People all over the USA, including Tennessee, are taking advantage of the services offered by payday loan companies that have been growing exponentially over recent years. If you encounter a sudden financial problem, you might require short-term (i.e., under a month) cash loans of anything up to $1,000. This money can be obtained promptly with almost no hassle or bureaucracy.
Say for example you need to fix your car so you are able to get to work or take your children to school. Unfortunately, payday doesn't come round for a week or more, but you need the cash for repairs immediately. Instead of taking risks with your property and your family, you can take out a cash loan with a recognised Tennessee company.
Ordinarily, the borrower pays off the full balance of their loan when they receive their pay check or some tangible monies into their account. Tennessee, along with other US states, lets the borrower make out a post-dated check for the full sum owed, which also comprises all additional fees associated with the loan. When the term of the loan ends, the lender banks the check and the fees. The fees will be reassessed if the check bounces.
Like all other states, Tennessee has its own laws vis a vis cash loans. They are intended to protect both borrowers and lenders and make the loan process as efficient and safe as possible. These laws state that a loan's term cannot exceed 31 days, that fees cannot be more than the lesser of 15% of the loan or $30, that a borrower cannot take out more than 3 cash loans at any one time, that a lender cannot grant more than 2 loans at any one time, and that bounced checks can incur a $30 fee plus certain legal costs to be negotiated.