When cash is needed, and needed right now, many residents of Tennessee, as well as of other states across the country, find themselves looking to the newfound power of the payday loan industry and its subsidiaries. These short-term (under a month) cash advances (usually under $1,000) come in quite handy when you run into a problem financially, no matter how small, as they get you the money you need quickly and easily.

For instance, say that you’re short on cash until your next paycheck, but your car needs new tires now. Instead of waiting for your next check and inadvertently putting yourself, your family, along with anyone else on the road in danger, you can get the cash you need now with a cash advance loan.

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A typical cash advance loan is paid off at the borrower’s next payday or government check date. Some states, with Tennessee being one of them, allows the borrower to post-date a personal check made out to the borrower for the full cash advance amount, including all applicable fees. When the loan becomes due (always due in full), the lender cashes the check and keeps the fees. If the check is returned for non-sufficient funds, the appropriate fees will be assessed.

Tennessee, home of the first cash advance back in 1993, has implemented some laws to protect all parties involved in a cash advance or other form of payday loan:

Cash advance cannot be written for more than 31 days.
Fees cannot be more than the lesser of $30 or 15% of loan ($15 per $100).
No more than 3 cash advance loans out at one time; No more than 2 per lender.
Checks returned for non-payment are allowed one $30 fee; Court costs may also apply.

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* Cash-Advance-USA.org provides information and research on cash advances/payday loans. We are not a payday lender or broker, nor are we necessarily affiliated with the companies profiled on this site. Not all products and services are available in each state.