Payday loans in Nashville TN are legal.
The maximum loan amount in Nashville is $500. You can have only one outstanding loan at a time.
In Nashville TN, payday lending is regulated by Tenn. Code Ann. 45-17-101 et seq.
Here, payday loans are known as deferred presentment services loans.
The maximum loan term is 31 days. Finance charges should not exceed 15% of the amount of the funds received. However, the real APR in Nashville TN is about 460%.
There is a cooling-off period of 1 business day between 2 continuous loans in Nashville TN.
Criminal charges against borrowers are prohibited.