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Cash Advances in Tennessee
Tennessee is one of only 25 states which have laws specifically addressing payday loans. Although payday loans are authorized in the state of Tennessee, certain laws and regulations are in place in order to create a fair lending system for both lender and borrower. Most are similar to other states, such as limits on fees and interest, maximum loan amount and loan term.
Other restrictions are imposed specifically on the lenders, such as, each lender is required to receive a license from the state of Tennessee, and display it for all borrowers to see. Payday lenders also must show a net worth of $25,000 and are required to report the names of anyone who owns 5% or more of the payday loan companies.
In regards to the actual loan, the term of a loan can not exceed 31 days and the limit of the loan can not be larger than $500. The fee of each loan cannot exceed 15% of the loan or $30, whichever comes first. The annual percentage rate which can be charged can not be larger than 459%. Tennessee also requires that each payday loan store provides lenders with a written agreement, expressly stating the details of the instant cash advance.
Tennessee also imposes stiff penalties for any payday lender that does not adhere to these laws. These penalties range from a payday lender having their license suspended or revoked, or resulting in a fine of up to $1,000 for each occurrence.
Sources: www.paydayloanlaws.com http://www.credit.com/credit_information/credit_law/PaydayLoanLaws.jsp
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