Fast Online Payday Loan [ MEMPHIS ]
Possible types of loans:
- $100, $200, $300, $400, $500, $600, $700, $800, $900, 1000 dollars are emergency payday loans in Memphis 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 – Memphis, 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 Memphis, 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 :: Memphis Tennessee Direct Lenders (list of offline stores and agencies nearby)
| Company | Address | Phone |
|---|---|---|
| Advance America | 3431 Austin Peay Hwy, Memphis, TN 38128 | +1 901-386-3017 |
| 745 Cash | 4664 Summer Ave, Memphis, TN 38122 | +1 901-255-1507 |
| ACE Cash Express | 1631 Poplar Ave, Memphis, TN 38104 | +1 901-272-9685 |
| 745 Cash | 3400 Elvis Presley Blvd, Memphis, TN 38116 | +1 901-255-1506 |
| Check Into Cash | 2926 Lamar Ave Ste 109, Memphis, TN 38114 | +1 901-744-3230 |
| LendNation | 3204 S Perkins Rd, Memphis, TN 38118 | +1 901-795-5084 |
Find Creditor Location Using Map
About Small Loans in Memphis Tennessee
Understanding Cash Advances and Installment Loans in Memphis, TN: A Complete Guide
When financial emergencies strike between paychecks, many Memphis residents consider cash advances (payday loans) or installment loans for quick financial relief. This comprehensive guide explains how these financial products work under Tennessee law, their significant costs, risks, and smarter alternatives available in Shelby County.
How Short-Term Loans Work in Memphis
Payday Loans (Cash Advances)
- Short-term solution: Typically 14-31 day terms
- Loan amounts: $100-$500 (Tennessee maximum)
- Quick access: Often same-day funding at storefront locations
- No credit check: Available to all credit types
- Single payment: Due on your next payday
- High costs: APRs frequently exceed 400%
Installment Loans
- Longer terms: 3-24 month repayment periods
- Larger amounts: $1,000-$5,000 typically
- Fixed payments: Predictable monthly amounts
- Credit checks: Usually required
- Lower rates: 30%-120% APR (still higher than traditional loans)
- Credit building: Reports to credit bureaus when paid responsibly
Tennessee Loan Regulations
Memphis lenders must follow state laws:
Payday Loan Rules:
- Maximum loan amount: $500
- No specific interest rate caps
- No cooling-off period required between loans
- Rollovers restricted but possible through new loans
- Lenders must be licensed by Tennessee Department of Financial Institutions
Installment Loan Rules:
- No maximum loan amount set by state
- Must provide full disclosure of all terms
- Prepayment penalties are prohibited
- Rates and terms vary significantly by lender
Cost Comparison
$400 Payday Loan Example:
- Finance charge: $75-$100
- Total repayment due in two weeks: $475-$500
- Equivalent APR: 400-500%
$2,000 Installment Loan Example (12 months at 80% APR):
- Monthly payment: Approximately $275
- Total repayment: $3,300
- Total interest: $800
Risks and Considerations
⚠ Payday Loan Dangers:
- Extremely high interest rates
- Debt cycles (average borrower takes 8-10 loans/year)
- Bank overdraft fees from post-dated checks
- No credit score improvement
- Aggressive collection practices
⚠ Installment Loan Risks:
- Longer repayment commitment
- Potential for higher total interest
- Credit damage if payments missed
- Possible collateral requirements
Better Alternatives in Memphis
Before using high-cost loans, consider:
- Credit union alternatives (like Orion Federal Credit Union or First South Financial)
- Shelby County emergency assistance programs
- Payment plans with MLGW utility company or medical providers
- Nonprofit assistance (Memphis Family Shelter or Metropolitan Inter-Faith Association)
- Employer advances (some Memphis companies offer paycheck advances)
- Community resources (Memphis Consumer Rights Center)
Local Memphis Lending Landscape
Memphis has several financial options:
- Multiple payday lenders along major corridors like Elvis Presley Blvd and Summer Ave
- Local credit unions with better alternatives
- Online lending options serving Tennessee residents
- Community organizations offering financial assistance
Responsible Borrowing Tips
If you must borrow:
✅ Verify lender is licensed with Tennessee Department of Financial Institutions
✅ Compare multiple lenders for best terms
✅ Calculate total repayment costs before signing
✅ Avoid taking multiple loans simultaneously
✅ Read all contract terms carefully
✅ Set up payment reminders to avoid defaults
Where to Get Help in Memphis
For financial counseling and assistance:
- Memphis Consumer Rights Center (901-432-4800)
- RISE Foundation (Financial counseling and assistance)
- United Way of the Mid-South 211 (dial 211 for local resources)
- Tennessee Legal Aid (901-523-8822)
Final Recommendations for Memphis Residents
While payday loans offer fast cash, their extreme costs make them a last-resort option. Memphis residents should:
- Explore city and county resources first
- Contact local credit unions for better alternatives
- Build emergency savings through budgeting programs
- Seek financial counseling if regularly using payday loans
- Use 211 Tennessee for emergency assistance referrals
Remember: The Tennessee Department of Financial Institutions warns that payday loans should only be used for true emergencies due to their high costs. Many Memphis resources exist to help residents avoid predatory lending cycles.
