Payday Loans in Memphis, Tennessee

Things happen, and we usually end up in a place where we have to pay for some unexpected expenses. Consider applying for a payday advance loan in Memphis, TN, to see if you are eligible.

The application process is swift and simple. To qualify, borrowers have to satisfy a couple of simple conditions.

What is a Paycheck Advance Loan? What Can It Be Used For?

A cash advance loan is where the borrower will be extended a petite amount of funds on a short-term agreement. This is considered an unsecured loan due to the fact that no collateral is needed.

When unforeseen financial needs come up, such as late rent or utility fees, car repairs, medical or vet costs, and so forth, people often seek out payday advance loans.

Payday Advance Loan Criteria In Memphis, Tennessee

In Memphis, TN, paycheck advance loan borrowers must meet several requirements to be eligible for a loan.

The borrower has to:

• Prove that they are a resident of Memphis, TN
• Must be 18 or older
• Have an income that they can provide proof of being at least $1,000/month
• Give up-to-date contact details such as cell phone number and email address
• Provide their SSN

If a borrower does not satisfy the above criteria, they will immediately be denied a payday advance loan. Make sure you have the documents required when applying.

Laws and Rules Concerning Payday Advance Loans in Memphis, TN

The State of Tennessee has ruled payday advance lending legal. Still, they have put forth the following rules and laws for the payday advance lending market:

• A single money lender cannot offer a loan in excess of $600. Borrowers are not allowed to take out greater than two outstanding loans from different lenders. There is no smallest loan amount.
• The minimum loan term is not determined, the maximum loan term length is 31 days. In the State of Tennessee, borrowers cannot rollover their loans.
• The fees and charges are different for each lender. The service fees enacted by the lender on each loan or transaction do not fall under interest. The service fees apply to each $100 loaned and can range between 11-15%.
• An interest rate is required to be mutually agreed upon. APR can be as much as 369%.

Will Paycheck Advance Lenders in Memphis, Tennessee, Run Credit Checks? What If I Have Dismal/No Credit History At All?

Yes, the lenders we have a relationship with will run a credit check on you, but, even if you have no credit or dismal credit, you might still be eligible for a loan as long as you can show that you are able to repay the loan. Lenders are usually unconcerned about your credit history if you offer proof of income and a plan to repay the loan.

Lenders will rely on a soft credit pull, which will have no impact on your credit score. This is simply to get a feel of your credit history and basic information.

A hard credit pull, dissimilarly, must have your permission. These credit checks are done for various purposes, including mortgages, credit card applications, and more.

You can still qualify for a cash advance loan with bad credit in Memphis, TN, as long as you have proof of repayment.

So, when you apply, whether it is in person or online, make sure that you have your income information ready and any other documents verifying that you can pay back the loan. The more proof you show, the better chance your loan application will be approved.

When Will I See My Deposit in Memphis, Tennessee?

When you see your loan actually relies on your lender as some lenders provide same-day cash advance loans, which means you will see your payday advance loan on the same day you submit your application, as long as you get an approval.

Most of the time, though, lenders will give the borrower their lump sum on the following business day. Businesses often close for holidays and weekends. So, if you apply on a Friday, you might not get your cash until Monday.

If you're searching for a same-day cash advance loan in Memphis, Tennessee, you will need to ensure you're applying by 10:30 am. All same-day funds going out that day will be approved by that deadline. However, you should submit an application earlier than that if possible, as it will increase the likelihood that you get your money on the same day that you apply.

One other factor that you should understand is even if the lender grants your loan request and posts the deposit to your bank, sometimes the bank won't release that deposit at that time. It's important to let your bank know that you plan to get a paycheck advance loan, so they might make an exception in releasing the loan earlier.

On the whole, it's best to prepare in advance to receive your funds on the next business day. That way, you're not left in the lurch if you cannot receive it on the same day.

Think About Working With Us

If you have underwhelming credit or no credit and are needing to get a payday loan, consider applying with us, as you frequently have a higher chance of approval.

We partner with more than one hundred different lenders who offer their services online. Often you will get your money on the next business day so make sure that you plan appropriately.

However, you can always locate the closest cash advance loan store to you and apply in person to boost the chances of getting your money on the same day. When submitting an application in person, ensure that you have your government ID or driver's license; a passport will work as well. Sometimes, lenders may ask for proof of address, so bring a utility bill to the store as well.

To find the nearest cash advance loan store, please use the list below and find your city.

Payday Loan Direct Lender Companies in Memphis, TN

Below you will find a list of payday loan companies offering their services in Memphis, Tennessee. If you can't find a lender near your location in Memphis, consider applying in a nearby city in Tennessee. Alternatively, you can apply online on our website and get a decision almost instantly.