Tennessee Payday Loan Laws
 | Max Term of Payday Loan: | 31 days | | Max Fees and Finance Charges: | The lesser of 15% or $30 | | Maximum Loan Amount: | $500 | | Number of Rollovers: | None (cannot renew or otherwise consolidate) | | Outstanding loans allowed at one time: | 3 (2 per licensee) | | Cool-off period: | Not specified | | Military Protection: | Not specified | | Payment Plan: | Not specified | | Limits on collection and presentment: | Not specified | | Collection fees: | One $30 NSF Fee; Court costs | | Presentment Limit: | Not specified | | Penalties: | Civil Fines, Suspension or revocations of license; Cease and Desist Order; Criminal | | Private right of action: | Not specified |
Tennessee Payday Loan Laws:
Tennessee passed statutes specifically authorizing payday lending. The fees and interest rates that payday lenders are permitted to charge amount to very large annual percentage rates. The effective APR for a 14-day $100 loan is 459%.
| Payday Loan Laws: |
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