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Payday Loans in Memphis, Tennessee

Payday Loans in Memphis, Tennessee


To receive prompt and effortless cash, apply online for fast payday loans from the top direct lenders in Memphis, TN.

Obtain a cash advance in Memphis, TN without undergoing a credit check. You can be eligible for a Memphis cash loan even if you don't possess a bank or checking account. Having bad credit also doesn't hinder you from being approved for a fast payday advance in Memphis. Simply complete a free online application form and receive an immediate decision from multiple lending companies in just a few minutes.

When you need $100 - $1,000 instant cash, apply for Tennessee Payday Loans Online with No Credit Check and get guaranteed financing on the same business day.


Apply for online payday loans and get instant decision from the best Memphis lending organization


Rates last updated March 24th, 2023


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Are Payday Loans Legal in Memphis, TN?

Loan Rates and Fees, Laws and Regulations in Tennessee.

$500 Online Payday Loans are allowed in Tennessee. Those who need a larger amount can apply for $1000 - $5000 Installment and $5000 - $35000 Personal loans. Tenn. Code Ann. 45-17-101 et seq.1 states the maximum Payday cash advance repayment term of 31 days. The APR is 459%. The interest rate is 15%, or %17.65 for 14-day $100 cash advance. Maximum three outstanding Loans (not exceeding $500 face value of check) are allowed to be taken at a time. They can’t be rolled over or renewed.

Law status legal
MIN Loan Amount $100
MAX Loan Amount $500
MIN. Loan Term 14 days
MAX. Loan Term 31 days
MAX APR 459%
Additional fees 20% plus database fee
NSF fee None
Collateral or guarantor None, unsecured
Number of simultaneous loans 3 but no more than $500
Cooling off period 3 days
Rollover Not allowed
Extension, repayment plan Not allowed
Default penalties Criminal actions are prohibited
Credit score requirements Available for Bad Credit
Apply online

How to Apply for Payday Loans, TN: Eligibility Criteria

To apply for a payday loan in Tennessee, you need to meet certain eligibility criteria. The requirements may vary depending on the lender, but here are some general requirements:

  1. Age: You must be at least 18 years old to apply for a payday loan in Tennessee.
  2. Residency: You must be a resident of Tennessee.
  3. Income: You must have a steady source of income, such as a job, disability, or social security benefits.
  4. Bank account: You must have an active bank account in your name.

To apply for a payday loan, follow these steps:

  1. Find a lender: Look for a reputable lender that offers payday loans in Tennessee.
  2. Check eligibility: Review the lender's eligibility criteria to make sure you meet the requirements.
  3. Gather information: Collect the information and documents you need to apply, such as your ID, proof of income, and bank account information.
  4. Apply: Complete the lender's online application form or apply in person at their store.
  5. Wait for approval: Wait for the lender to review your application and provide a decision.
  6. Receive funds: If approved, the lender will provide you with the loan funds, either by depositing the money into your bank account or giving you cash.

Remember to borrow responsibly and only take out a payday loan if you can afford to repay it on time.


What Do I Need to Apply for Payday Loans in Memphis, TN No Credit Check?

No credit check loans in Memphis, TN are a possible option when dealing with online direct lenders. In addition to meeting the eligibility criteria mentioned earlier, you may need to provide some additional information to apply for a payday loan in Memphis, TN with no credit check. Here are some things you may need:

  1. Personal information: You will need to provide your name, address, phone number, and email address.
  2. Employment information: You may need to provide information about your current job, such as your employer's name and address, your job title, and your income.
  3. Bank account information: You will need to provide your bank account number and routing number so that the lender can deposit the loan funds directly into your account.
  4. Identification: You will need to provide a valid government-issued ID, such as a driver's license or passport.
  5. Social Security Number: Some lenders may ask for your Social Security number to verify your identity and check for any outstanding debts.

It's important to note that while some payday lenders in Memphis may not perform a credit check, they may still review your credit history using other sources or databases. Be sure to read the lender's terms and conditions carefully and ask any questions you may have before applying for a payday loan.


What are the Pros of a Tennessee Payday Loan?

Payday loans in Tennessee can provide a quick and easy solution to cover unexpected expenses or emergencies. Here are some potential benefits of a Tennessee payday loan:

  1. Fast approval: Payday loans typically have a quick application process and can be approved within a few hours or even minutes.
  2. Easy to qualify: Payday loans have less strict eligibility requirements than traditional loans, making them accessible to people with poor credit or no credit history.
  3. Convenient: Payday loans are available online or at storefront locations, making them easy to access and apply for.
  4. Unsecured: Payday loans are unsecured, meaning that you don't need to provide collateral or a guarantor to get approved.
  5. Small loan amounts: Payday loans in Tennessee have a maximum loan amount of $500, which can be helpful if you only need to borrow a small amount of money.

While there are potential benefits to payday loans in Tennessee, it's important to be aware of the risks as well. Payday loans come with high interest rates and fees, which can make them expensive and difficult to repay. Additionally, taking out multiple payday loans or using them for long-term financial needs can lead to a cycle of debt. Therefore, it's essential to borrow responsibly and only take out a payday loan if you can afford to repay it on time.


What are the Drawbacks of Loans in Memphis, TN?

While payday loans in Memphis, TN can provide a quick solution to urgent financial needs, they also come with potential drawbacks. Here are some of the potential drawbacks to consider:

  1. High interest rates and fees: Payday loans in Tennessee have high interest rates and fees, which can make them expensive to repay. The maximum annual percentage rate (APR) for a payday loan in Tennessee is 459%.
  2. Short repayment terms: Payday loans in Tennessee must be repaid within a short period, typically within 14 to 31 days. This short repayment term can be challenging for some borrowers.
  3. Risk of debt cycle: Taking out multiple payday loans or using them for long-term financial needs can lead to a cycle of debt, where borrowers continuously roll over or take out new loans to repay the old ones.
  4. No credit check: While no credit check may seem like a benefit, it can lead to borrowers taking out loans they cannot afford to repay, which can lead to additional fees and debt.
  5. Collection practices: Some payday lenders in Memphis may engage in aggressive collection practices, such as harassment or threats of legal action.
  6. Alternative options: There may be alternative options available, such as borrowing from a credit union, negotiating with creditors, or seeking assistance from government or non-profit organizations.

Overall, while payday loans can be a helpful option for some borrowers, they come with potential risks and drawbacks. It's essential to carefully consider the terms and fees involved before taking out a payday loan and to explore alternative options if possible.


What about Payday Loans that Don’t Require a Checking Account?

Payday loans that don't require a checking account are available in some cases, but they can be difficult to find. Most payday lenders require borrowers to have a checking account so that they can deposit the loan funds directly and withdraw the repayment amount on the due date. Some lenders may offer alternatives, such as prepaid debit cards or cash loans, but these options may come with higher fees or restrictions. It's essential to read the terms and conditions carefully and compare different options before choosing a payday loan without a checking account. Additionally, it's important to consider alternative options, such as borrowing from friends or family, negotiating with creditors, or seeking assistance from non-profit organizations.



In summary, payday loans in Memphis, TN are legal and can provide a quick solution to urgent financial needs, but they come with potential drawbacks such as high interest rates and fees, short repayment terms, and the risk of a debt cycle. To apply for a payday loan in Memphis, TN, borrowers must meet eligibility criteria such as age, residency, income, and having an active bank account. While some lenders may offer payday loans without a checking account, they can be difficult to find and may come with higher fees or restrictions. It's essential to carefully consider the terms and fees involved before taking out a payday loan and to explore alternative options if possible.

PayDay Loan Calculator

Select the amount for the loan you want in order to get the principal, which is the basis that we use to calculate the interest and the total cost of the cash advance.
The number of days within that you will be ready to repay the loan. It’s used to count the total cost of cash advance by multiplying the days by the amount of interest.
To calculate the total cost of your loan, we take the minimal average APR legal in all States, which is 36%. This figure is only a representative, providing you with general information on how much the loan may cost. To find out a more accurate total, fill in the Annual Percentage Rate required by the lender you want to apply to.
It’s the money charged by the lender for doing all the necessary paper work, bank transactions, etc., connected with lending you the money.
$ Your loan
+ $ Your fee
= $ Total Cost*

* Total Cost - The sum of money you are to pay off within the term you’ve chosen if you borrow the stated above amount for the average (or required by your lender) APR.

All the calculations are provided as guides only. They don’t guarantee 100% the same cost you are going to be charged but they do help you understand the overpay much better. Unless you change the APR, the calculations will be based on the average or lowest rate represented by most lenders for each loan type. You’ll find the accurate interest rate as well as the real cost of your cash advance after you get approved before you sign the agreement. It will depend on many factors including the amount, the term of the loan, your credit score and the lender’s conditions. Interest rates are not fixed figures and are subject to change at any time. As soon as you fill out an application and get approved all the details concerning the rates and terms will be sent to you.

Payday Loans Available in Memphis, TN by the following ZIP codes:

37501 37544 38002 38016 38018 38028 38101 38103 38104 38105 38106 38107 38108 38109 38110 38111 38112 38113 38114 38115 38116 38117 38118 38119 38120 38122
38124 38125 38126 38127 38128 38130 38131 38132 38133 38134 38135 38136 38137 38138 38141 38142 38145 38147 38148 38150 38151 38152 38157 38159 38161 38163 38165 38166 38167 38168 38173 38174 38175 38177 38181 38182 38184 38186 38187 38188 38190 38193 38194 38197

In 2023 there are 652,717 people living in Memphis, TN. According to the statistics, 39163 of them look for "Payday Loans Near Me in Memphis, TN" or apply for Memphis Payday Loans online in need of emergency short-term financing. No wonder, these people request instant cash as their median household income is 36445. That's why COMPACOM was designed - to help customers complete a quick and easy application form 100% online and get guaranteed approval from the best Memphis, Tennessee direct lenders.

Payday Loans Store Locations in Memphis, TN

Cash Advance and other Money Offers in Memphis, TN:

Up to $5,000 instant cash with guaranteed approval from direct lender with a few months of scheduled installments.
$5,000 - $35,000 quick loans for any personal needs. Available for any credit score and don't require any collateral.
Fast Title Loans secured by your vehicle title as collateral. No inspection. No credit checks. Instant cash for bad credit same day.



How to qualify for online Payday Loans in Memphis, TN?


How Memphis Payday Loans online work?


Can I get a Payday Loan with bad credit in Memphis, TN?


Do Memphis lenders offer no credit check Payday Loans?


How fast can I get a Payday Loan in Memphis, TN?


Do lenders in Memphis, TN require a certificate from the employer?


How long does an online payday loan take?


Do you have to specify the purpose of a payday loan?


Can I take a payday loan at Compacom if I have a liability with another loan company?


How to sign a payday loan agreement?


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