Residents of Tennessee will be pleased to know that they can legally get payday loans in their state. Here at Payday Today, we offer great payday loans. The application only takes a minute or two to fill out, so why not get started now?
Payday loans are designed to help people in a temporary economic pinch. If you’re worried about a check bouncing before your next payday and don’t have enough in your savings to cover it, a payday loan can be an effective solution. However, when used as a long term solution, payday loan can create more problems than they solve. If you are in a serious financial predicament, consider our credit cards, personal loans, debt consolidation, and credit counseling before you jump into a payday loan.
Tennessee has legalized the practice of payday lending, but has created laws to regulate the industry. Like most other states, the maximum loan term a borrower may have in the state is thirty-one days. Loans may not exceed $500 per check. The wording in this law creates loopholes. If the specification is per check, then the borrower has room to have multiple payday loans from different lenders at a time. The lender may charge a $15 fee per check, or charge $17.65 per every $100 loaned, whichever is greater. The effective APR averages out to be about 459% per loan.
Tennessee is swarming with payday lending location. It ranked second (after California) as the state with the most lending locations in the nation. There are at least 1,344 locations in the state, but most likely more, given the exponential rate at which the industry is growing.
According to the united States Department of Labor:
The unemployment rate in Tennessee was 5.7 in January 2006. This figure indicates that there were 164,542 people unemployed in the state at that time. In January 2005, the unemployment rate was a little higher at 6.3. Over the past ten years, the unemployment rate has not moved higher 6.3 than or lower than 3.5.