Payday loan laws in Tennessee

  • Status: Legal (Tenn. Code Ann. 45-17-101 et seq.)
For Lenders

Lending specifications:

  • Maximum loan amount: $425 ($500 on check)
  • Loan tenure: Max: 31 days
  • Fees and finance charges: 15% of the face value of the check
  • Finance charge on a 14-day $100 loan: $17.65
  • APR on 14-day $100 loan: 459%

Collection restrictions:

  • Collection fees: Court fees
  • Criminal procedures: Prohibited
For Borrowers

Debt limits:

  • Maximum no. of outstanding loans at a time: 3 (2 on each licensee)
  • Rollovers allowed: None

Complaint cell:

  • Regulator: Consumer Resources Division, Tennessee Department of Financial Institutions (TDFI)
  • Address: 414 Union Street, Suite 1000, Nashville Tennessee 37219
  • Phone: (615) 253-2023
  • Fax: (615) 253-7794
  • Toll-free: 1-800-778-4215
  • Regulatory contact: Alan Smith , Director
  • Website: http://www.tennessee.gov/tdfi/crd/index1.shtml
  • File complaint: http://www.tennessee.gov/
    tdfi/crd/complaintprocess.shtml



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