fine for each violation.В Good examples of companies that follow these laws are Nashville payday companies .
Maximum Loan Amount
Payday loans are limited to $500.00 and you may have as many as three loans at any given time.В The total of the three loans cannot exceed $500.00.
Terms are restricted to no more than 31 days.
Tennessee law doesn't specify about extensions or rollovers.
Fees and Charges
Lenders can charge no more that 15 percent of the face value of the check or $30, whichever comes first.
Fee Schedule and APR
Category: Payday loans