Tennessee

State Payday Loan Law Information

Payday loans in Tennessee are restricted to amounts equal to or less than $500. The maximum term of any loan is 31 days. The maximum finance rate and fees are limited to which ever is less either 15% of the check or $30.

The maximum number of outstanding loans at one time is limited to three with two per licensee. Rollovers are not permitted and cannot be renewed or consolidated. There is not specification concerning a cooling off period or repayment plan.

Collection fees are limited to one $30 NSF plus court costs. Criminal action is prohibited.

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