Find the Best Payday Lenders in Nashville, TN

Payday lending is illegal and unavailable to consumers in some states. Payday loans usually have very high interest rates and carry risk. As with any loan, consumers should have a clear understanding of the fees, terms and conditions of any payday loan before borrowing.

How to get a payday loan in Nashville

Payday loans give you funds quickly to cover unexpected costs. These small, short-term loans must be paid in full within a specific amount of time to avoid late fees.

In Tennessee, residents are able to take out a loan for a maximum of $500. Be aware that payday loans carry high-interest rates. The APR for a 14-day $100 loan in Nashville is 459 percent! In addition, there are finance fees up to 15 percent of the check's face value. Payday loans in Nashville have a maximum term of 31 days.

Residents at least 18 years old can apply online and in-store for payday loans in Nashville. Either way, you will need to have the following:

• Government-issued photo ID
• Social Security number
• Proof of valid checking account, such as a debit card or pre-printed checks
• Proof of recurring income

Collateral is not accepted or necessary to apply for a payday loan in Nashville. People with bad credit can get payday loans, so long as the application is approved and the requirements are met. You do not need to be employed to receive a payday loan in Nashville. However, you must show proof of recurring income, such as self-employment invoices, Social Security checks or other documents.

You cannot go to jail for defaulting on a payday loan, but lenders can send your account to collections. If you fail to pay collections, your case may end up in court, which results in additional court fees.

Before searching for a lender, consider payday loan alternatives, such as creating a savings plan, asking a relative for a small loan or talking with your bank about other solutions.