Fast Online Payday Loan [ KNOXVILLE ]
Possible types of loans:
- $100, $200, $300, $400, $500, $600, $700, $800, $900, 1000 dollars are emergency payday loans in Knoxville Tennessee USA, which are issued for a period of 1, 2, 3 or 4 weeks (until your next salaries).
- $1500, $2000, $2500, $3000, $3500, $4000, $4500, $5000 – Knoxville, TN installment loans that can be taken out for terms of up to 2 years (most often 1, 6, 9, 12 or 3 months).
To get fast online cash advances (payday or personal loans, short-term loans, fast cash) with instant approval in Knoxville, TN, USA, use our simple 5-minute application form! The money will be credited to your bank account within 24-48 hours (or faster) after approval.
Cash Advance Near Me :: Knoxville Tennessee Direct Lenders (list of offline stores and agencies nearby)
| Company | Address | Phone |
|---|---|---|
| Check Into Cash | 6724 Maynardville Pike, Knoxville, TN 37918 | +1 865-922-3829 |
| Mariner Finance | 2435 Callahan Dr, Knoxville, TN 37912 | +1 865-512-2233 |
| Advance America | 4222 Asheville Hwy, Knoxville, TN 37914 | +1 865-633-4924 |
| Advance Financial | 2823 N Broadway, Knoxville, TN 37917 | +1 865-856-1583 |
| Speedy Cash | 4403 Chapman Hwy, Knoxville, TN 37920 | +1 865-577-8656 |
| World Finance | 8079 Kingston Pike L, Knoxville, TN 37919 | +1 865-560-9268 |
About Small Loans in Knoxville Tennessee
Understanding Instant Payday Loans in Knoxville, TN: Requirements and Terms
When an unexpected financial emergency arises, many Knoxville residents consider payday loans as a potential short-term solution. However, the rules governing these loans in Tennessee are significantly different from those in states like California. Understanding the specific requirements and, most importantly, the terms and costs is crucial before entering into any agreement. This guide outlines what you need to know about payday loans in Knoxville, TN.
Minimum Requirements for a Payday Loan in Knoxville, TN
The eligibility criteria for a payday loan in Knoxville are generally straightforward and are designed to verify your identity, income, and ability to repay (in the short term). While individual lenders may have slight variations, you can expect to need the following:
- Age and Identity: You must be at least 18 years old. You will need to provide a valid, government-issued photo ID, such as a Tennessee driver’s license or state ID card, to prove your age and residency.
- Proof of Income: Lenders need to see that you have a steady source of funds. This is typically verified with recent pay stubs, bank statements showing direct deposits, or documentation for benefits like Social Security. Some lenders may have a minimum income requirement.
- Active Checking Account: You must have an active checking account in your name. The lender will require your account and routing numbers to deposit the loan funds and, crucially, to withdraw the repayment amount on the due date.
- Contact Information: You will need to provide a working phone number, a valid email address, and your current residential address.
A notable aspect of payday loans is that lenders often do not perform a hard credit check with the major credit bureaus. They primarily rely on your income and banking information for approval, making them accessible to individuals with poor or no credit history.
Terms of Short-Term Loans in Knoxville, Tennessee, USA
It is critical to understand that the state of Tennessee does not have “payday loans” in the traditional sense. Instead, the state legalized a similar product called a “deferred presentment” or “check advance” loan. The terms and costs of these loans are governed by Tennessee state law and are considerably different from—and often more expensive than—those in many other states.
- Maximum Loan Amount: The maximum amount you can borrow is $500. This is higher than the cap in some states like California.
- Loan Term: The minimum loan term is 31 days, and the maximum term is not defined by statute. This means loans are structured as slightly longer-term obligations compared to the traditional two-week payday loan.
- Fees and Finance Charges: This is where the cost becomes significant. Tennessee law allows lenders to charge the following fees on a $100 loan for a 31-day period:
- $15 “Acquisition Fee”: A one-time fee for originating the loan.
- $17.65 “Maintenance Fee”: A monthly fee for servicing the loan.
- This means the total fee for a $100 loan for 31 days is $32.65.
- Annual Percentage Rate (APR): The APR is the true measure of a loan’s cost over a year. For a $100 loan with $32.65 in fees over 31 days, the APR is approximately 391%. For a larger $500 loan, the fees scale up significantly, resulting in the same high APR. This is an extremely high cost of borrowing.
- Right to Cancel: Tennessee law provides a “cooling-off” period. You have until the close of the next business day to cancel the loan agreement by returning the full principal amount to the lender.
- Repayment Limitations:
- Tennessee law prohibits lenders from rolling over a loan. You must pay the existing loan in full before taking out a new one.
- A critical provision is the “Extended Payment Plan.” If you are unable to repay your loan on time, you have the right to request an interest-free payment plan to repay the principal in at least four equal installments over the next 90 days. You can use this option once per 12-month period.
