Legal Status
Legal
Citation
Tenn. Code Ann. 45-17-101 et seq.
Loan Terms
Maximum Loan Amount: $500
Loan Term: No more than 31 days
Maximum Finance Rate and Fees: 15% of the amount of the advance
Finance Charge for 14-day $100 Loan: $15
APR for 14-day $100 Loan: 391%
Debt Limits
Maximum Number of Outstanding Loans at One Time: Maximum of $500 and two outstanding loans at a time from one lender. Cannot have more than 3 total. Only requirement, however, is to ask the lendee if they have more loans. Tenn. Code Ann. §§ 45-17-112
Rollovers Permitted: No. Tenn. Code Ann. §§ 45-17-112