Payday loans are small, quick loans that must be repaid in a short amount of time, typically in full by your next paycheck. In Nashville, residents use payday loans to fund emergency expenses. ConsumerAffairs researched the best payday lenders in Nashville to help you choose the right one to get immediate cash.
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.
Speedy Cash has several locations in Nashville in neighborhoods such as Harding Place & Antioch Pike and Melrose & Nolensville Pike. Speedy Cash customers have positive things to say about their loan experience. Many compliment their loan agents for helping them thoroughly understand the lending process.
While CashNetUSA does not have a physical location in Music City, this online lender provides payday loans to Nashville residents. Applicants receive an instant payday loan decision. About 85% of CashNetUSA customers left a five-star review, with many citing an easy application as a major factor for their satisfaction.
Advance Financial is conveniently located off Briley Parkway in Nashville. In addition to payday loan services, customers can take advantage of free bill pay and free money orders at this location. Customers say the application process was simple, straightforward and easy to understand.
Tennessee Quick Cash
With six locations in the greater Nashville area, Tennessee Quick Cash provides payday loans in neighborhoods like West Nashville, Nolensville Road and Inglewood. Customers can apply online at any time and get approved in just five minutes.