A cash advance in Memphis is directed by a strict set of government rules and regulations that are in place to protect consumers. In Tennessee, payday loans are any type of short-term loan that is to be paid out of your next paycheck. This type of a short-term loan is normally made without a need for good credit scores to every adult who meets the loan application requirements for age, residency, and income levels.
Rules for a cash advance in Memphis :
Not long ago, the payday loan industry received a bad name after a few unethical establishments openly took advantage of their borrowers with outrageous fees and charges. After this situation was widely publicized, many states enacted laws that regulate the amount of fees that can be charged on all types of short-term loans. Today, it is totally safe to apply for a fast payday loan or cash advance in Memphis.
Payday loans are short-term loans that are paid back in-full very quickly. Most quick loan stores will require your cash advance loans to be paid back out of your next scheduled paycheck. In Tennessee, there are laws in place that require each loan store to cap their repayment time at 31 days. Short repayment times that cannot be extended protect the consumer from rollover fees and other accumulating charges.
Quick loans in Memphis, Tennessee will always cost $30.00 or less. The loan stores are allowed to charge 15% in fees on small loans for an amount that is under $200.00, and $30.00 for larger-sized loans. The Tennessee payday loan services often cater to people who use these services to avoid higher late fees on bills and/or larger bounced check charges. The cost for a $100.00 loan between paychecks is only $15.00.
Number Of Loans:
In Tennessee, the authorities were worried about the people who were taking out multiple short-term loans without a way to pay them back. Laws were enacted that allow each person to have up to three loans open at a time, for a combined total of $500.00. The quick loan stores are not allowed to give a cash advance in Memphis for an amount that is over $500.00 so that all loans are easy to pay back.
The cash advance industry in Tennessee is closely monitored by the authorities. Each short-term loan store must be licensed by the state. If a quick loan store breaks any of the Tennessee rules for payday loans, they are heavily fined for each violation. The payday loan industry in Tennessee is safe to use whenever you need a cash advance in Memphis. Loans are made without a need for good credit ratings for amounts up to $500.00. If a loan is not paid back within 31 days, the account is sent to a collection agency.