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Payday Loan Laws In Tennessee
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Payday Loan Laws In Tennessee

The battle between payday lending lobbies and consumer rights groups is occurring all over the country, but in Tennessee, it is especially prominent. The fight for a more open market has led to Tennessee becoming a battlegrounds for many payday loan companies to exploit the law to the detriment of the city. Although many of the laws have helped citizens in one way or another, they are very weak in comparison with many of the other states that have enacted some of the same protection. Hopefully this article will teach you a little about the payday loan laws in Tennessee and how they might impact your life.

Payday Loan Laws in Tennessee and Licensing

As with any kind of business that may not have the best reputation, it is important to make sure that the licensing features are fully equipped to protect consumers. In many states there are a whole series of licensing procedures that every lender, whether online or in a storefront, must first pass. These licensing restrictions help to weed out the bad lenders that could be potentially harmful for the men and women who are trying to enjoy their life.

Unfortunately, the payday loan laws in Tennessee with regard to licensing are quite weak. Many of the companies are able to operate with only a few tests even done. The one online company, PayDayOne, is licensed in the state of Tennessee as well as many others, but the restrictions are unknown. Nowadays most people who need money will turn to the internet for this money and those lenders charge very high fees.

Interest Rates for Payday Loan Laws in Tennessee

Another indicator about protection of the consumer come into play with interest rates for payday loan laws in Tennessee. The interest rates in the state are quite high compared to many other states in the union. On a 14-day loan of $100, the APR rates can be as high as 459%. This makes it very difficult for citizens to pay it back at any kind of normal speed.

This is just another indicator that the lending lobbies have been able to infiltrate the democratic process in the state of Tennessee in order to change the way that laws protect the consumers. While this is not something that is entirely new in the United States, it is a shame to see it on display in the state of Tennessee. The people are already suffering there and the payday loan laws in Tennessee are not making it any easier for them.


Street Talk

I have seen so many people get suckered into very nasty scams. You are doing a good service here.

Reply
  about 6 years ago

Payday loans are certainly usurious sometimes its the only way out especially in these times of economic austerity high unemployment. Better regulations would definitely help

Reply
  about 6 years ago
Dom Wells  

The more people that have access to this information the better. Let's stop people throwing their lives away needlessly

Reply
  about 6 years ago
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